Thanks for joining me. A £2.5bn merger between housebuilders Barratt and Redrow will be investigated by the competition regulator.
The Competition and Markets Authority has announced it will examine the tie up, which will build create a company that builds around 22,000 homes each year.
5 things to start your day
1) Ageing Whitehall computer systems threaten to wreck hopes of AI revolution, says watchdog | Inefficient and risky Government IT systems could derail attempts to use artificial intelligence
2) Why John Lewis went back to basics in the battle to recover its mojo | The partnership is injecting new life into its tired stores as it finally returns to profit
3) Two-thirds of sickness benefit claimants never have to find a job | 1.5m applying for Universal Credit-linked benefits granted most generous welfare payments
4) Ministers push back on new telegraph poles after broadband roll-out sparks anger | Rapid deployment of infrastructure for new networks leading to ‘blot on the landscape’
5) Ambrose Evans-Pritchard: Labour economists see rising recession danger in the US | Climbing unemployment is pushing America’s economy perilously close to the edge
What happened overnight
Asian markets retreated, with Hong Kong’s benchmark falling nearly 2pc, after a mixed batch of data on the US economy dashed hopes that easier interest rates are coming soon.
Tokyo’s Nikkei 225 declined 0.3pc to 38,707.64, while the Kospi in South Korea sank 1.9pc to 2,666.84.
Hong Kong’s Hang Seng was down 1.7pc at 16,676.70 after reports said housing prices have continued to fall since February.
The Shanghai Composite index gained 0.3pc to 3,055.16, while the S&P/ASX 200 shed 0.9pc to 7,670.30.
US stocks slipped yesterday after a mixed batch of economic data seemed dampened hopes that easier interest rates will arrive quickly.
The S&P 500 fell 0.3pc, to 5,150.48, though it’s still close to its all-time high set on Tuesday. The Dow Jones Industrial Average sank 0.4pc, to 38,905.66, and the Nasdaq Composite index lost 0.3pc, to 16,128.53.
The moves were more decisive in the bond market, where US Treasury yields rose after a report showed inflation was a touch hotter at last month than economists expected.
The yield on the benchmark US 10-year Treasury bonds jumped to 4.29pc from 4.18pc late on Wednesday.