Rachel Reeves alongside business secretary Peter Kyle at an investment summit in Wales - Ben Birchall/PA Wire Savers piled more money into their cash Isas in October than any month since the start of the new tax year as Rachel Reeves prepared to slash tax-free allowances in the Budget.
Households increased Isa deposits by £4.2bn in October, up from £3.3bn the previous month, according to Bank of England data.
It was also the highest amount since the start of the new tax year in April and coincided with a broader £8bn increase in overall household deposits.
Hargreaves Lansdown said deposits into cash Isas on its platform alone were up more than 100pc compared with a year ago as clients deposited a record amount of cash with the investment house ahead of the Budget.
Ruth Gregory, an economist at Capital Economics, said the figures reflected “nervousness about forthcoming tax rises in the Budget” which “prompted households to become a bit more cautious with their borrowing and saving”.
It was widely reported before the November 26 Budget that the Chancellor would slash the annual cash ISA allowance to £12,000, from £20,000.
“Speculation about the Chancellor slashing the cash ISA tax-free allowance appears to have prompted flows into cash ISA deposits,” said Ms Gregory.
06:36pm
Signing off...
Thanks for joining us. That’s all we have for today.
The chairman of the Office for Budget Responsibility (OBR) has resigned after an inquiry found the watchdog’s Budget leak to be the “worst failure” in its history.
UK and US stocks both started off the new month with declines. FTSE 100 was down 0.2pc.
Bitcoin plunged 7pc, falling below $85,000 as investor sentiment continues to wane.
06:07pm
Bitcoin falls below $85,000
Bitcoin slumped over 7pc to $84,966 as investor sentiment continues to weaken.
In the past month, the cryptocurrency has declined 23pc, while Ether has plunged 29pc and XRP is down 25pc.
The fall comes as the sell-off of digital currencies has resumed despite growing hopes of an interest rate cut by the Federal Reserve in December.
05:50pm
BP abandons UK green energy plant in blow to Miliband
BP is preparing to shelve plans to build a major hydrogen project in Teesside in a fresh blow to Ed Miliband’s net zero plans.
The Telegraph understands that BP will withdraw its request to the Government to build the nationally significant project, which clashed with separate plans backed by Sir Keir Starmer to construct the largest data centre in Europe.
It comes after Downing Street selected a former steel site in Teesside as the home for its second AI Growth Zone, with Labour banking on the technology to help turbocharge the economy.
05:46pm
FTSE sees slow start to December
UK and US stocks have both started off December with slips.
Story ContinuesFTSE 100 closed 0.2pc lower to 9,702.53 ahead of a new month filled with economic data and decisions by the central bank.
Mid-cap FTSE 250 fell 0.7pc to 22,020.68.
Wall Street’s main indexes declined as investors brace themselves to see what Federal Reserve chairman Jerome Powell will say in his speech later.
05:25pm
Starmer’s data centre blitz ‘threatens Khan’s housing plan’
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Sir Keir Starmer’s data centre building spree threatens to undermine Sir Sadiq Khan’s London housing plans, a report from the London Assembly has warned.
Attempts by the Prime Minister to attract data centre investment risks delaying the delivery of London homes as developments struggle to access critical grid connections, officials said.
“We risk a scenario where the city’s housing targets, economic prosperity and net-zero commitments are all undermined by a lack of electricity capacity,” said James Small-Edwards, the chairman of the assembly’s planning and regeneration committee.
05:21pm
Diesel drivers face higher prices if Trump moves on Venezuela
Diesel pump prices could surge for UK drivers if Donald Trump orders military action in Venezuela, analysts have warned.
Venezuela specialises in the “heavy sour” grades of crude oil that are used to make diesel, meaning a supply disruption could have an outsized impact on fuel costs.
Although the world is oversupplied with oil this year, helping to keep prices low, there is far less heavy-sour product to go around, and the US and Chinese refineries which rely on it cannot easily switch to processing an alternative.
Cyril Widdershoven, an analyst at the think tank Strategy International Cyprus, said: “Venezuela’s one million to 1.1 million barrels per day of heavy-sour output are crucial for US and Asian refineries. Any disruption could spike Brent and diesel prices.”
This is an excerpt from an article
Continue reading
05:15pm
Doctors to stage five-day strike in run-up to Christmas
Resident doctors in England will go on strike for five days during the lead-up to Christmas.
