In This Article:
The cost of UK government borrowing is on track to reach its highest level in 34 years when compared to Germany, after doubts emerged about how fast the Bank of England could cut interest rates.
The difference between UK and German 10-year bond yields - known as the spread - has widened to as much as 229 basis points after the latest official figures showed a surge in wage growth.
If sustained, the spread would be the largest gap between British and German government borrowing costs since the early weeks of German reunification in 1990, surpassing levels reached during the bond market crisis after Liz Truss’s mini-Budget two years ago.
The surge in UK bond yields - the return that the government promises to buyers of its debt - comes after traders slashed bets on the Bank of England reducing borrowing costs next year.
Money markets indicate the Bank of England may not cut interest rates again until as late as May after wages rose by 5.2pc in the three months to October.
The rise was well ahead of analyst estimates of a rise to 5pc and up from 4.9pc in the previous three months.
Total pay, which includes bonuses, jumped from 4.4pc to 5.2pc, well ahead of forecasts for 4.6pc.
As a result, traders are betting there is just a 40pc chance that the Bank of England will cut interest rates three times next year, compared to 80pc before the figures were published.
Rob Wood, chief UK economist at Pantheon Macroeconomics, said: “Facing this renewed trade-off between weaker growth and still strong inflation pressures the Monetary Policy Committee will keep interest rates on hold this week and will have to proceed cautiously. We expect three 25bp rate cuts next year.”
Andrew Wishart of Berenberg said Britain faces “a nasty cocktail of falling employment and strong pay” which will make “uncomfortable reading at the Bank of England”.
Read the latest updates below.
05:44 PM GMT
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05:31 PM GMT
European stocks drop to two-week low
Europe’s Stoxx 600 fell to a two-week low today, as investors awaited a slew of major central bank decisions later in the week.
The pan-European index ended 0.4pc lower, its lowest closing level since Dec 2.
Oil and gas companies dropped 1.3pc to the lowest level in 17 months, as crude prices slid after economic data from China renewed concerns about demand.
European banks were another drag, down 1.8pc, with Spanish lenders such as Santander and Sabadell at the forefront of losses.
While the US Federal Reserve is widely expected to deliver a quarter of a percentage point interest rate cut tomorrow, the focus will be the pace of easing next year as the US economy appears to be on a steady footing. The Bank of England and Bank of Japan’s rate announcements are due on Thursday.
05:26 PM GMT
More than half a million claiming disability benefits for anxiety and depression
A record half a million adults are claiming disability benefits for anxiety and depression, official figures show.
Personal Independence Payment (PIP) claims linked to anxiety or depressive disorders rose to almost 525,000 in October, up 14pc from 461,000 a year ago, according to data published by the Department for Work and Pensions (DWP).
This number has doubled since lockdown, with claims linked to mental health soaring since 2020.
There are now a record 3.6m people entitled to PIP, up 3pc from the previous quarter, according to the data.
The DWP said psychiatric and neurological diseases and disorders were among the top five recorded as having disabling conditions, accounting for more than half of all claims.
04:57 PM GMT
FTSE closes down
The FTSE 100 closed down by 0.8pc, while the FTSE 250 lost 1.3pc, amid increased expectations that interest rates would stay higher for longer.
The biggest riser was drug company GSK, up 1.1pc, followed by its consumer healthcare spin-off Haleon, up 1pc.
Distribution business Bunzl lost 5.7pc. while JD Sports fell 2.8pc.
04:53 PM GMT
Profit taking on Wall Street as traders wait interest rate decision
Wall Street indexes are paring losses this afternoon as traders mull the likely outcome of tomorrow’s Fed interest rate decision.
Robert Pavlik, senior portfolio manager at Dakota Wealth, said: “There’s profit taking ahead of the Fed meeting. Markets have had an extremely strong run and it’s probably gotten a little frothy.”
“And with [today’s] strong retail sales report, expectations for further rate cuts have been diminished after tomorrow.”
Tom Essaye, president of Sevens Report Research, said: “Whether tomorrow’s Fed decision is positive, negative or neutral for stocks and bonds likely won’t be determined by any actual rate cut, but instead by what the [Fed] says about cuts in 2025.”
The S&P 500 is down 0.3pc, the Dow by 0.6pc and the Nasdaq by 0.2pc.
