Britain faces a ‘very real risk’ of recession: latest updates

5 things to start the day

1) Dilapidated Oxford St risks becoming a model for Britain’s high streets, retail bosses warn | Retailers call for greater cooperation between government and industry

2) Why triple lock could open a new hole in Jeremy Hunt’s finely balanced budget? | Record wage growth dashes Chancellor’s hopes for pre-election tax cut

3) More than 3.5 million people lose millionaire status as inflation soars | Soaring inflation and weaker currencies hit the super-rich

4) ‘Elon Musk of Essex’ moves electric truck maker from Royal Mail to US | Tevva to relocate to Delaware under merger after running into financial difficulties

5) M&S on track to re-enter FTSE 100 as turnaround pays off | Stocks hit 19-month high after retail giant forecast rising profits

what happened overnight

Wall Street shares closed lower on Tuesday, pressured by renewed concerns about the US banking sector, stronger-than-expected economic data and concerns about the health of the Chinese economy.

The Dow Jones Industrial Average closed 1% lower at 34,946.39, while the broad-based S&P 500 slid 1.2% to 4,437.86. The technology-rich Nasdaq Composite Index ended down 1.1% at 13,631.05.

The yield on the benchmark 10-year Treasury rose two basis points to 4.21%.

Asian stock markets fell on Wednesday after widespread declines in the US as inflation and growth concerns sapped risk sentiment.

Hong Kong shares opened lower, with the Hang Seng Index falling 1.07%, or 199.33 points, to 18,381.78. Meanwhile, the Shanghai Composite Index fell 0.41%, or 13.16 points, to 3,163.02 and the Shenzhen Composite Index on China’s second-largest stock exchange fell 0.20%, or 3.93 points, to 1,982. .51.

Tokyo shares fell in early trading. The benchmark Nikkei 225 index fell 0.95%, or 306.16 points, to 31,932.73 shortly after the opening bell, while the broader Topix index fell 0.98%, or 22.47 points, to 2,268.73.

The dollar was trading at 145.55 yen, almost flat from New York’s 145.57 yen.