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Read more: UK entrepreneur Mike Lynch among those missing in Sicily yacht disaster

British entrepreneur Mike Lynch is among those missing following the sinking of a superyacht off the coast of Sicily, the Telegraph reported.

Meanwhile, his wife, Angela Bacares, was rescued, the report continued.

The ship, called “Bayesian”, sank in the early hours of this morning, carrying 12 passengers and 10 crew. The $14m boat was hit by a storm.

Read more: What we know about Bayesian yacht tragedy as one dead and six missing

Here are all the shops shutting their doors.

• Ashford

• Bath

• Belfast

• Bluewater

• Braintree

• Brent Cross (London)

• Bridgend

• Cannock

• Cheshire Oaks

• Dublin, Grafton Street

• Gatwick North

• Gatwick South

• Glasgow Buchanan Street

• Gloucester Quays

• Heathrow T2

• Heathrow T3

• Heathrow T4

• Heathrow T5

• Kildare

• Livingston

• Luton

• Manchester Shambles

• O2 Outlet

• Portsmouth

• Regent Street (London)

• Sheffield

• St Pancras (London)

• Stansted

• Swindon

• White City (London)

• York

A total of 31 Ted Baker shops are set to close by the end of tomorrow, with its online presence also shuttering. The fashion chain's parent company No Ordinary Designer Label fell into administration in March. With the closures, 500 jobs are at risk.

About 245 people were made redundant when it closed 15 other shops earlier in the year.

Authentic, the US-based firm which owns Ted Baker IP, said it could not overcome the financial difficulties the brand had faced over the past year, including tepid sales and high costs.

Authentic bought Ted Baker for £211m in 2022.

The price of bitcoin fell suddenly by 3% this morning, heading towards the $58,000 mark for the second time in less than a week. Last week, the biggest cryptocurrency dipped as low as $57,000.

Investors seem to be pulling back from riskier assets in favour of safe havens. Gold price was also touching all-time highs on Monday, as investors react to continued geopolitical tensions in the Middle East and Ukraine.

Gold has also benefitted from a decline in the US dollar.

The price of energy is forecast to rise by 9% in October, a study by consultancy Cornwall Insight shows, meaning a household using a typical amount of gas and electricity would pay £1,714 a year from October. The current typical annual bill is £1,568.

Sector regulator Ofgem is set to announce the new energy price cap on Friday — a measure that limits the maximum price that can be charged for each unit of gas and electricity.

The £2.5bn merger between housebuilders Barratt Developments and rival Redrow (RDW.L) has been given the go ahead after the housebuilder agreed to address concerns raised by the competition regulator.

The Competition and Markets Authority (CMA) had said earlier this month that the acquisition could lead to higher prices and lower quality homes in one area — in and around Whitchurch, Shropshire.

Barratt said the watchdog had given it the green light to continue with the merger after the companies agreed to the sale of the homes in question. It added that it now expected the deal to complete within 18 months.

Anthony Codling, managing director of RBC Capital Markets, said: "It is good for Barratt, Redrow and homebuyers in general that Barratt has chosen to push ahead with its proposed merger with Redrow despite the small issue raised by the CMA.

"We view the CMA's issue as a minor one that can be easily resolved and not an issue big enough to stand in the way of the planned combination of Barratt and Redrow.

"The sooner the merger is completed the sooner homebuyers can benefit from a larger choice of homes offered for sale by the newly formed combined group."

From Yahoo Finance 's Pedro Goncalves:

The average price of a newly marketed UK home has dropped by more than £5,000 month-on-month in August, as the distractions of school summer holidays traditionally bring a dip in prices.

Across the UK, the typical price tag on a home retreated by 1.5% or £5,705, property platform Rightmove said. The drop pushed the average asking price to £367,785.

The property website said August has seen a monthly decline in prices from July for the last 18 years, with this month’s fall in line with the long-term average.

The reduction is largely attributed to the annual slowdown in market activity during the school summer holidays, when many potential buyers pause their home search. As a result, sellers who list their homes during this period often price more competitively to attract the reduced pool of buyers.

READ MORE: UK house prices drop by more than £5,000 in August

Also last week:

Goldman Sachs revised its odds on the US falling into a recession in the next 12 months again, cutting them back from 25% to 20%.

A note by the investment bank cited key economic data from July and August, showing "no signs of recession".

It was a mixed day of trade in Asia with major indexes across the region going in different directions. The Hang Seng (^HSI) rose 1% in Hong Kong while Japan's Nikkei (^N225) was down 1.7%.

Traders are looking to central bank decisions later in the week which could change the state of play. Zaye Capital Markets chief investment officer Naeem Aslam said:

From our US team:

Stocks had their best week of 2024 as fresh economic data helped ease US recession fears.

For the week, the S&P 500 (^GSPC) popped nearly 4% and the Nasdaq Composite (^IXIC) soared more than 5.2% higher. Meanwhile, the Dow Jones Industrial Average (^DJI) rose almost 3%.

In the week ahead, a quiet week on the economic calendar will shift the market focus to the Federal Reserve as chair Jerome Powell is expected to speak on Friday morning at the Jackson Hole Symposium. Investors will be closely listening for hints on when, and how much, the Fed plans to cut interest rates in 2024.

On the corporate side, retail earnings reports will continue to be in focus, with announcements expected from Lowe's (LOW), Target (TGT), Macy's (M), TJX (TJX), and BJ's (BJ).

Hello from London. Lucy Harley-McKeown here to bring you the markets news of the day.

This morning everyone's talking about the US Federal Reserve weighing rate cuts. Wednesday will give a better indication of the rate setting committee's thinking with the publication of meeting minutes.

Thursday is the big data day of the week with UK and German PMIs and US jobs data.

Let's get to it.