Interest rates will not fall for ‘foreseeable future’ insists Bailey Business

Thanks for joining me. Gold prices have started the week by hitting a six-month high after a slump in the value of the dollar.

The safe-haven asset hit $2,017.82 an ounce as the value of the dollar continues to slide amid bets on money markets that the US Federal Reserve will not increase interest rates again.

5 things to start your day 

1) Bank of England’s net zero focus ‘jeopardises’ inflation fight | A “democratic deficit” has emerged at the Bank, the Economic Affairs Committee has warned

2) The UK knows how to throw a party but investors won’t be fooled | Pomp and ceremony won’t distract from the sorry reality of Britain’s decline

3) Global firms pledge £30bn to UK economy ahead of Sunak summit | Microsoft and BioNTech provide boost for Prime Minister as global executives gather

4) How Israel is interfering with Hamas’s route to victory | Microsoft and BioNTech provide boost for Prime Minister as global executives gather

5) Supermarkets at risk of British beef and lamb shortages | Farmers begin reducing livestock numbers as post-Brexit overhaul starts to bite

What happened overnight 

Asian markets dipped Monday as investors look ahead to the release this week of key US inflation data that could provide a guide for the Federal Reserve’s plans for interest rates going into the new year.

With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action, though analysts were upbeat about the end of the year.

The retreat in equities comes after a recent run-up across world markets fuelled by bets the US central bank has finished lifting interest rates as inflation comes down and the jobs market comes off the boil.

The main focus this week is the release Thursday of the personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation.

In Asian trading, Tokyo stocks shed earlier gains and ended lower, with the benchmark Nikkei 225 index down 0.5pc, or 177.86 points, to 33,447.67, while the broader Topix index fell 0.4pc, or 9.18 points, to 2,381.76.

After a tepid half-day of business Friday in New York, Asia drifted lower.

Hong Kong’s Hang Seng dropped 1pc to 17,382.28, while the Shanghai Composite lost 0.8pc to 3,017.79.

Australia’s S&P/ASX 200 edged down 0.4pc to 7,009.50. South Korea’s Kospi shed 0.2pc to 2,491.20.

Still, observers were upbeat about the outlook, with the latest weakness blamed on traders taking a breather after a strong month.

Eyes are also on developments at Opec after the group and its allies delayed a meeting aimed at agreeing production quotas, with some African countries said to be baulking at Saudi Arabian calls for more cuts.

The group is thought to be close to reaching an agreement that could see the Saudis and Russia extend output reductions into the new year.

Crude prices have fallen in recent weeks as demand is seen coming down owing to slowing economies, particularly China’s, and the Middle East crisis appears to be contained. 

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This notice was published: 2023-11-27 08:59:33


Amazon workers picket outside warehouse on Black Friday strike Business

Thanks for joining me. It is one of the most important shopping days of the year and the latest industry data indicates it could be a good one for retailers despite the economic doom and gloom.

GfK’s consumer confidence tracker, which has surveyed households since the 1970s, showed households were more positive about their spending ability in November amid falling inflation and sustained pay growth.

5 things to start your day 

1) Buy more foreign weapons to save money, Armed Forces told | Military ‘characterised by inefficiency’ should outsource some services, think tank says

2) John Lewis to offer shoppers health checks in stores | Retailer will add Randox Health clinics to shops as part of wider turnaround plan

3)  Foreign Office ‘softened’ Telegraph takeover letter in fear of offending Abu Dhabi | Intervention highlights the diplomatic and political risks of ownership attempt

4) Tom Stevenson: The FTSE 100 deserves to underperform its rivals | A trip through the FTSE 100’s 40-year history shows exactly why UK stocks are lowly rated

5) Ben Marlow: British families depend on whims of despots and terrorists to keep warm | It’s about time we assess the Tories’ record on reigning in households’ bills

What happened overnight 

Shares were mixed in Asia, with Hong Kong retreating on selling of property shares following recent gains.

US futures edged higher after markets on Wall Street were closed on Thursday for the Thanksgiving holiday. Oil prices slipped.

Japan reported its consumer inflation rose for the first time in four months, with big gains in food prices and hotel rates as tourism has soared. 

