A strong pound hangs over the FTSE

gHello. The government borrowed an additional £ 31.7 billion in April, giving public finances a costly start to the new fiscal year.

It was the second largest deficit on record in April, according to the Bureau of National Statistics.

5 things to start your day

1) Treasury refuses to support Biden’s corporate minimum tax: Sources said the UK has yet to back the proposal, with the government pushing for tough rules that specifically target Silicon Valley titans like Google.

2) UK seeks ambitious trade deal to reward India’s open protectionist economy: Truss said she would like to do better than the Japanese deal that dropped tariffs on more than 90% of trade in a rare opening of the Indian market.

3) Staff shortages are forcing companies to increase their wages: Brexit and Covid have conspired to leave restaurants, hotels and pubs short of workers, just as pent-up demand frees hungry customers.

4) Poland refuses to comply with EU coal mining ordinance: The country’s prime minister, Mateusz Morawiecki, rejected the order on Friday, saying it would endanger the country’s energy security

5) ‘Mind-blowing’ red tape threatens the classic auto industry, owners warn: Owners of historic cars warn that the switch to electrification and the red tape resulting from Brexit threaten the survival of the companies that keep these classic vehicles on the roads.

What happened overnight

Asian stocks climbed in morning trading on Tuesday, following an overnight Wall Street rally, as the dollar held near a fourth-month low as investors eased fears about increases in rates due to inflation.

The largest MSCI index of Asia-Pacific stocks outside of Japan rose 1pc to a two-week high, after US stocks ended the previous session with slight gains.

Australian stocks rose 0.69%, while the Japanese Nikkei stock index rose 0.6%.

Chinese stocks hit a two-and-a-half-month high on gains in financial services, consumption and tourism in morning trading. The blue-chip CSI300 index jumped 1.89%, while the benchmark Shanghai Composite rose 1.39%, reaching its highest level since early March.

Hong Kong’s Hang Seng Index rose 1.05 pc.

Coming today

Business: Aveva, Big Yellow Group, Electrocomponents, Speedy Hire, Reit Warehouse (Full year); Shaftesbury, Avon Rubber, Greencore (Temp worker); Pershing Square Holdings (Commercial update)

Economy: Net public sector borrowing (UK), IFO survey on business confidence, GDP, import price index (Germany), house price index, new home sales, consumer confidence (WE)


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