GRAMGood Morning. British businessmen’s confidence in the economy “fell off a cliff” in September as concerns mounted about the UK’s recovery from the pandemic, according to the Institute of Directors (IoD).
The IoD Economic Confidence Index, which measures the net positive level of optimism in the UK economy among directors, registered a value of just under zero (-1pc) last month.
This was below the highs of + 22 percent in July 2021 and marks the lowest level since early February, at the height of the third lockdown.
Three-quarters of IoD members expected their costs to be higher next year compared to the last 12 months.
Meanwhile, 57% expected their income to be higher.
5 things to start the day
1) The poorest should not bear most of the costs of switching to green energy: The poorest households are at risk of suffering more if Britain raises gas bills to finance its switch to green energywarned a government infrastructure czar, as energy prices rise to record levels.
2) Rising inflation will trigger three rate hikes next year: Markets are bracing for up to three Bank of England interest rate hikes next year to prevent inflation from spiraling out of control after the economy recovered faster than expected in the second quarter.
3) Inside the Ozy media company woke up: Hit with impersonation claims and inflated viewership numbers, Ozy Media is struggling to stay afloat
4) Jeff Bezos’ rocket company Blue Origin accused of ‘toxic’ culture: Jeff Bezos’s Blue Origin rocket company has been accused of fostering a “toxic” culture in which top executives are alleged to have sexually harassed staff and, in one case, “physically groped” an employee.
5) Oxford Nanopore boss is worth £ 60 million as shares soar on London debut: Chief Executive Officer Gordon Sanghera has held onto his stake in the genetic sequencing specialist, which raised £ 350 million. The company’s shares jumped from its initial trading price of 425 pence to more than 600 pence, valuing Oxford Nanopore at 4.6 billion pounds.
What happened overnight
Asian markets fell on Friday in the wake of Wall Street’s worst monthly loss since the start of the pandemic.
Tokyo skidded 2pc and Australia’s benchmark sank 2.3pc. The Shanghai and Hong Kong markets were closed for the holidays.
The S&P 500 ended September down 4.8%, its first monthly decline since January and the largest since March 2020.
Tokyo’s Nikkei 225 lost 590.83 points to 28,861.83, while the S & P / ASX 200 was down 2.3 percent at 7,165.10. Seoul’s Kospi lost 1.4% to 3,026.87. Stocks also fell in Taiwan and Southeast Asia.
Going up today
Corporate: JD wet bucket (Results for the whole year)
Economic Sciences: Manufacturing PMI (UK, US, EU); personal consumption expenditure index (U.S)