Aside from the Fed, central banks in Britain, Japan, Sweden and Norway are all slated to meet this week. The Bank of England, Bank of Japan and Norges Bank are expected to leave rates where they are, while the Sweden’s Riksbank expected to cut rates.
04:29 PM GMT
Capita to cut jobs as it turns to AI
Outsourcing giant Capita has unveiled fresh cost-cutting plans worth £250m as it targets savings from the use of artificial intelligence (AI) and staff leaving voluntarily.
It had previously be aiming for £160m in savings.
Capita is a major contractor for the Government and local authorities, and also manages the licence fee for the BBC and runs recruitment for the British Army.
The company said it had spotted more opportunities to cut costs and make the organisation more efficient.
Part of this is set to come from it ramping up the use of AI to speed up certain tasks.
This includes the use of AI for its contact centres and local government customers, which has already resulted in average handling time reducing by around a fifth, Capita said.
Furthermore, Capita said it sees voluntary employee attrition - meaning when staff choose to leave the company - of about 21pc each year.
This reflects the natural movement of people such as in call centre support roles where there tends to be a higher average turnover.
But Capita said it will help contribute to its savings target, reducing the need for redundancies and ensuring it can balance the level of new hires.
It is understood that the firm could decide not to replace about 1pc to 2pc of roles after staff leave.
Capita also revealed that it was expecting about a £20m annual hit from the rate of employer national insurance increasing next year, but that it expects additional savings to offset these costs.
04:03 PM GMT
London stocks drop on interest rate worries
The main London stock indexes are among the biggest fallers around the world today amid fears that the Bank of England may not cut interest rates again until May.
The FTSE 100 fell 0.6pc, while the FTSE 250 dropped by more than 1pc. The latter contains sectors notably sensitive to interest rates such as housebuilders and property companies.
Meanwhile, the pan-European Stoxx 600 fell 0.3pc, France’s Cac 40 rose 0.3pc and Germany’s Dax dropped by 0.2pc.
On Wall Street, the S&P 500 fell 0.5pc, the Dow Jones by 0.6pc and the Nasdaq by 0.5pc.
03:41 PM GMT
CBI warns over ‘headroom’ for investment in productivity
Business are are “struggling to have the headroom” to invest in worker productivity, despite wanting to, the CBI has warned.
Matthew Percival of the CBI told the Commons Business and Trade Committee that in companies “have a really strong incentive to boost productivity”.
It came after data from the Office for National Statistics showed that productivity was 1.8pc lower in the third quarter of 2024 compared with a year earlier. Productivity growth has been sluggish since the financial crisis.
03:34 PM GMT
‘Resilience of wages’ shown in UK economy
A few words from economists about the latest ONS data on wage growth:
03:16 PM GMT
UK markets remain lower after wage shock
Stock markets in London remained lower after stronger-than-expected wage growth triggered a recalibration of bets on interest rate cuts next year.
The FTSE 100 was down 0.5pc while the midcap FTSE 250 was lower by 0.9pc after wages rose by 5.2pc in the three months to October, which was faster than analysts had expected.
The pound edged closer to $1.27 against the dollar amid expectations that the Bank of England will need to keep interest rates higher for longer next year.
An interest rate cut by policymakers this week is all but ruled out, with money markets indicating mortgage borrowers may have to wait as late as May for the next reduction in borrowing costs.
The yield on UK 10-year bonds - an indicator of government borrowing costs - was last up about five basis points to 5.04pc.
02:45 PM GMT
US stocks fall ahead of Fed interest rate decision
Wall Street’s main indexes opened lower as investors grew cautious ahead of the Federal Reserve’s interest rate decision later this week.
The Dow Jones Industrial Average fell 61.0 points, or 0.1pc, at the open to 43,656.47 following strong retail sales data that pointed to consumers’ continued resilience.
The S&P 500 fell 21.5 points, or 0.34pc, to 6,052.55​, while the Nasdaq Composite dropped 78.3 points, or 0.4pc, to 20,095.62.
US retail sales increased in November, according to government data, as consumer spending picked up more than expected after a lull amid bad weather.
Sales rose 0.7pc in November from a month earlier to $724.6bn (£570.7bn), up from a revised 0.5pc in October, the Department of Commerce said.
02:36 PM GMT
Government giving ‘explicit recognition’ to role of unions
Union bosses said the new Employment Rights Bill shows how the Government has given “explicit recognition of the important role of trade unions play in our economy”.