The consumer price index rose 3.3pc in October from a year earlier, up from 3pc in September in a trend contrary to the Bank of Japan’s forecasts for price pressures to abate toward the year’s end.

Tokyo shares closed higher as investors took heart from a rebound on Wall Street earlier this week and the yen’s slight depreciation against the dollar.

The benchmark Nikkei 225 index rose 0.5pc, or 173.70 points, to 33,625.53, while the broader Topix index ended up 0.5pc, or 12.75 points, at 2,390.94.

Chinese shares fell back after recent gains driven by expectations of more government support for debt-burdened property developers. Shares in Country Garden, one of the biggest, sank 6.7pc after gaining 16pc the day before.

In Hong Kong, the Hang Seng fell 1.4pc to 17,663.08. The Shanghai Composite index lost 0.5pc to 3,047.23.

South Korea’s Kospi declined 0.5pc to 2,501.09, while the S&P/ASX 200 in Australia gained 0.2pc, to 7,045.80
The US markets were closed yesterday as a result of Thanksgiving.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6pc but are still headed for a weekly gain of 0.8pc. 

Japan’s markets returned from a holiday, with the Nikkei climbing 0.7pc to charge towards a 33-year high hit on Monday.

Chinese bluechips fell 0.7pc, while Hong Kong’s Hang Seng index tumbled 1.4pc, reversing the previous day’s hefty gains. 

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This notice was published: 2023-11-24 08:37:44

Wine News

The best UK supermarket Christmas delivery slots 2023 Wine News

  • Minimum spend: £40
  • Cost of delivery: £7 for orders less than £40, £1 – £5.50 for orders more than £40
  • Earliest delivery: same day (before 12pm)

Sainsburys’ delivery slots are already open, available on dates between and including December 18 to 24, as are the click and collect slots for December 22 to 24. Collections cost 50p, or £4 for baskets under £25. Same day click and collects costs £2 for orders over £25 and £6 for orders under £25.

With a minimum spend of just £25, Sainsbury’s offers a handy small-shop option. But note that delivery can cost £7 for smaller baskets. Larger orders over £40 incur just a £5.50 delivery charge. Regular customers can make savings, however, by investing in a Delivery Pass.

Ordering is simple and you can create a dietary profile so the site can flag up products that you should avoid. The range is as broad as you’d find in the supermarket itself and same-day delivery is sometimes available, provided you order by 12 noon and the don’t need your groceries before 6pm. 

Alternatively, you can book a slot for another day from 8am to 11pm and order by 11pm for next-day delivery. Click and collect is also available from various locations and if you order by 11pm, you can collect the next day between 8am and 8pm. If you order by 12 midday, you can collect on the same day from 4pm. 

Sainsbury’s follows in Ocado’s footsteps with their environmentally-conscious delivery service, with eco-friendly ‘green slots’, where you can schedule a delivery to coincide with when a Sainsbury’s van is in your area.  

Shop now

4. Ocado

Best UK supermarket delivery service for choice

Ocado Christmas delivery slots available from: December 20 – 24, bookable now 

Ocado Christmas click and collect not available: Ocado is online only

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This notice was published: 2023-11-23 16:11:13


Household energy bills to rise as Ofgem lifts price cap Business

Thanks for joining me. Ofgem has raised its energy price cap meaning that from January households will typically pay an extra £94 a year on their gas and electricity bills.

The regulator said the limit on average household energy bills would rise from £1,834 to £1,928 from January 1.

5 things to start your day 

1) Szu Ping Chan: Autumn Statement can’t conceal the worrying truth about Britain’s future | Growth prospects in an election year have not been this weak since the early 1990s

2) Jeremy Warner: Like it or not, the Chancellor played a bad hand well | Under the weight of a rising tax burden, the Autumn Statement became a masterclass in illusion

3) Should you invest in NatWest if the Government offers cut-price shares? | The Chancellor plans a new ‘tell Sid’ share sale

4) Asda co-owner threatened with contempt charge over claims he ‘misled’ Parliament | Claims against Mohsin Issa concern evidence he submitted to Business and Trade Committee

5) Sam Altman wins power struggle at OpenAI as he returns amid board clearout | Co-founder to be reinstated as chief executive after hundreds of staff threatened to quit

What happened overnight 

Asian shares were flat in thin trading as US markets close for Thanksgiving, while Japan’s stock indexes were also shut for holidays.

