FTSE rises after Wall Street slide – live updates

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3) UK Finance appoints new boss after sexism storm: Britain’s biggest banking lobbying group UK Finance has picked David Postings as its new chief executive as it seeks to recover from a sexism feud earlier this year.Mr Postings, the former chief executive of Bibby Financial Services and Moneycorp, will take office from next January, UK Finance has announced.

4) Johnson’s wind dream will cost £ 50 billion, analysts say: The Prime Minister’s pledge to power every home in the country with offshore wind turbines by 2030 will cost £ 50bn and require massive reform of the electricity market, experts have warned.

Speaking at the Conservative Party conference yesterday, Boris Johnson has set in stone a clear target of quadruple offshore wind capacity to 40 GW within a decade.

5) Billionaire wealth hits record $ 10.2 trillion: Tech moguls such as Amazon founder Jeff Bezos were the biggest winners as the wealth of the world’s billionaires hit a record $ 10.2 trillion (£ 7.8 trillion) this year , according to a new study.

The latest Billionaire Insights report from investment bank UBS and accountant PwC, released this morning, said the super-rich had enjoyed a V-shaped rebound since the first Covid wave at the end of July ,

What happened during the night

Asian stock markets edged higher on Wednesday, erasing the weaker Wall Street score, which came after U.S. President Donald Trump abruptly halted economic stimulus talks with lawmakers.

This caused Wall Street and safe assets like the dollar and bonds to fall. Investors in Asia, however, seemed less shaken, believing the stimulus would be delayed rather than derailed.

The largest MSCI index of Asia-Pacific stocks outside of Japan climbed 0.2% to a new two-week high, led by a 0.8% gain in Australia, where a budget expansionist raised the shares.

Large gains in Hong Kong lifted the Hang Seng 0.7 pc while Japan’s Nikkei fell 0.2 pc.

China’s stock, bond and currency markets are closed during the holidays until Friday.

Coming today

Intermediate outcomes: Tesco

BUT: Frasers Group

Economy: Halifax House Price Index (UK), mortgage applications (US), crude oil inventories (US)



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