The British Medical Association said doctors will stage a walkout from 17th until 22nd December as part of a dispute over pay and jobs.
It will mark the 14th walkout since March 2023. Resident doctors make up about half of the medical workforce in the NHS.
Resident doctors will strike for five days in the run-up to Christmas. - REUTERS/Hiba Kola/Reuters 04:47pm
OBR boss quits after report blames him for Budget leak
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The chairman of the Office for Budget Responsibility (OBR) has resigned after an inquiry found the watchdog’s Budget leak to be the “worst failure” in its history.
Richard Hughes stepped down after the publication of a report into the error, which saw the fiscal watchdog publish Rachel Reeves’s Budget policies on its website around 45 minutes before she spoke in the Commons.
The internal report, published on Monday, attempted to shift some of the blame to the Treasury, concluding that its failure to give sufficient funding to the OBR’s online operation was partly to blame for the failings.
This is an excerpt from an article
Continue reading
04:39pm
Conservatives warn the Government against scapegoating the OBR over Budget meltdown
The Conservatives warned the Government against scapegoating its financial watchdog over Rachel Reeves’s Budget.
“Can I also seek the immediate reassurance that (Treasury minister James Murray’s) concluding comment, and I quote, ‘we will respond to this matter with the seriousness it demands,’ will not include scapegoating the OBR to distract from the serious questions surrounding the handling of the Budget by the Chancellor, ministers, the Treasury and Number 10?” Sir Mel Stride, the shadow chancellor, told the Commons.
He asked where the Chancellor was, adding that it was a “matter of profound regret” that she was not present.
“The Chancellor’s credibility is in tatters, and to the long list of her failings in respect to these matters should be added that of disrespecting this House,” he said.
Mr Murray explained that she was at an investment summit in Wales.
04:17pm
Zipcar proposes closing UK operations
Car hiring company Zipcar has suggested plans to shut its UK business by the end of the year.
The group said it will temporarily suspend customer bookings for after 31st December pending the outcome of its formal consultation with employees.
Zipcar has 650,000 clients across Britain.
“I’m writing to let you know that we are proposing to cease the UK operations of Zipcar,” James Taylor, general manager at Zipcar UK, said.
03:30pm
AstraZeneca down despite US tariff deal
Pharmaceutical stocks remained lower despite the NHS avoiding sweeping new US tariffs, as drugmakers agreed to spend more on American medicines.
AstraZeneca, the largest UK listed company, was down 0.9pc, while rival drugmaker GSK was flat.
The Association of the British Pharmaceutical Industry (ABPI) said the trade deal with the US was “an important step towards ensuring patients can access innovative medicines needed to improve wider NHS health outcomes”.
Richard Torbett, chief executive of the ABPI, said: “It should also put the UK in a stronger position to attract and retain global life science investment and advanced medicinal research.
“These commitments begin to address industry concerns on NHS access to medicines, and the UK’s record-high and unpredictable payment rate.
“There remain a great many details to work out and further technical improvements to make, but with this strong and positive progress, I look forward to working with the Government to ensure this plan delivers for the NHS and UK industry.”
03:24pm
Trump to spare UK drugs from tariffs after NHS agrees to pay more
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Donald Trump is to spare UK drugs from sweeping new tariffs after the NHS agreed to spend more on American medicines.
The US president is expected to unveil a new pharmaceutical trade deal with Britain on Monday, striking a agreement to impose zero import tariffs on medical products from the UK.
It would see British medicines carved out from sweeping new levies, offering a major boost for one of Britain’s biggest exports to America. In 2024, the UK exported around £6.6bn in pharmaceutical and medical products to the US.
Donald Trump, pictured with AstraZeneca chief Pascal Soriot, had threatened to impose tariffs of up to 250pc on all pharmaceutical imports - AP Photo/Alex Brandon 03:04pm
OBR: Treasury bears some blame for Budget leak
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The Treasury bears some blame for the leak of the Chancellor’s Budget, an inquiry has found.
The Office for Budget Responsibility (OBR) has published its report into why Rachel Reeves’s Budget policies were published on its website around 45 minutes before she spoke in the Commons.
The fiscal watchdog’s own investigation concluded that that the Treasury’s failure to give sufficient funding to its online operation was partly to blame for the failings.
The report said that despite the importance of the document, the OBR’s online operation was the same size as a small business.