Meanwhile oil prices fell on the prospects for smaller-than-expected output cuts by Opec+.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in thin trading, with Japan and the United States on holiday.

Investors are looking to Chinese policymakers for clues on possible support for the long-suffering property market, in line with broader growth targets they are hammering out.

China’s benchmark share index fell 0.2pc, with the real estate sub-index retrieved earlier losses to gain 2.1pc.

On Wall Street, the Dow Jones Industrial Average of 30 leading American companies rose 0.5pc on Wednesday to 35,273.03.

The Nasdaq Composite index, seen as a bellwether of the US technology sector, rose 0.5pc to 14,265.86. 

The broader S&P 500 index rose 0.4pc to 4,556.62. The yield on 10-year US Treasury bonds rose two basis points to 4.41pc.

Back in Blighty, while everyone was focused on the Autumn Statement on Wednesday, the FTSE 100 dropped 0.2pc to 7,469.51 while the FTSE 250 rose 0.7pc to 18,480.17. 

Accountancy software firm Sage Group did especially well on the London Stock Exchange, rising 13.3pc after beating analyst estimates as the firm’s investments in artificial intelligence attracted interest from customers.

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This notice was published: 2023-11-23 07:03:07


Chancellor handed £17bn borrowing boost ahead of Autumn Statement Business

Thanks for joining me. There are hopes that Chancellor Jeremy Hunt will announce tax cuts in his Autumn Statement after official figures showed borrowing came in below estimates in the first seven months of the financial year.

Public sector net borrowing excluding banks was £98.3bn during the period, which was £16.9bn less than the £115.2bn forecast by the Office for Budget Responsibility in March. 

5 things to start your day 

1) The UK tax system is a hot mess | Compulsive tinkering and inveterate dithering have created a confusing patchwork of rules

2) Javier Milei isn’t ‘hard Right’. He could be Argentina’s free market saviour | The unconventional president-elect’s proposals are eminently sensible

3) Hunt urged to tackle ‘unacceptably poor service’ at HMRC | Tax office accused of creating huge problems for accountants in letter to Chancellor

4) How Britain’s plague of potholes became a budget black hole | £8bn pledge to fix crumbling roads will just scratch the surface after years of neglect

5) Guinness maker blames alcohol tax for rise in weaker beers | Diageo GB boss says high duties are encouraging ‘wrong behaviours’ among companies

What happened overnight 

Asian shares climbed to fresh two-month highs following a rally on Wall Street while the dollar languished near its lowest in two-and-a-half months on expectations the US Federal Reserve has likely finished raising interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 1pc higher at 510.11 having touched 511.05, the highest since September 18. 

The index is up 7pc for the month and on course for its biggest monthly gain since January.

Tokyo stocks ended lower as investors adjusted positions and locked in profits following recent gains and ahead of the US Thanksgiving holiday.

The benchmark Nikkei 225 index fell 0.1pc, or 33.89 points, to 33,354.14, while the broader Topix index slipped 0.2pc, or 4.81 points, to 2,367.79.

China’s blue-chip CSI300 Index was 0.6pc higher, while Hong Kong’s Hang Seng Index gained 0.8pc as reports of Beijing’s latest stimulus rollout for the property sector lifted risk appetite.

On Wall Street, the technology-focused Nasdaq Composite reached its highest level since April 2022 on Monday, rising 1.1pc, fueled by increases in the stock prices of Microsoft and Nvidia. 

Meanwhile the S&P 500, a bellwether of corporate America, gained 0.74pc, reaching 4,547.38, while the Dow Jones Industrial Average of 30 leading American companies added 0.58pc, reaching 33,151.04. 

The yield on the globally influential 10-year US Treasury yields dropped 0.43pc.

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This notice was published: 2023-11-21 07:13:00


Sam Altman to join Microsoft after OpenAI ousting Business

Thanks for joining me. The tech sector is in focus today as pressure grows on X chief executive Linda Yaccarino to resign over concerns about its founder Elon Musk and antisemitic content.

