Nearly 50,000 companies face collapse as ‘debt storm’ hits Business

Thanks for joining me. Airlines have been told to inspect another type of Boeing aircraft after the dramatic mid-air blowout earlier this month.

The US Federal Aviation Administration told airlines to examine the door plugs of Boeing 737-900ER planes “to ensure the door is properly secured”.

Boeing said it “fully supports the FAA and our customers in this action.” 

5 things to start your day 

1) Labour’s North Sea drilling ban will bring forward rig closures, warns Enquest chief | Oil executive argues plans will cost jobs and increase dependency on imported energy

2) Help to Buy revival will only fuel house price inflation, Hunt warned | Jeremy Hunt is also exploring plans to introduce a 99pc mortgage to let first-time buyers onto the property ladder with just a 1pc deposit

3) Record number of female chief executive departures blamed on ‘tall poppy syndrome’ | Female chief executives are much more likely to quit their jobs as a result of personal reasons, and are also more likely to be fired

4) Unloved London stock market to beat US and EU in 2024, City predicts | Comparatively cheap UK stocks are poised for a comeback amid falling inflation

5) House prices and economy to get boost from easing inflation | Falling interest rates and an end to the energy price shock to drive growth

What happened overnight 

Shares were mixed in Asian markets after Wall Street returned to record heights on Friday, while Hong Kong’s benchmark dropped nearly 3pc, hovering near a 15-month low.

The benchmark Nikkei 225 index added 1.6pc, or 583.68 points, to 36,546.95, while the broader Topix index rose 1.4pc, or 34.89 points, to 2,544.92.

The Bank of Japan started a two-day policy meeting on Monday, and was expected to keep its ultra-low interest rates unchanged.

The Hang Seng in Hong Kong lost 2.8pc to 14,877.50. The index has shrunk more than 10pc this year, its worst start to a year since 2016. The Shanghai Composite index was down 2.5pc at 2,760.73.

China’s commercial banks kept their loan prime rate unchanged Monday amid downward pressure on the yuan, disappointing investors who anticipated measures to stimulate the economy. Last week, the People’s Bank of China surprised markets by keeping its medium-term lending facility rate unchanged.

In South Korea, the Kospi fell 0.4pc to 2,476.14. Australia’s S&P/ASX 200 advanced 0.8pc to 7,476.60. In Bangkok, the SET was down 0.6pc, while in Taiwan the Taiex gained 0.8pc.

On Friday, the S&P 500 rallied 1.2pc to its record of 4,839.81. The Dow Jones Industrial Average set its own record a month earlier, and it gained 1.1pc to 37,863.80. The Nasdaq composite jumped 1.7pc to 15,310.97.