02:38pm
US stocks fall ahead of Powell speech
Wall Street’s main indexes opened lower as investors wait to see what Federal Reserve chairman Jerome Powell says in a speech later.
The Dow Jones Industrial Average fell 0.5pc to 47,457.90 while the benchmark S&P 500 fell 0.6pc to 6,811.26.
The Nasdaq Composite dropped 0.8pc to 23,186.74.
02:24pm
Miners surge as silver and copper hit record highs
Mining stocks were the best performers in the London Stock Exchange after silver and copper surged to record highs.
Fresnillo surged by 5.9pc to the top of the FTSE 100 after silver surpassed $57 per troy ounce for the first time.
Other precious metals miners also made strong gains, with Hothschild Mining up 4pc and Endeavour Mining up 2.1pc.
Silver has been boosted by a squeeze on the amount of metal available on the London market. A record amount of the metal flowed into the capital in October, putting other centres around the world under pressure.
Daniel Hynes, an analyst at ANZ, said silver was up over “shortages in the global market as a result of the recent squeeze in London”.
Meanwhile, industrial metal miners also performed well as copper rose above $11,300 per ton.
Saxo analyst Ole Hansen said it had been driven higher by “fears the global market is heading for a supply crunch, made worse by a rush to get copper to the US ahead of possible import tariffs”.
“A move that is tightening markets, thereby exacerbating a shortfall elsewhere,” he said.
01:59pm
North Sea oil giant blames Budget as it slashes jobs
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The UK’s largest oil and gas producer has announced plans to axe 100 North Sea jobs as a direct result of Rachel Reeves’s Budget.
Harbour Energy said the Chancellor’s refusal to make concessions on the windfall tax meant deep and permanent cuts to its UK workforce were necessary.
The company has already cut 250 onshore office roles this year, after having previously shed 350 workers.
Harbour Energy has already cut 250 onshore office roles this year - CHP/Harbour Energy 01:14pm
We’d never go through ‘all the numbers’ with Cabinet, says Reeves
Rachel Reeves has responded to claims that she misled Cabinet ministers about the Budget.
Members of Sir Keir Starmer’s top team have reportedly accused him and Ms Reeves of misleading the Cabinet, with The Times quoting an unnamed minister as describing the handling of the Budget as “a disaster from start to finish”.
“At no point were the Cabinet told about the reality of the OBR forecasts,” they told the newspaper.
Speaking to BBC Wales at the Wales Investment Summit, the Chancellor said: “You would never expect the Prime Minister and Chancellor to go through all the detailed numbers.
“The cabinet are briefed on the morning of the Budget on the Budget numbers.
“Of course, we go through things that affect individual government departments, but the whole information of the Budget is not supposed to be provided until the Chancellor delivers the Budget.
“Obviously, this time, it was leaked early, but not by the Treasury.”
12:50pm
Wall Street on track for slump to start month
US stock indexes were poised to open lower after a sharp fall in Bitcoin triggered uncertainty.
In premarket trading, the Dow Jones Industrial Average was down 0.5pc, the S&P 500 fell 0.7pc and the Nasdaq 100 dropped by 0.9pc.
It came as Bitcoin fell as much as 6pc below $86,000 in a resumption of its sharp declines since October.
The benchmark S&P 500 and blue-chip Dow posted modest gains last month amid expectations for a December interest rate cut.
However, the tech-heavy Nasdaq’s suffered its heaviest losses eight months in November as doubts remain about the sustainability of AI spending.
Traders are pricing in an 88pc chance for a quarter of a point interest rate cut in December.
12:16pm
Pound slips after surge in wake of Budget
The pound edged lower after a surge in the wake of the Budget.
Sterling was down 0.2pc against the euro at just under €1.14 and was flat against the dollar at $1.324 as traders seemed to take profits from a rally after the Chancellor’s speech.
The pound gained more than 1pc last week in its largest weekly jump since August as traders were relieved that Rachel Reeves shored up the public finances by extending her headroom to nearly £22bn.
Meanwhile, traders are betting there is a 92pc chance that the Bank of England will cut interest rates on December 18.
Graham Hook of Invesco said: “The removal of some policy and political uncertainty removes some of the headwinds to the UK pound.
“It has strengthened a little since Reeves’s speech. But we think it is likely to weaken a little over the coming months — especially against the euro — as policy rates and bond yields come lower.”
