China is driving global debt back to 'unsustainable’ levels, IMF warns

Thanks for being with us. Britain’s economy shrank in July, official figures showed, a blow after a series of signs that the UK was doing better than previously expected.

According to the Office for National Statistics (ONS), gross domestic product (GDP) contracted by 0.5% in July.

5 things to start your day

1) BP boss resigns over past relationships with colleagues | The sudden exit comes at a time when the oil giant is struggling to balance investments in fossil fuels and clean energy.

2) Apple to defeat the skin in an effort to 'protect the earth’! | US tech giant to use recycled fabric in its watch straps and phone cases with net zero push

3) The DOJ says Google pays $10 billion a year to maintain its monopoly | Since 1998, the highest level of antitrust testing has been ongoing

4) Oil hit $92 for the first time this year as Opec cuts fuel global supply shortages | Motorists brace for higher petrol prices after Brent crude crosses $92 a barrel

5) Primark boss says judges should be tough on shoplifters | The retailer is joining calls for tougher enforcement as thefts continue to hit Britain’s high streets

What happened overnight

Shares in Asia fell on Wednesday as a decline in technology stocks dragged down Wall Street ahead of a key report on US inflation.

Hong Kong’s Hang Seng fell 0.3 percent to 17,970.01, while the Shanghai Composite fell 0.9 percent to 3,109.88.

Japan’s Nikkei 225 index was down 0.4 percent at 32,656.85, while Seoul’s Kospi was down 0.2 percent at 2,532.69. Australia’s S&P/ASX 200 was down 0.8% at 7,146.40.

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Wall Street stocks fell on Tuesday as investors awaited key U.S. consumer inflation data expected to influence the Federal Reserve’s upcoming interest rate decision.

The Dow Jones industrial average ended 0.1 percent lower at 34,645.99.

The Nasdaq fell 1pc to 13,773.61, while the broader-based S&P 500 lost 0.6pc to 4,461.90.

The benchmark 10-year Treasury yield was little changed at 4.28pc.

Asian stocks edged lower after Wall Street wobbled overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, with Tokyo’s Nikkei down 0.2pc.

Australia’s resource-heavy shares lost 0.7pc, Chinese blue-chips were flat but Hong Kong’s Hang Seng index rose 0.6pc.

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