Good morning. The FTSE 100 is expected to resume its slide as fears over global inflation return to stalk markets.
5 things to start your day
1): ‘We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions,’ Elon Musk wrote on Twitter.
2): Driving could become the preserve of the rich as Britain and other countries impose bans on diesel and petrol cars, warns Vauxhall chief.
3): Great Western Railway is considering bringing in additional British Rail-era carriages as part of emergency measures to keep passengers moving.
4): Internet Computer token becomes world’s eighth-largest digital currency as Dfinity aims to end traditional web hosting dominance.
5): France said to be trying to delay a memorandum of understanding on post-Brexit access to single market for UK-based finance firms.
What happened overnight
Asian stock markets followed Wall Street lower for a second day on Thursday after unexpectedly strong US consumer price increases fuelled worries inflation might drag on an economic recovery.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia retreated.
The Shanghai Composite Index fell 0.6pc to 3,441.37 and the Nikkei 225 in Tokyo tumbled 1.8pc to 28,628.73. The Hang Seng in Hong Kong lost 0.8pc to 28,010.86.
The Kospi in Seoul sank 0.1pc to 3,158.88 and Sydney’s S&P-ASX 200 was 0.4pc lower at 7,018.00. New Zealand also retreated.
Coming up today
Corporate: Burberry, BT, 3i (Full year); Countryside Properties, Grainger, Brewin Dolphin Holdings (Interim); Greggs, ContourGlobal, Elementis, Beazley, Rolls-Royce, Hargreaves Lansdown (Trading update)
Economics: Jobless claims, producer price index (US)