Another day, another set of grim statistics for Britain.
The British economy contracted more than previously thought in the third quarter of the year, raising concerns that the UK is already in recession.
The UK’s gross domestic product (GDP) contracted by 0.3% in the three months to September, a bigger drop than the 0.2% contraction initially estimated by the Office for National Statistics.
The economy is now 0.8% smaller than before the pandemic.
Output fell 0.3% in the three months to October, suggesting the economy is already in recession.
Two consecutive contractions would mean the economy is in recession.
The economy grew by 0.2% in the second quarter of 2022, according to a revised estimate by statisticians, after an initial projection of a contraction of 0.1%.
5 things to start the day
1) FTX founder Sam Bankman-Fried was due back from the US last night, after agreeing to be extradited from the Bahamas
2) Accountants cheated on online ethics exams after switching to work from home due to Covid
3) Royal Mail boss has been forced to use security escort as strikes turn ugly. Simon Thompson has been backed up by guards as violence erupts on the picket line
4) Pret A Manger is eliminating most of its vegetarian-only stores as the novelty of meat-free branches wears off. The company will close or rebrand 75 units of its Veggie Pret stores six years after its launch.
5) Britain’s space industry prepares for explosion. Rocket companies battle red tape to launch first mission from British soil
What happened during the night
Hong Kong shares opened with strong gains on Thursday after a rally on Wall Street, as traders welcomed better-than-expected US earnings and a rebound in consumer sentiment.
The Hang Seng Index rose 1.97% to 19,537.45, the Shanghai Composite Index rose 0.57% to 3,085.80 and the Shenzhen Composite Index on China’s No. 2 bourse it gained 0.54% to 1,980.33.
Tokyo stocks also opened higher as the yen steadied after a Bank of Japan monetary policy shock.
The benchmark Nikkei 225 rose 0.71% to 26,574.56 in early trade, while the broader Topix index rose 0.50% to 1,902.84.