Nicola Smith of TUC said it was “positive to hear the Government recognise unions’s place” in Britain as she appeared in front of the Business and Trade Select Committee.
She told MPs the new Bill would give more workers access to the “benefits of collective bargaining” and “new rights of access”.
It comes as official figures show wages rose more than expected in November, leading markets to reduce bets on interest rate cuts next year.
02:00 PM GMT
Long-dated bond yields hit highest level this year
Britain’s long-term government borrowing costs hit their highest level this year after the surge in wage growth.
The yield on 30-year UK gilts rose as much as six basis points to 5.05pc, which is the highest since October 2023.
01:34 PM GMT
How surging wages and record tax rises threaten to reignite inflation
Christine Lagarde, the president of the European Central Bank, effectively declared victory over eurozone inflation on Monday saying: “The darkest days of winter look to be behind us.”
However, those expecting to hear a similar sentiment from Andrew Bailey later this week when the Bank of England delivers its final interest rate decision of the year are likely to be disappointed.
After briefly falling below the Bank’s 2pc target in September, inflation rose back to 2.3pc in October.
Read why fresh wage growth data suggest it could rise again.
01:16 PM GMT
Pound edges up as Fed expected to turn cautious
The pound, which has risen after the strong wages data, faces a week of volatility ahead of interest rate decisions in the US, Britain and Japan.
Sterling was up 0.1pc to $1.269 but its gains have been limited so far by the US bond market.
The US 10-year Treasury bond yield rose back to 4.44pc, putting pressure on stocks, amid expectations that the Federal Reserve will be more cautious next year ahead of expected inflationary policies from Donald Trump.
The Fed is heavily expected to cut interest rates at its next meeting on Wednesday but most see the central bank holding rates at its January meeting, as economic indicators point to continued resilience and inflation remains persistent.
Joe Gaffoglio of Mutual of America Capital Management said: “The consensus expectation is that investors will get the extra holiday gift they want with another quarter-point interest rate cut by the Federal Reserve.
“However, if inflation continues to stay above target in the new year, the markets may be too optimistic on how many cuts the Fed may deliver.”
12:57 PM GMT
Borrowing costs jump after wage shock risks stoking inflation
The cost of UK government borrowing is on track to reach its highest level in 34 years when compared to Germany, after doubts emerged about how fast the Bank of England could cut interest rates.
The difference between UK and German 10-year bond yields - known as the spread - has widened to as much as 228 basis points after the latest official figures showed a surge in wage growth.
If sustained, the spread would be the largest gap between British and German government borrowing costs since the early weeks of German reunification in 1990, surpassing levels reached during the bond market crisis after Liz Truss’s mini-Budget two years ago.
The surge in UK bond yields - the return that the government promises to buyers of its debt - comes after traders slashed bets on the Bank of England reducing borrowing costs next year.
Money markets indicate the Bank of England may not cut interest rates again until as late as May next year after wages rose by 5.2pc in the three months to October.
The rise was well ahead of analyst estimates of a rise to 5pc and up from 4.9pc in the previous three months.
Total pay, which includes bonuses, jumped from 4.4pc to 5.2pc, well ahead of forecasts for 4.6pc.
As a result, traders are betting there is just a 40pc chance that the Bank of England will cut interest rates three times next year, compared to 80pc before the figures were published.
12:12 PM GMT
Insolvencies surge in month after Budget
While vacancies slumped in the wake of the Budget, the number of people going financially insolvent across England and Wales rose by 25pc in November, according to Insolvency Service figures.
Some 10,012 people entered insolvency in England and Wales in November, which was also a 12pc jump compared to the previous month and up a quarter on the same month in 2023.
The insolvencies were made up of 589 bankruptcies, 3,693 debt relief orders (DROs) and 5,730 individual voluntary arrangements (IVAs).
DRO numbers have been at record levels in recent months after the removal of a £90 administration fee to obtain one, from April 6 2024.
While DRO numbers have recently been at record highs, bankruptcies have been slightly lower than 2023, the report said.
Overall, monthly numbers of IVAs so far in 2024 have been slightly higher than 2023’s six-year annual low.
Tim Cooper, president of insolvency and restructuring trade body R3, said: “People who were struggling but getting by are now turning to an insolvency process in increasing numbers as ongoing rising prices have pushed their expenses to an unmanageable level.”
