Wages rise regardless of Brexit strain on financial system – The Telegraph


4) M&C Saatchi, the advertising agency group best known for its work on Conservative campaigns, has been punished by investors after admitting failings in its accounting had triggered a one-off charge of £6.4m.

5) And airline Cathay Pacific has threatened to sack staff who take part in the Hong Kong protests, bowing to demands of China’s aviation regulator. All flights out were suspended on Monday after thousands of protesters chanting “fight with Hong Kong, fight for freedom” descended on the terminal.   

What happened overnight

Markets retreated in Asia on Tuesday as uncertainty over the China-US trade talks was compounded by increasing tensions in Hong Kong and the fallout of shock primary election results in Argentina.

Hong Kong fell 1.5pc in the morning session while Shanghai shed 0.7pc by lunch.

In Japan, the benchmark Nikkei-225 index lost 1.11pc, falling 229.38 points to 20,455.44, while the broader Topix index fell 1.15pc or 17.27 points to 1,486.57.

Cathay Pacific, which on Monday tumbled to its lowest levels in a decade after drawing China’s wrath over Hong Kong protests, fell as much as 5.4pc.

Coming up today

UK data on jobless claims, wages and the unemployment rate are the day’s big releases.

If the employment figures follow the pattern of recent releases, they should prompt a fairly typical response: The Government is likely to welcome an apparently-strong jobs market, while critics will (rightly or wrongly) suggest that Britain’s unemployment rate, which hit a 45-year low in May, is underpinned by gig economy jobs and zero-hours contracts.

A post-Brexit delay slowdown might results in slightly worse figures.

Interim results: IFG Group, John Menzies, JPJ Group, Mears Group, Polypipe Group

Trading update: Card Factory, Volution Group

Economics: Jobless claims, wages and unemployment rate (UK), Consumer Price Index (US)





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