Another day, another set of grim UK statistics.
Britain’s economy shrank more than expected in the third quarter of the year, deepening fears that Britain is already in recession.
The UK’s gross domestic product (GDP) shrank by 0.3% in the three months to September, a bigger drop than the 0.2% contraction originally estimated by the Office for National Statistics.
The economy is now 0.8% smaller than it was before the pandemic.
Manufacturing shrank 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 0.2% in the second quarter of 2022, according to a revised estimate by statisticians, after an initial forecast of a contraction of 0.1%
5 things to start your day with
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 Covid home working
3) Royal Mail boss forced to use security escort as strikes turn ugly. Simon Thompson was backed up by security as violence erupted at the picket
4) Pret A Manger is closing most of its vegetarian-only stores as the novelty of meat-free branches wears off. The company will close or rebrand 75% of its Veggie Pret stores six years after they first opened.
5) Britain’s space industry prepares for launch. Rocket companies battle red tape to launch first mission from British soil
What happened in one night
Hong Kong stocks opened Thursday with strong gains following a rally on Wall Street as traders welcomed better-than-expected U.S. earnings and a boost in consumer sentiment.
The Hang Seng index jumped 1.97 percent to 19,537.45, the Shanghai Composite index added 0.57 percent to 3,085.80 and China’s second bourse’s Shenzhen Composite index rose 0.54 percent to 1,980.33.
Tokyo stocks also opened higher as the yen steadied after the Bank of Japan’s shock monetary policy adjustment.
The benchmark Nikkei 225 rose 0.71 percent to 26,574.56 in early trade, while the broader Topix rose 0.50 percent to 1,902.84.
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