As friends and executives reportedly urge her to leave to save her own reputation, elsewhere in Silicon Valley there is drama at ChatGPT developer OpenAi.

Sam Altman will not make a dramatic return to the business he co-founded following his dramatic ousing on Friday, after the board if OpenAi hired Twitch co-founder Emmett Shear as interim chief executive.

5 things to start your day 

1) ChatGPT creator hires new chief after Sam Altman sacking | Sam Altman, the founder of ChatGPT-maker OpenAI, will reportedly not return to the company as chief executive.

2) Brexit has boosted UK wages, say economists | Drop in EU immigration has given British workers better bargaining power

3) Hunt to launch ‘moonshot’ quantum supercomputing programme in Autumn Statement | The groundbreaking technology can break encryption systems used by armed forces and banks

4) Fund backed by Abu Dhabi in line to own The Telegraph within weeks | Senior Tories have called for the Government to intervene over public interest and national security concerns

5) Starmer turns to City spinner with links to Gordon Brown to broker pre-election FTSE summit | The public relations company hosted a similar meeting with Boris Johnson in 2019

What happened overnight 

OpenAI has reportedly hired the co-founder of video streaming service Twitch as its interim-chief executive days after the dramatic sacking of billionaire boss Sam Altman.

Emmett Shear was the second appointment to the role in three days after chief technology officer Mira Murati was initially appointed on Friday afternoon.

Mr Shear’s hiring, reported by the Financial Times, followed the surprise ousting of OpenAi’s co-founder Mr Altman, which triggered a flood of support from investors and employees for the man who set up the company in 2015 and has led it 2019.

Meanwhile, Asian shares were higher after Wall Street closed its third straight winning week with a tiny gain.

Japan’s Nikkei 225 index broke its September peak, hitting a 33-year high, and then fell to 33,388.03, shedding 0.6pc.

The Hang Seng in Hong Kong added 1.5pc to 17,719.07, and the Shanghai Composite index advanced 0.4pc to 3,066.85. 

China announced on Monday that it would keep its benchmark lending rates unchanged as expected due to a weaker yuan and the need to assess the impact of recent stimulus measures on the economy.

In South Korea, the Kospi was 1pc higher, at 2,495.60. Australia’s S&P/ASX 200 edged 0.1pc higher to 7,058.40. Taiwan’s Taiex was little changed. The SET in Bangkok gained 0.2pc as the state planning agency announced Monday that Thailand’s economy grew slower than expected in the last quarter due to weakness in exports and agriculture, despite strong consumer spending and a recovery in tourism.

On Friday, the S&P 500 edged up 0.1pc to 4,514.02 and is near its highest level in three months. The Dow Jones Industrial Average inched up less than 0.1pc to 34,947.28 and the Nasdaq composite gained 0.1pc to 14,125.48.

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This notice was published: 2023-11-20 08:28:34


Retailers suffer unexpected decline in sales Business

Thanks for joining me. Retail sales suffered an unexpected decline in sales in October, official figures showed, in a sign that the economy is slowing down.

Sales volumes were down 0.3pc last month and the Office for National Statistics said September was worse than previously thought, down 1.1pc from an initial estimate of 0.9pc.

5 things to start your day 

1) Hunt’s room for tax cuts squeezed by £15bn-a-year losses on Bank of England bond sales | Taxpayers face heavier losses in the short term as the Bank pursues quantitative tightening

2) Cracks in Google’s dominance on show in tech’s trial of the century | Search giant could be forced to face competition it has not dealt with in decades

3) Mini-nukes must be built using British factories, say MPs | Foreign companies should be forced to use domestic suppliers, Government urged

4) It is time to ditch the Royal Mail’s outdated letters pledge | Britain risks becoming an aberration as postal services are scaled back across Europe

5) Elon Musk plans second test of SpaceX’s Starship rocket after April crash | The Telegraph brings you all the details ahead of today’s launch

What happened overnight 

Asian stocks were mostly lower after Wall Street drifted to a mixed finish as momentum slowed following a strong rally in the first half of November.

Hong Kong’s Hang Seng sank 2.2pc, to 17,445.56, dragged lower by a 10pc slump in shares of Chinese e-commerce giant Alibaba following its cancellation of a plan to spin off its cloud computing unit. 

