Pound will be worth less than one euro, warns top US economist – live updates

5 things to start your day

1)  Markets doubt Bailey can avoid emergency rate rise after plunge in pound The Bank of England Governor has failed to convince traders that action can wait until November after the pound plunged on Monday.

2) Mortgage payments to surge by almost £10,000 a year if interest rates hit 6pc Markets are betting on a punishing series of rate rises that would pile pressure on hundreds of thousands of borrowers

3) Doncaster Sheffield Airport to close in blow for levelling up agenda Liz Truss previously pledged to “protect this airport and this infrastructure”

4) Ericsson keeps supplying Russia despite Ukraine invasion The Swedish telecoms company applied for exemptions after attack on Russia’s neighbour.

5) Britain should have a nuclear reactor fleet to rival France The case for atomic power to restore our energy system to peak fitness is clear, writes Dr Tim Stone. 

What happened overnight  

Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market.

Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined. US futures rose and oil prices also were higher.

Hong Kong stocks opened down on Tuesday morning, with the Hang Seng Index plummeting 0.09pc, or 16.49 points, to 17,838.65.

The Shanghai Composite Index ticked up 0.17pc, or 5.17 points, to 3,056.39, while the Shenzhen Composite Index on China’s second exchange added 0.31pc, or 6.08 points, to 1,955.08.

Coming up

Economics: Consumer confidence (US), house price index (US)

Corporate: Ergomed, A.G. Barr (interim results)