Thanks for becoming a member of me. We start the day with the most recent figures exhibiting home costs elevated for the primary time in additional than a yr in February.
The common worth of a house grew by 1.2pc within the yr to February, rising for the primary time since January 2023, making properties usually price £260,420, in response to the lender Nationwide.
5 issues to begin your day
1) Chinese EVs pose a menace to US nationwide safety, Biden warns | President’s feedback come because the West braces for Beijing’s electrical automobile shock
2) Public sector should mood pay calls for or put frontline providers in danger, says Treasury | Large wage will increase stay unaffordable and are consuming into departmental budgets
3) How the parable of the ‘state pension pot’ has warped Britain’s funds | National Insurance inconsistencies spotlight the shaky place of retirement nest eggs
4) Sunak accused of ‘stealth amnesty’ on asylum seekers as immigration surges once more | 1.4 million folks granted UK visas in 2023 as arrivals hit 18-year excessive
5) Ben Marlow: Ocado has didn’t ship for M&S prospects | The repeated dismissal of old school values has come again to chew the web apostles
What occurred in a single day
Facebook dad or mum Meta introduced it will now not pay Australian media corporations for information, prompting a authorities warning that the tech large was in “dereliction” of previous guarantees.
Extending a worldwide retreat from information content material, Meta mentioned it will scrap the Facebook News tab in Australia and wouldn’t renew offers with information publishers price lots of of tens of millions of {dollars}.
The resolution had been on the playing cards, however will come as a hammer blow for Australian information retailers already struggling to remain afloat.
However, Australian shares hit recent report highs – as did markets in Japan – as the important thing US PCE worth index – the US Federal Reserve’s most popular measure of inflation – stored up hopes for a June rate minimize.
Australia’s resources-heavy shares ASX 200 rose 0.6pd to a brand new report excessive of 7,745.6.
In Japan, the important thing Nikkei index nearly touched 40,000 for the primary time, rising 1.9pc, or 744.63 factors, to shut at 39,910.82, whereas the broader Topix index added 1.3pc, or 33.69 factors, to 2,709.42.
China’s mainland markets had been greater. The bluechips rose 0.4pc and Shanghai Composite index edged up 0.2pc, after rebounding practically 10laptop final month on the again of Beijing’s efforts to cease short-selling out there.
Hong Kong’s Hang Seng index additionally reversed earlier losses to be up 0.6pc.
In America, the S&P 500 rose 0.5pc, to 5,096.27 to prime its report set final week. The Nasdaq Composite index rose 0.9pc, to 38,996.39 and surpassed its all-time excessive that had stood since 2021. The Dow Jones Industrial Average of 30 main US corporations completed slightly below its report set final week after rising 0.1pc, to 38,996.39.
The yield on benchmark US 10-year Treasury bonds was little modified at 4.27laptop.