Mark Ford, a partner in the restructuring and recovery team at professional services firm Evelyn Partners, said: “Today’s gloomy update on company insolvencies underlines the difficult tightrope that many businesses currently need to navigate.”
11:49 AM GMT
UK stocks plunge over rate cut doubts
The FTSE 100 dropped to a near one-month low after traders cut bets on the Bank of England cutting interest rates next year.
The main FTSE 100 was down 0.7pc while the midcap FTSE 250 dropped 1pc.
Ahead of Thursday’s Bank of England interest rate decision, data showed pay rose more than expected in the three months to October.
It prompted investors to rein in rate cut bets for next year, boosting government bond yields.
The central bank is widely expected to hold rates steady this week, a day after the Federal Reserve announces its own policy decision, likely delivering a quarter-point rate cut.
Sanjay Raja, Deutsche Bank’s chief UK economist, said: “Wage growth looks strong – this will bolster the hawks’ case to hold bank rate steady for longer and keep policy more restrictive.
“But at the same time, jobs demand is falling fast. Payrolls are shrinking. And this will eventually hit demand and medium-term price pressures.”
11:23 AM GMT
‘It’s been so difficult’: How Labour left graduates struggling to find work
Faith-Hope Mbachu always dreamt of becoming a lawyer. So when she started her law degree at Nottingham Trent University, she felt excited and optimistic.
Unfortunately, those feelings had disappeared by the time she graduated and entered the jobs market. “I’ve probably applied for 200 to 300 jobs if I’m being honest,” she says.
“I definitely did not think it would be this hard. It’s been so difficult.”
Mbachu, 23, has been doing everything graduates are told to do since finishing university this summer: she has cast her net wide, applying for roles in Nottingham, Manchester where she is from, and London.
Read how looming workers’ rights changes and a brutal Budget for businesses have hammered the entry-level jobs market.
11:03 AM GMT
Budget to ‘put more pressure’ on retailers amid jobs slump
Britain’s retailers have shed 225,000 jobs over the last five years, official figures show, with bosses warning the Budget is poised to put more pressure on jobs in the coming year.
The ONS said there were 2.81m jobs in retail in September, although this is a traditional low point before the pre-Christmas surge.
There were 40,000 fewer jobs than last year.
Helen Dickinson, chief executive at the British Retail Consortium, said: “Retailers are responding to the changing business landscape, with most saying they will further increase investment in automation and improve worker productivity.
“It is inevitable the Budget will also put pressure on jobs and hours in the coming year, potentially affecting communities all over the UK that rely on retail as a vital provider of entry level, local jobs.”
10:26 AM GMT
‘Most of the remaining vacancies are for low-paid, insecure work’
Businesses are offering “virtually no vacancies for jobs that will pay your rent or mortgage”, Telegraph readers have said after figures showed a decline in hiring among UK companies.
Here is a selection of views on the latest vacancy figures from your fellow readers, and you can join the debate below:
10:05 AM GMT
Government borrowing costs rise amid doubts over rate cuts
The cost of government borrowing has risen today after official figures showed a surge in wage growth, which has raised doubts about how fast the Bank of England will cut interest rates.
The yield on 10-year UK bonds - the return the Government promises to pay buyers of its debt - has risen by more than five basis points to 4.5pc, despite declines in yields across most European markets.
It comes as wages rose faster than expected in the three months to October, raising doubts about the Bank of England’s ability to cut interest rates.
Higher wage growth risks fuelling inflation.
Rob Morgan, an analyst at Charles Stanley, said: “The increase in remuneration is well above what the Bank of England would believe is compatible with inflation falling concertedly under its 2pc target.
“Buoyant wage rises add to household spending power and apply upward pressure to prices, and consequently there is an expectation rises will reaccelerate into the new year.
“With wage inflation already a gnawing problem for the Bank of England, policies unveiled in the Budget add to the angst.”
He added: “There is also a potential ratchet effect of lifting wages more broadly with a read across to more senior roles.”
James Smith, an economist at ING, said the wage data “will dominate when it comes to the next couple of interest rate decisions”.
09:42 AM GMT
Fall in vacancies gives ‘worrying outlook’ for jobs, Reeves told
The drop in job vacancies and fall in people on payrolls shows that Budget tax rises are “damaging hiring intentions”, the Chancellor has been told.
