 | Retailers call for increased cooperation between Government and industry 2) Why the triple lock could blow a fresh hole in Jeremy Hunt's finely balanced budget | Record wage growth dashes the Chancellor's hopes of a pre-election tax cut 3) | Soaring inflation and weaker currencies hit super rich 4) 'Elon Musk of Essex' moves Royal Mail electric lorry maker to US | Tevva will relocate to Delaware under merger after running into financial difficulties 5) M&S on course to re-enter FTSE 100 as turnaround pays off | Shares hit 19-month high after retail giant forecasts increased profits What happened overnight Wall Street stocks closed lower Tuesday, weighed down by by fresh concerns over the US banking sector, stronger than expected economic data and concerns over the health of the Chinese economy. The Dow Jones Industrial Average closed 1pc lower at 34,946.39, while the broad-based S&P 500 sank 1.2pc to 4,437.86. The tech-rich Nasdaq Composite Index ended down 1.1pc at 13,631.05. The yield on benchmark 10-year Treasuries rose two basis points to 4.21pc Asian stock markets dropped on Wednesday following declines across the board in the US as inflation and growth concerns sapped risk sentiment. Hong Kong stocks opened lower, with the Hang Seng Index falling 1.07pc, or 199.33 points, to 18,381.78. Meanwhile, the Shanghai Composite Index slipped 0.41pc, or 13.16 points, to 3,163.02 and the Shenzhen Composite Index on China's second exchange dropped 0.20pc, or 3.93 points, to 1,982.51. Tokyo shares drifted lower in early trade. The benchmark Nikkei 225 index fell 0.95pc, or 306.16 points, to 31,932.73 shortly after the opening bell, while the broader Topix index dropped 0.98pc, or 22.47 points, to 2,268.73. The dollar stood at 145.55 yen, nearly flat from 145.57 yen in New York.){kind=link}
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Inflation slowed in July as energy bills dropped, easing pressure on consumers as pay finally starts to rise faster than prices.
Prices, as measured by the consumer prices index (CPI), rose by 6.8pc in the year to July, according to the Office for National Statistics (ONS).
This was down from 7.9pc in June and represents the lowest rate since February 2022, at the start of Russia’s war in Ukraine.
Economists had expected a fall in the headline rate to 6.7pc. The figure was in line with the Bank of England’s prediction of 6.8pc, although inflation remains well above its 2pc target.