The company blamed uncertainties due to US chip restrictions. Alibaba shares dropped as much as 10pc in New York on Thursday.

The Shanghai Composite index edged 0.2pc lower to 3,046.15.

Tokyo stocks shrugged off earlier losses to close higher after Bank of Japan Governor Kazuo Ueda indicated in his annual report to the parliament that the central bank has no immediate plans to change its ultra-lax monetary policy, which has kept interest rates at minus 0.1pc for years. 

The benchmark Nikkei 225 index up 0.5pc, or 160.79 points, to end at 33,585.20, while the broader Topix index gained 1pc, or 22.43 points, to 2,391.05.

US stock markets did not move much yesterday. The Dow Jones Industrial Average closed down 0.1pc at 34,945.47, while the S&P 500 rose slightly by 0.1pc to 4,508.24. 

The technology-focused Nasdaq Composite rose 0.1pc to 14,113.67. 

US Treasury yields fell after data for the States showed unemployment claims had risen more than expected, reinforcing the view that the US Federal Reserve will look to cut interest rates next year. The yield on 10-year US Treasury notes fell 8.4 basis points at 4.453pc.

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This notice was published: 2023-11-17 07:36:00


Burberry hit by slowdown in luxury demand as it issues sales warning Business

Thanks for joining me. Burberry has warned it may not be able to hit this year’s revenue targets as it faces a global slowdown in demand for luxury goods.

The British fashion stalwart said that profits will be at the lower end of expectations amid a “challenging” trading environment.

5 things to start your day 

1) Mortgage rates cut to less than 5 per cent at ‘big six’ banks | Falling inflation raises hopes that the Bank of England will hold interest rates

2) It’s time the Tories started striking some open goals | The Conservative party is trailing in the polls – the Autumn Statement provides a rare opportunity

3) Offshore wind projects to receive subsidies boost after auction flop | Claire Coutinho to announce 70pc increase to guaranteed price offered to developers

4) Boost for Silicon Valley as tech giants granted power to appeal fines | Digital markets bill to be watered down after fierce lobbying

5) More than 1,300 UK jobs at risk after HS2 setback | French manufacturer Alstom may be forced to mothball Britain’s biggest train factory

What happened overnight 

Asian shares have retreated after Wall Street added a bit more to its big rally from the previous day after retail sales and wholesale prices data added to encouraging inflation statistics this week.

Any lift in sentiment from a meeting between Joe Biden and Chinese leader Xi Jinping appeared to fade after the US president, pressed by a reporter on whether he trusted Xi, said he believed in trusting but verifying and conceded that China’s leader is a dictator.

“He is a dictator in a sense,” Biden said.

Biden and Xi emerged from their first face-to-face meeting in a year vowing to stabilise the fraught relationship between the world’s two biggest economies. 

Hong Kong’s Hang Seng lost 1.2pc to 17850.33 and the Shanghai Composite index was down 0.5pc at 3,056.09.

In other Asian trading, Tokyo’s Nikkei 225 shed 0.2pc to 33,445.08 and the Kospi in Seoul edged 0.1pc lower, to 2,486.33.

In Australia, the S&P/ASX 200 sank 0.8pc to 7,051.20.

The S&P 500 was up a whisper (0.2pc) at 4,502.88, while the Dow Jones Industrial Average increased by 0.5pc to 34,991.21 amid rising confidence that the US has got a grip on inflation and that interest rates are likely to fall in 2024. 

The technology-heavy Nasdaq Composite was up 0.1pc to 14,103.84.

Treasury yields rose Wednesday, with the yield on the 10-year Treasury bonds climbing to 4.53pc from 4.45pc.

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This notice was published: 2023-11-16 07:29:01


Sunak fulfils inflation pledge as rate falls to lowest in two years Business

Thanks for joining me. Inflation has dropped below 5pc for the first time in two years as falling energy prices helped Rishi Sunak meet his target to halve the measure before the end of the year.

The consumer prices index fell to 4.6pc in October, coming in below the Prime Minister’s target of falling below 5.4pc.

