gHello. British bosses’ confidence in the economy “fell off a cliff” in September as concerns about the UK’s recovery from the pandemic mounted, according to the Institute of Directors (IoD).
The IoD Economic Confidence Index, which measures the net positive level of optimism in the UK economy among directors, posted a value just below zero (-1 pc) last month.
This is a drop from highs of +22 pc in July 2021 and marks the lowest level since early February, at the height of the third lockdown.
Three-quarters of IoD members expected their costs to be higher next year compared to the past 12 months.
Meanwhile, 57% expected their income to be higher.
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What happened during the night
Asian markets fell on Friday after Wall Street’s worst monthly loss since the start of the pandemic.
Tokyo slipped 2% and the Australian benchmark sank 2.3%. The Shanghai and Hong Kong markets were closed for holidays.
The S&P 500 ended September down 4.8%, its first monthly decline since January and the largest since March 2020.
Tokyo’s Nikkei 225 lost 590.83 points to 28,861.83, while the S & P / ASX 200 lost 2.3% to 7,165.10. Kospi in Seoul lost 1.4 pc to 3,026.87. Shares also fell in Taiwan and Southeast Asia.
Business : JD Wetherspoon (Annual results)
Economy: Manufacturing PMI (UK, US, EU); personal consumption expenditure index (WE)