FTSE slides as business activity hits 11-month low – live updates 

Good morning. The FTSE 100 is set to start the week in the red as investors mull a higher number of interest rate rises by the US Federal Reserve this year than previously expected. 

Global stocks had one of their worst weeks last weeks since the beginning of the pandemic, with the FTSE slumping more than 1.2pc. 

Separately, today will mark a return to the office for many after government guidance on working from home was lifted last week, and pressure is mounting on the transport industry not to put workers off from commuting now that many have a choice over where they work. 

5 things to start your day 

1) The pandemic has “levelled down” Britain: Economically prosperous cities have been harmed even more than poor regions,  according to research by the Centre for Cities. 

2) Treasury ministers and officials rack up more than £15,000 in travel costs shuttling between Whitehall and new Darlington offices: Rishi Sunak announced the move of up to 300 Treasury officials to the North-East last March. 

3) HSBC has started putting pronouns on branch workers’ name badges: HSBC’s decision comes as banks across Britain race to appear more inclusive.

4) Unilever’s management risks coming under further pressure: An aggressive activist investor is reported to have built a stake in the Marmite maker  after Unilever suffered its biggest weekly share price fall since March 2020. 

5) Bungalow prices rocket as baby boomers retire: Britain’s ageing population has helped push up the price of bungalows at an even faster rate than the rest of Britain’s buoyant property market.  

What happened overnight 

Most Asian stocks slumped overnight while US and European futures were mixed as traders weighed the likely market impact of Federal Reserve monetary-policy tightening. 

Technology stocks in Hong Kong retreated, shares eked out gains in Japan and European futures declined. Still, the advance in S&P 500 and Nasdaq 100 contracts stirred tentative hopes of some respite after one of the worst stretches for global shares last week since the pandemic began. 

The Fed on Wednesday is expected to signal a March liftoff in interest rates and balance-sheet reduction later this year to help fight inflation. Ebbing stimulus is forcing a rethink about the economic and market outlook.

Coming up today

• Corporate: Computacenter (Trading update)
• Economics: Services PMI (UK, US, EU), manufacturing PMI (UK, US, EU), composite PMI (UK, US, EU); Chicago Fed national activity index (US)