There is still a reminder of the cost-of-living crisis this morning, with the latest ONS figures showing that wage growth lags far behind rising inflation. While average earnings excluding bonuses increased by 4.1% in February compared to a year earlier, when price adjustments fell by 1.3% – the biggest drop since 2013. There were also indications that the labor market recovery could be exhausted. While unemployment fell to 3.8% in the quarter to February and job vacancies remained at record highs, wages rose by just 35,000 in March – well below expectations. The figures highlight the cost-of-living crisis that is expected to hit demand and growth for the rest of the year. In addition to rising prices and wage arrears, households are also experiencing recent increases in energy bills and taxes.

5 things to start your day with

  1. How Britain strives to become a lithium power plant In the struggle to extract and improve the vital component of the car battery in the UK
  2. The war in Ukraine triggers an increase in food stocks. Heathrow faces pressure to reduce landing fares Some 4.2 million passengers used London Airport in March, the highest level since the pandemic began
  3. Brussels backs ,3 6.3 billion acquisition of defense giant Meggitt Parts maker Sale of Typhoon is one step closer to backing EU regulator
  4. M&S cuts prices on everyday necessities amid a cost-of-life crisis Marks & Spencer will cut prices on everyday products such as milk and bread

What happened overnight

Asian markets fell today as shares in Japan and Hong Kong plummeted. The Nikkei 225 is at -1.36%, while the Hang Seng is down 0.64%.

He is coming today

Corporate company: Asos, easyJet (intermediate), Liontrust Asset Management, Moneysupermarket.com, Pennon Group (transaction statement) Finance: BRC (UK) retail sales, unemployment rate (UK), number of applicants (UK), average earnings (UK), consumer price index (US, Germany), ECB (EU) bank loan survey, monthly budget statement (US)