Labor excuses about the economy 'won’t wash’, says IFS boss

Thanks for joining us. We start the day with data on the wage gap between middle-class and low-income earners.

A rising minimum wage means paying the lowest proportion of workers an hourly wage since at least the mid-1970s.

5 things to start your day

1) Tech boss 'felt bribed’ to move company from UK to China | Former chief minister sues chip maker for £200m over whistle-blowing claims

2) Hargreaves Lansdown takeover bid not fair to all investors, chairman warns | Concerns have been raised about the value of the offer and its impact on the London Stock Exchange

3) A 'James Bond’ tourist attraction that is crippling the London market | A tourism developer looking to build an attraction under a Tube station hopes to float on the Euronext exchange for £130m.

4) Low-wage earners close the gap with the middle class after minimum wage increases | The hourly pay gap has fallen to its lowest level since the 1970s, the Resolution Foundation reveals.

5) ’Ozempic face’ supplements to combat the side effects of rapid weight loss | Nestlé expands hair growth and collagen products

What happened overnight

Asian shares rose after another decline in Wall Street heavyweight Nvidia, while U.S. indexes were mixed.

Japan’s benchmark Nikkei 225 added 0.5pc to 39,001.39 after bank data on Tuesday showed the services producer price index rose 2.5pc in May compared to the same period last year, a slowdown from the 2.7pc increase seen in April.

The Japanese yen is the focus of attention as the Japanese yen-to-US dollar exchange rate is still trading near its weakest level in nearly 34 years. The yen rose to 159.37 against the dollar in early morning trading on Tuesday. The dollar traded at 159.59 yen on Monday.

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In Hong Kong, the Hang Seng was up 0.5 percent at 18,121.78, while the Shanghai Composite index was down 0.3 percent at 2,954.51.

Australia’s S&P/ASX 200 rose 0.9pc to 7,799.20. In South Korea, the Kospi rose 0.5 percent to 2,777.69.

Elsewhere, Taiwan’s Taiex lost 0.3pc, while the SET rose 0.1pc in Bangkok.

On Wall Street, the Dow Jones industrial average of 30 leading US companies hit a one-month high, while the Nasdaq fell more than 1pc.

The Dow Jones gained 0.7pc to 39,411.21, the S&P 500 lost 0.3pc to 5,447.87 and the Nasdaq Composite lost 1pc to 17,496.82.

The yield on benchmark 10-year US Treasuries fell to 4.23pc from 4.257pc late on Friday.

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