We start today with negative data from the UK car industry, with the latest figures showing new car registrations fell to their lowest level in two decades last month.
Automakers sold about 214,000 vehicles in September, down 35% from the same month last year and the worst September data since 1998.
However, the past month has been the best month for electric vehicle sales as the industry continues to move away from traditional fuel-powered engines.
5 things to start your day
1) Tax companies more to hire foreign staff, says Lord Wolfson – Companies that bring in migrant workers could be taxed an additional 7% on their wages, says Next boss
2) Facebook apologizes for major outage that wiped out $ 50 billion of its value – A six-hour hiatus affected around 2.8 billion people and left the company’s 60,000 employees unable to work
3) Dismantling supermarket supply chains would cost families an additional £ 700 per year – Analysis of Kantar figures suggests that abandonment of supermarkets would have dramatic consequences for consumers
4) Chinese airline opposes pledge to become net zero by 2050 – China Eastern Airlines proposed to extend net zero deadline for airlines to 2060
5) Dame Helena Morrissey blames HSBC’s attempt to ‘get on well’ with the Chinese Communist Party – “No defense” for HSBC’s support for oppression in Hong Kong, criticizes city boss
What happened during the night
Asian markets fell on Tuesday, prolonging a global rout that saw Wall Street crumble as soaring oil prices put further upward pressure on inflation while a deadlock in Washington over raising the limit The country’s borrowing has fueled fears of a catastrophic US debt default.
Investors were nervously watching the development of the crisis surrounding struggling real estate giant China Evergrande, which has warned of contagion into the world’s second-largest economy and possibly beyond.
A decision by Opec and other major producers on Monday not to increase production more than expected – despite tight supply and rising demand – spiked crude prices, WTI peaking in seven years and Brent peaking in three years. The two main contracts increased on Tuesday.
The Hang Seng fell 0.3% to 23,974.81 while Tokyo’s Nikkei 225 fell 2.8% to 27,658.31.
Markets were closed for the holidays in Shanghai
Company: Greggs (commercial update)
Economy: PMI Services (UK, US, EU), Composite PMI (US, EU), producer price index (EU), trade balance of goods and services (WE)