Rachel Reeves announced in the Budget that employer National Insurance contributions (Nics) will rise from 13.8pc to 15pc from April, while the threshold companies will have to start paying will fall from £9,100 to £5,000.
Alexandra Hall-Chen of the Institute of Directors, said: “Today’s data points to a worrying outlook for job creation in the UK, with both vacancies and the number of payrolled employees falling.
“The combined impact of the increase in employer’s Nics and the measures contained in the Employment Rights Bill is damaging hiring intentions by increasing the cost and risk of employing staff.
“Our own data shows that employer hiring intentions are at their lowest point (-24 in November 2024) since May 2020 (-33), and that 43pc of businesses facing higher employer’s Nics bills plan to reduce employment as a direct result.
“Against this backdrop of increasing employment costs, the government’s decision to delay phase two of its pensions review is welcome. Government now needs to take urgent action to alleviate employment costs for businesses and address employers’ concerns about the most damaging aspects of the Employment Rights Bill.”
Liberal Democrat Treasury spokesman Daisy Cooper said: “Over the Christmas period no one should have to worry about the impact that an impending tax rise may have on their employment.
“The new Government must see sense and realise that their self-defeating hike in national insurance will only make the situation worse for health services and high streets.”
09:22 AM GMT
‘Inflationary pressures remain’ in economy
Gora Suri, economist at PwC UK, said the rise in earnings growth shows that inflation pressures remain in the economy.
He said: “Despite the considerable disinflation we have seen in the UK economy over the last two years, these underlying inflationary pressures remain.
“This means that the Bank of England is highly likely to keep interest rates on hold at its next meeting on Thursday, before resuming rate cuts in the new year.”
08:59 AM GMT
FTSE 100 falls after rate cut blow
The FTSE 100 fell sharply in early trading amid doubts about how fast the Bank of England will cut interest rates.
The UK’s blue-chip stock index was last down 0.8pc while the midcap FTSE 250 fell 0.5pc as traders slashed the odds on policymakers reducing borrowing costs quickly next year.
It comes after official figures showed wages rising faster than expected, with total pay up 5.2pc compared to 4.6pc predicted by analysts.
Bunzl fell 5pc to the bottom of the FTSE 100 after the business supplies distributor said stickier-than-anticipated deflation will have an impact on its annual profit, especially in its Continental Europe division.
Defence technology group Chemring fell 8.2pc to lead losses on the FTSE 250 after a fall in annual profits and a warning about “operational headwinds” in the first half of the year.
Hollywood Bowl was down 7.8pc after it reported a slide in profits.
08:38 AM GMT
Pound rises amid surging wages
The pound edged upwards as traders reduced bets on interest rate cuts next year after official figures showed strong wage growth in Britain.
Sterling was up 0.1pc against the dollar to $1.269 and gained 0.2pc versus the euro, which is worth 82.7p.
It comes after ONS data showed wages grew at a faster than expected to 5.2pc in the three months to October, mainly driven by a 5.4pc jump in private sector pay.
Meanwhile, the number of people on UK payrolls fell by 35,000 to 30.4m between October and November.
Ashley Webb of Capital Economics said: “The increase in regular private sector pay growth in October will increase the Bank of England’s concerns about a resurgence in inflation despite the weak news on activity.”
08:24 AM GMT
Traders slash bets on interest rate cuts next year
Money markets indicate there is less than a 50pc chance that the Bank of England will cut interest rates three times next year after official figures showed wages surging.
Traders had already ruled out a reduction in borrowing costs this week but have pushed back their expectations for future cuts.
Money markets had been pricing in the next interest rate cut to happen by March next year, but traders now think it could come as late as May.
Rob Wood, chief UK economist at Pantheon Macroeconomics, said: “Facing this renewed trade-off between weaker growth and still strong inflation pressures the Monetary Policy Committee will keep interest rates on hold this week and will have to proceed cautiously. We expect three 25bp rate cuts next year.”
Andrew Wishart of Berenberg said Britain faces “a nasty cocktail of falling employment and strong pay” which will make “uncomfortable reading at the Bank of England”.
08:07 AM GMT
UK stocks fall over interest rate fears
Stock markets in London fell at the open amid doubts over potential interest rate cuts after official figures showed wages rose faster than expected.
The FTSE 100 was down 0.6pc to 8,210.01 while the midcap FTSE 250 fell 0.3pc to 20,749.51.
