Good morning. UK wages have risen at their slowest pace for more than a year, while unemployment dropped.
Wages rose by 6.2pc in the three months to December, against expectations of 6pc, while the unemployment rate was 3.8pc, down from 3.9pc in the three months before that.
5 things to start your day
1) Don’t put too much weight on recession, says Bailey | The Governor of the Bank of England said he was not overly concerned about a downturn
2) Mayfair fund takes 5pc stake in ITV as advertising downturn sends shares tumbling | Move makes Silchester International Investors one of the broadcaster’s largest shareholders
3) Heathrow accuses Sunak of tarnishing Britain’s reputation with tourist tax | Imposition of VAT on tourists is estimated to have cost the UK £11bn in lost GDP in 2023
4) How the battle over M&S Marble Arch became a flashpoint for Gove’s planning policy | High Court hearing on the redevelopment row could have long-term impact for retailers
5) Matthew Lynn: A recession will have Rishi Sunak’s name all over it | No 10 deserves to take the blame for the consistent mistakes being made
What happened overnight
The Dow Jones Industrial Average of 30 leading American companies rose yesterday by 0.33pc, to 38,797.38, the S&P 500 lost 0.09pc, reaching 5,021.84, while the Nasdaq Composite index lost 0.30pc, reaching 15,942.55.
The yield on benchmark US 10-year Treasury bonds dropped to 4.168pc from 4.187pc late on Friday.
Asian shares were mostly higher on Tuesday, as investors awaited an update on US consumer prices.
Japan’s benchmark Nikkei 225 added 2.9pc to 37,961.48. Australia’s S&P/ASX 200 lost earlier gains, edging 0.2pc lower to 7,603.60. South Korea’s Kospi jumped 1pc to 2,647.03.
Markets were closed in China, Hong Kong and Taiwan for the Lunar New Year holiday.