5 things to start your day 

1) Central banks will have to slash rates as the world’s fiscal bubble bursts | The main prop of global economic recovery is wobbling

2) The Cassandra warning that central banks are driving the world’s economy off a cliff | Optimism may be short-lived as the scale of interest rates hikes is yet to fully hit

3) Over-65s are stopping young families getting on housing ladder, says Zoopla | Two fifths of older homeowners live in a home that is larger than they need

4) Mortgage price war ramps up as Sunak prepares to claim inflation victory | Major lenders cut fixed-rate deals ahead of critical announcement

5) Selfridges seized by Thai retailer after debt crisis at co-owner | It ends weeks of uncertainty over ownership of the luxury department store

What happened overnight 

Asian shares surged higher as they were cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation.

Tokyo’s benchmark Nikkei 225 rose 2.6pc to 33,545.14 as investors appeared to shrug off news that Japan’s economy contracted at a worse than expected 2.1pc annual rate in July-September.

Hong Kong’s Hang Seng added 3.3pc to 17,971.81, while the Shanghai Composite gained 0.5pc to 3,069.81 after economic data for October showed the Chinese economy is holding up even as some indicators slowed.

Factory output and retail sales rose but property sales fell further. Lending, exports and inflation have also been lower than expected.

Australia’s S&P/ASX 200 jumped 1.4pc to 7,105.90. South Korea’s Kospi surged 1.9pc to 2,480.51.

On Tuesday, the S&P 500 closed up 1.9pc at 4,495.70, while the technology-focused Nasdaq Composite was up 2.4pc to 14,094.38. The Dow Jones Industrial Average rose 1.4pc to 34,827.70.

Meanwhile, US Treasury yields dropped after lower than expected inflation signalled to the market that interest rates might have hit their peak – with expectations of cuts next year. The yield on 10-year Treasuries declined 18 basis points to 4.46pc.

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This notice was published: 2023-11-15 07:01:02


Wages grow faster than inflation after civil service pay deal Business

Thanks for joining me. Total pay increased at a faster pace than inflation in the three months to September raising fears that interest rates will have to stay higher for longer.

Wages including bonuses rose by 7.9pc, ahead of inflation of 6.7pc, raising the alarm that pay rises could fuel price increases in the economy.

5 things to start your day 

1) Net zero policies are pushing up inflation, says Bank of England rate setter | Households facing costs of climate change policies such as carbon taxes and emissions trading schemes

2) Avon to open shops for first time amid decline in stay-at-home mothers | Beauty giant forced to rethink sales strategy as more women go out to work

3) Google gives Apple 36pc of ad revenue from Safari browser, court hears | World’s most popular search engine accused of paying iPhone maker billions to maintain monopoly

4) Chinese shoppers spend 60pc less in London as calls to drop tourist tax grow | Europe is reaping the benefits of Britain’s tax decision, says business group

5) Treasury to save £4bn with disability benefits overhaul | The reforms aimed at encouraging more people into work may be announced in the Autumn Statement

What happened overnight 

Asian shares were mostly higher ahead of potentially market-moving inflation figures from the US.

Tokyo stocks closed higher, with the benchmark Nikkei 225 index gaining 0.3pc, or 110.82 points, to end at 32,695.93, and the broader Topix index adding 0.4pc, or 8.67 points, to 2,345.29.

The Japanese yen was at 151.71 per dollar in Asian hours, having touched a one-year low of 151.92 on Monday. If the battered currency breaks below last year’s trough of 151.94, it would mark a fresh 33-year low.

Australia’s S&P/ASX 200 advanced 0.6pc to 6,992.10. South Korea’s Kospi added 1.1pc to 2,429.21. 

Hong Kong’s Hang Seng dropped 0.4pc to 17,359.13 while the Shanghai Composite edged less than 0.1pc higher, to 3,047.13.

Wall Street stocks delivered a mixed performance on Monday, with the Dow Jones Industrial Average rising 54.77 points, or 0.2pc, to 34,337.87.

The S&P 500 lost 3.69 points, or 0.1pc to 4,411.55. The Nasdaq Composite dropped 30.37 points, or 0.2pc, to 13,767.74.

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This notice was published: 2023-11-14 07:16:02