Thanks for joining us. House prices declined on an annual basis for the eighth consecutive month as buyers faced higher borrowing costs.
Property values dropped by 5.3pc in September, according to Nationwide, which was the same rate of decline as the previous month.
5 things to start your day
1) BP pensioners attack Looney for slashing payouts | The group are exploring legal action against the company after a 17pc drop in their income
2) BAE lands £4bn contract for Aukus attack submarines | Rolls-Royce and Babcock will also be involved in the manufacture and design of the subs
3) Alarm over oil spill risk in English Channel as Putin relies on 23-year-old tankers | Russia’s shadow fleet skirts the G7’s price cap on oil exports, but experts fear this increases the prospect of an environmental catastrophe
4) AI is ‘polluting the pool of human knowledge’, news publishers warn | Fears are growing of the cumulative danger of generative models using AI data rather than human-made content
5) Roger Bootle: Stopping the HS2 will be the kindest of cuts | Like Macbeth, we’re in deep – but it’s not too late for us to courageously slam the brakes
What happened overnight
Asian shares were mostly higher in thin trading with many markets closed for holidays.
Markets in China are closed for a weeklong holiday. Markets in South Korea also were closed.
Oil prices gained and US indexes rose in premarket trading as the threat of a federal government shutdown receded after Congress approved a temporary funding bill late Saturday to keep federal agencies open until November 17.
Japan’s Nikkei 225 index advanced after a central bank survey showed business confidence on the rise.
The Bank of Japan’s “tankan” quarterly survey measured business sentiment among major manufacturers at plus 9, up from plus 5 in June. Sentiment among major non-manufacturers rose four points to plus 27, in the sixth consecutive quarter of improvement and the most positive result in about three decades.
In Tokyo, the Nikkei 225 index was up 0.7pc at 32,098.40. Australia’s S&P/ASX 200 lost 0.2pc to 7,037.90. Taiwan’s Taiex gained 1.2pc, while the SET in Bangkok edged 0.1pc lower.