On average, over the last 25 years, December has tended to be the second-strongest month of the year for the pound, with a gain of 0.3pc, behind top month April, when the pound has, on average gained 1pc, according to LSEG data.
11:50am
Savers pile into cash Isas before Budget tax raid
Savers piled more money into their cash ISAs in October than any month since the start of the new tax year as Rachel Reeves prepared to slash tax-free allowances in the Budget.
Households increased ISA deposits by £4.2bn in October, up from £3.3bn the previous month, according to Bank of England data.
It was also the highest amount since the start of the new tax year in April and coincided with a broader £8bn increase in overall household deposits.
Hargreaves Lansdown said deposits into cash ISAs on its platform alone were up more than 100pc compared with a year ago as clients deposited a record amount of cash with the investment house ahead of the Budget.
Ruth Gregory, an economist at Capital Economics, said the figures reflected “nervousness about forthcoming tax rises in the Budget” which “prompted households to become a bit more cautious with their borrowing and saving”.
It was widely reported before the November 26 Budget that the Chancellor would slash the annual cash ISA allowance to £12,000, from £20,000.
“Speculation about the Chancellor slashing the cash ISA tax-free allowance appears to have prompted flows into cash ISA deposits,” said Ms Gregory.
11:36am
Britain’s Budget oracle is hanging by a thread after sparking row with Reeves
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Richard Hughes has found himself in an uncomfortable spot.
As the chairman of the Office for Budget Responsibility (OBR), he is in the firing line over a blunder that saw Rachel Reeves’s economic plans leaked almost an hour before she had unveiled them in the House of Commons.
“I felt personally mortified by what happened,” he told the BBC Radio 4’s Today programme the following morning.
“The OBR prides itself on our professionalism. We let people down yesterday and we’ll make sure it doesn’t happen again.”
He has since apologised and launched a full inquiry into the incident, while also offering to resign. Ultimately, though, the process may be taken out of his hands.
OBR chairman Richard Hughes has offered to resign over the Budget fiasco - Toby Shepheard 11:25am Pictures
Pictured: Chancellor attends investment summit as pressure mounts
Rachel Reeves appeared in a buoyant mood despite the backlash over her claims of a Budget black hole, as she attended an investment summit in Wales.
Rachel Reeves poses for a photograph as she arrives for the Wales Investment Summit - Ben Birchall/PA Wire The Chancellor is at the International Convention Centre Wales in Newport - Ben Birchall/PA Wire She spoke with members of the media amid allegations she misled the public on the health of the nation’s finances before the Budget - Ben Birchall/PA Wire 10:45am
Return of JLR helps boost manufacturing
The UK’s manufacturing sector has grown for the first time in 14 months after Jaguar Land Rover (JLR) restarted production.
The S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) rose to 50.2 in November, up from 49.7 in October.
It marks the first time the UK’s manufacturing sector has expanded since September 2024.
The growth of the sector was driven by an increase in production volumes and output as JLR gradually restarted production in October.
A cyberattack in August caused the country’s largest automotive employer to halt production for six weeks, causing disruption for JLR’s suppliers and a sharp decline in UK car manufacturing.
Rob Dobson, director at S&P Global Market Intelligence, warned that “despite the improvement in the performance of the manufacturing sector, any growth is still worryingly weak”.
However, the sector reported job losses for the thirteenth month in a row in November, as manufacturing businesses attempted to make cost savings and continued with a freeze on hiring.
Despite elevated levels of business uncertainty ahead of the Budget business optimism also climbed to a nine month high, as companies expect more orders over the next 12 months.
10:26am
Reeves ‘misled’ BBC over Budget
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Rachel Reeves misled the public and the BBC in the run-up to the Budget, the corporation’s political editor has said.
Giving his verdict on the row engulfing the Chancellor, Chris Mason concluded that Ms Reeves withheld vital information from voters when she laid the ground for tax rises.
Ms Reeves and her officials have been accused of exaggerating the fiscal shortfall before raising taxes by £30bn last Wednesday, which enabled them to increase spending on benefits.
Rachel Reeves has been accused of exaggerating the ‘black hole’ in the public finances before raising taxes by £30bn - Jeff Overs/BBC 09:57am
Mortgage approvals fall amid Budget tax fears
The number of mortgages approved by banks in Britain fell in October as borrowers faced warnings about tax rises in the Budget.
Mortgage approvals declined by 600 to 65,000 in October, data from the Bank of England show.