Average earnings excluding bonuses rose faster than analysts had expected, rising by 5.2pc in the three months to October.
It was higher than the rise to 5pc that had been expected and up from 4.9pc in the previous three months.
It was the first time wage growth has risen since August last year.
Total pay, including bonuses, also rose faster than expected from 4.4pc to 5.2pc in the three months to October.
Thomas Pugh, economist at leading audit, tax and consulting firm RSM UK, said: “The jump in wage growth excluding bonuses to 5.2pc puts another nail in the coffin of an interest rate cut on Thursday.
“What’s more, there was little sign that firms have reduced hiring ahead of the budget. Our base case is that the Monetary Policy Committee will cut rates once a quarter next year, but strong wage growth and a second Trump presidency increases the risk of fewer rate cuts.”
07:59 AM GMT
We need to get Britain working again, says Kendall
As vacancies slumped to a three-year low, Work and Pensions Secretary Liz Kendall said: “Today’s figures are a stark reminder of the work that needs to be done.
“To get Britain growing again, we need to get Britain working again - so people have good jobs which pay decent wages and offer the chance to progress.”
07:52 AM GMT
Private sector pay fuelled rise in wage growth, says ONS
Pay in the private sector grew by 5.4pc in August to October from a year earlier while public sector workers saw pay rises of 4.3pc.
While pay growth picked up for those in the private sector, it slowed in the public sector, the ONS said.
ONS director of economic statistics Liz McKeown said: “After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period, driven by stronger growth in private sector pay.
“Pay growth including bonuses increased by more, but this reflects previous figures being affected by the one-off payments made to some public sector employees in 2023.
“The number of people on payrolls grew slightly in October, but we have seen annual growth rates continue to slow, showing a consistent trend with our latest jobs data from employers.
“The number of job vacancies has also fallen again, though the total remains a little above where it was before the pandemic.”
07:42 AM GMT
Fewer staff on payrolls, says ONS
The ONS data has shown signs of an ongoing cooling off in the jobs market amid mounting uncertainty following recent Budget measures.
The estimated the number of people on UK payrolls fell by 35,000 to 30.4m between October and November, although this is subject to revision.
The unemployment rate remained unchanged at 4.3pc in the three months to October, although the ONS added a note of caution given changes to the jobs survey.
It comes as there are fears over an impact on hiring and jobs after the Budget announced steep increases in employers’ national insurance contributions and a minimum wage rise next year.
07:37 AM GMT
Wage growth rises for first time in a year
Wages grew at a faster pace for the first time in more than a year, official figures showed,
The Office for National Statistics said regular earnings growth jumped to 5.2pc in the three months to October, up from 4.9pc in the previous three months and the first time it has risen since August last year.
Earnings growth also outstripped inflation by 3pc in the three months to October after inflation was taken into account.
07:31 AM GMT
Worst hiring slump on record deepens after Budget
Britain’s longest slump in hiring deepened in the wake of Rachel Reeves’s tax-raising Budget, official figures show.
The number of job vacancies in the UK fell by 31,000 to a three-year low of 796,000 in November, according to the Office for National Statistics (ONS).
Hiring fell to 818,000 in the UK in the three months to November.
That figure has been in decline for more than two and a half years - equivalent to 29 sets of results from the ONS - which is the longest recorded slump.
The latest decline follows the Chancellor’s decision to embark on a £25bn National Insurance raid on companies during the Budget on October 30, at the same time as raising the national minimum wage.
07:21 AM GMT
Good morning
Thanks for joining me. Job vacancies have fallen to their lowest level in three years in the wake the Budget, official figures show.
It means Britain’s longest recorded hiring slump has run for more than two and a half years, according to the Office for National Statistics.
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What happened overnight
Stocks in Asia rose ahead of interest-rate decisions by major central banks across the globe due later this week.
Australian market was 0.75pc higher, with Japan’s Nikkei up 0.26pc and tech-heavy Taiwan stocks rising 0.5pc.
That left MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.18pc. The index is set for 10pc gain for the year, its strongest yearly performance since 2020.
Over in South Korea, the Kospi was down 0.57pc, taking its yearly losses to about 7pc, making it Asia’s worst performing market this year.
In currencies, the Australian dollar was little changed at $0.6372. The Japanese yen was little changed at 154.07 per dollar while the offshore yuan was little changed at 7.2935 per dollar.