Thanks for joining me. We begin the day with the announcement of an impending fall in energy bills.
The Ofgem price cap will fall by £122 to £1,568 from July 1, meaning the average household electricity and gas bills will be at their lowest level since Russia’s invasion of Ukraine.
5 things to start your day
1) Life is messy, says Lynch as he fights Autonomy fraud charges | The technology tycoon could face up to 25 years in prison if found guilty
2) Western countries are gearing up for war for the first time in decades | QinetiQ boss Steve Wadey says testing and training equipment is in particularly high demand
3) Economic growth slows as Britain heads towards election | Dampening services sector activity expected to end economic ‘sweet spot’ in coming months
4) Porn and gaming blamed for surge in jobless young men | Technology fuelling ‘very worrying’ rise in mental health conditions, warns Mel Stride
5) Ben Marlow: Paula Vennells’ hollow apology epitomises a rotten culture of cover-ups | The public sector’s problem is that everyone is assumed to be acting with the best of intentions – even when they’re not
What happened overnight
Asian stocks fell as strong US economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1pc and was on course for a 1.5pc weekly decline, snapping its four-week winning streak. Japan’s Nikkei fell 1pc.
In America, the S&P 500 slid 0.7pc to 5,267.84, while the Dow Jones Industrial Average of 30 leading US companies finished down 1.5pc at 39,065.26. Meanwhile, the tech-rich Nasdaq Composite Index declined 0.4pc to 16,736.03.
US Treasury yields turned higher after data suggested American business activity has picked up and the labor market remains tight, supporting the Fed’s “higher for longer” interest rate narrative. The benchmark 10-year Treasury bonds reached a yield of 4.4787pc, from 4.434pc late on Wednesday.
Tokyo stocks opened lower on Friday, the benchmark Nikkei 225 index tumbling 1.50pc to 38,518.54 in early trade, while the broader Topix index slipped 1.28pc to 2,719.49.
The dollar fetched 156.95 yen, little changed from 156.93 yen in New York on Thursday.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
