Good morning. It’s UK jobs day. Apple unveils its latest phones. China faces more challenges. Here’s what people are talking about.
Today’s data highlight will be UK jobs this morning. Pay gains will likely be slowing but the Bank of England will likely stay cautious on interest-rate cuts as underlying cost pressures remain elevated, according to Bloomberg Economics. Meanwhile, UK Chancellor of the Exchequer Rachel Reeves could push through over £20 billion ($26 billion) of tax hikes at the upcoming budget without breaking any election pledges, by targeting inheritances and capital gains, according to the Resolution Foundation. The British pound is little changed today, but it’s up more than 2% against the US dollar so far this year, outperforming major peers.