Thank you for being with us. Official figures showed that the British economy contracted in July, dealing a heavy blow after a series of indicators indicating that the UK was performing better than previously expected.
GDP contracted by 0.5% in July, according to the Office for National Statistics.
5 things to start your day
1) BP chief resigns over past relationships with colleagues | The sudden exit comes at a time when the oil giant seeks to balance investments in fossil fuels and clean energy
2) Apple ditches leather in effort to ‘protect the planet’ | The US tech giant uses recycled fabric in its watch straps and phone cases with net zero stress
3) Google pays $10 billion a year to maintain the monopoly, according to the Department of Justice | Most high-profile antitrust trials have been conducted since 1998
4) Oil reaches $92 for the first time this year as OPEC cuts cause global supply shortages | Motorists are facing a jump in gasoline prices after Brent crude exceeded $92 a barrel
5) Judges must get tougher on shoplifters, says the boss of Primark | The retailer is joining calls for tougher enforcement as thefts sweep Britain’s high streets
What happened overnight
Asian stocks fell on Wednesday after a decline in technology stocks sent Wall Street lower ahead of a key US inflation report.
Hong Kong’s Hang Seng Index lost 0.3% to 17,970.01 and the Shanghai Composite Index fell 0.9% to 3,109.88.
Japan’s Nikkei 225 fell 0.4% to 32,656.85, while Seoul’s Kospi fell 0.2% to 2,532.69. Australia’s S&P/ASX 200 index fell 0.8% to 7,146.40 points.
Wall Street stocks closed lower on Tuesday as investors awaited the release of key US consumer inflation data that is expected to influence the Federal Reserve’s next interest rate decision.
The Dow Jones Industrial Average closed down 0.1 percent to 34,645.99 points.
The Nasdaq fell 1% to close at 13,773.61, while the broad-based S&P 500 also lost 0.6% at 4,461.90.
The benchmark yield on 10-year Treasury bonds was little changed at 4.28%.
Asian stocks were weak after Wall Street fluctuated overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat while Tokyo’s Nikkei fell 0.2%.
Resource-rich Australian shares lost 0.7%, Chinese blue chips were flat, but Hong Kong’s Hang Seng Index rose 0.6%.