 Oil prices spike as Saudi Arabia threatens deeper supply cuts | Saudi Arabia's threat to deepen cuts to oil production has driven up prices as the country seeks to squeeze global supply. 2) Britain's era of cheap food is over, say economists | Prices likely to keep rising for forseeable future despite food inflation peaking 3) Interest rates could remain above 5pc until 2026, Bank warns | Bank Rate rises to 5.25pc as wage-price spiral begins to 'crystallise' 4) | Meanwhile, iPhone maker Apple reveals lower revenues 5) City too important for Brussels' post-Brexit raid to succeed, says LSE chief | EU has been trying to force its banks to shift clearing business out of London What happened overnight Asian stocks markets were mixed Friday after Wall Street sank for a third day following the Bank of England's 14th consecutive interest rate increase. The Shanghai Composite Index rose 0.1pc to 3,284.82 after China's new central bank governor met with real estate developers and said they would be allowed to raise more money by selling bonds, further easing debt controls imposed in 2020 that sent the industry into a tailspin. The Hang Seng in Hong Kong gained 0.8pc to 19,585.55 while the Nikkei 225 in Tokyo lost 0.1pc to 32,130.94. The Kospi in Seoul declined less than 0.1pc to 2,604.49 and Sydney's S&P-ASX 200 shed 0.2pc to 7,296.80. Wall Street stocks ended lower on Thursday as they continued a decline which began with Fitch's decision to downgrade the US's credit rating. T){kind=link}
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One of Britain’s largest advertising agencies has issued a warning over spending from US tech giants hours after Apple revealed a slowdown in revenues for the third straight quarter.
WPP sank to the bottom of the FTSE 100 as markets opened after it cut its full year guidance as it said companies were delaying spending on technology projects.
It comes after Apple reported disappointing third-quarter sales of the iPhone, its flagship product, overshadowing growing services sales at the world’s most valuable company.
The world’s largest company revealed revenues of $81.8bn over the quarter, down 1pc on the previous year. Shares in Apple were roughly flat in after market trading.