Workers face the greatest wage pressure since 2014 Business

gHello. Wage pressure on workers intensified in early 2022 as soaring prices surged ahead of wages, official figures showed.

Real regular wages fell 1% in the three months to January, the biggest drop since 2014, according to the Office for National Statistics.

Real wages have fallen in recent months as wages struggle to keep up with the highest rate of inflation in 30 years. However, unemployment fell slightly to a post-pandemic low at the start of the year, falling from 4.1% to 3.9%.

5 things to start your day

1) Vladimir Putin sets the coal on track for a comeback Russia’s war has exacerbated soaring gas prices, forcing Britain to reconsider the dirty energy source it wants to phase out

2) Michael Gove to remove ‘safety officer’ rule from tower in pavement U-turn Tenants say the requirement would cost residents of high-rise buildings £60,000 a year

3) Germany to buy nuclear-capable F-35 fighter jets in defense spending spree Air Force chief says Russian invasion of Ukraine necessitated choice of Lockheed Martin planes

4) UK tech champion Arm to cut hundreds of jobs Chip giant plans to cut up to 15% of global workforce following failed Nvidia takeover

5) Nick Clegg walks the tightrope of free speech on Facebook Former deputy PM credited for Facebook owner’s quick responses to problems posed by Russia’s invasion of Ukraine

What happened overnight

Asian stocks were in the red on Tuesday as China’s spike in Covid cases sapped confidence from investors who are already worried about war in Ukraine and the first U.S. interest rate hike in three years, which could happen this week.

MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 1.91%, led by Chinese stocks. The index is down 8.2% so far this month.

Hong Kong’s Hang Seng index remains mired in negative territory, falling 3.8% early on Tuesday after a selloff of nearly 5% a day earlier. Hong Kong’s main board is down 17% so far in March.

China’s CSI300 index fell 2.3%

coming today

• Business : Informa, Genuit, Petrofac, TI Fluid Systems, TP Icap, Ultra Electronics (full year); Close Brothers, Ferguson (temp worker)
• Economy: Unemployment rate, change in number of claimants, average earnings (UK); industrial production (EU, China); economic sentiment (EU); producer price index (WE)retail (China)