Buyers were rocked by concerns about what could be announced int he Budget, with plans for a mansion tax on £2m homes first emerging towards the end of the month.
Nathan Emerson, chief executive of estate agent body Propertymark, said: “Speculation surrounding the autumn Budget may have played a role in contributing towards a decrease in the number of mortgage approvals during this period.”
Jason Tebb, president of property portal OnTheMarket, said: “Intense speculation surrounding the Budget and what it might have in store for the housing market had an impact on approvals for house purchases – an indicator of future borrowing.”
Estate agent Jeremy Leaf, a former Rics residential chairman, said: “Mortgage approvals provide the best evidence of likely market activity over the next few months, and it’s clear from these figures that speculation about the Chancellor’s Budget took its toll.”
09:44am
Factory bosses shrug off Budget worries
Manufacturers downplayed the uncertainty surrounding the Budget as the sector returned to growth the first time in more than a year.
The closely watched S&P Global UK Manufacturing PMI showed optimism among factory bosses rose to a nine-month high, although the sector registered job losses for the 13th consecutive month.
The survey of purchasing managers was carried out from 12-25 November, closing the day before the Chancellor delivered the Budget.
Rob Dobson, director at S&P Global, said: “The numbers are especially encouraging as this improvement occurred despite November seeing elevated levels of business uncertainty, and in some cases an element of gloom, ahead of the Autumn Budget.
“The lifting of this uncertainty caused by the long lead-in to the Chancellor’s budget announcement should hopefully provide a boost in December, but it will be interesting to see the extent to which business might react to the absence of any significant growth-promoting measures.
“After all, despite the improvement in the performance of the manufacturing sector, any growth is still worryingly weak.”
09:11am
Business owners urge Reeves to resign in ‘crisis of honesty’
Bosses have urged the Chancellor to quit over claims she misled the public about a black hole in the nation’s finances that did not exist.
Ranald Mitchell, director at Charwin Mortgages, said: “If the OBR said we were in surplus and the Government still delivered a punitive Budget, then the ‘black hole’ was a convenient fiction and the country has been lied to. It’s shocking.
“The graft and risk-taking of Britain’s business owners is being steamrolled by a Government obsessed with swelling welfare while punishing those who actually drive the economy. If they knew the surplus existed, serious questions need asking of the Chancellor and Number 10. This is a crisis of honesty, not economics.”
He added: “Both the Prime Minister’s and Chancellor’s positions and credibility as government leaders have been irreversibly damaged and they should resign.”
Kundan Bhaduri, chairman of The Kushman Group, said: “Can anyone dispute that this was deliberate deception? Labour knew the public finances were healthier than advertised, yet hammered businesses regardless.”
Anita Wright of Ribble Wealth Management said: “If the OBR is privately telling the Government there is a £4.2bn surplus, yet the public is being sold a terrifying ‘black hole’ to justify a punishing Budget, this is no longer about forecasts – it is about trust.
“I do not object to Reeves wanting more headroom; given the OBR’s dire forecasting record, the instinct to build a bigger buffer is understandable and, on its own, defensible. What is indefensible is the way this has been handled.”
08:54am
European shares fall in cautious start to December
European shares slipped as caution swept through markets.
The pan-European Stoxx 600, which includes UK stocks, dropped 0.3pc, while the Cac 40 in France fell 0.4pc and the Dax in Germany declined by 0.7pc.
After a strong finish to November, traders are now seeking fresh catalysts. This week’s focus is on economic data and early holiday spending signals from Black Friday and Cyber Monday.
Meanwhile, Airbus shares fell 2.1pc after the planemaker recalled and ordered immediate repairs to 6,000 jets – more than half the worldwide fleet due to a software issue.
Defence stocks also fell, with Hensoldt, Rheinmetall and Leonardo down over 3pc each. US and Ukrainian officials held “productive” talks on Sunday on a potential Russia-Ukraine peace deal. US Secretary of State Marco Rubio expressed cautious optimism despite hurdles to ending the three-year war.
08:27am
Borrowing costs rise as Reeves under pressure
The cost of government borrowing is climbing as Rachel Reeves fights claims that she misled the public on the state of the nation’s finances before the Budget.
In early trading on bond markets, the yield on 10-year UK gilts was up from 4.44pc to 4.48pc. The 10-year yield is a benchmark for the return the Treasury promises to pay buyers of its debt.
Borrowing costs around the world are rising amid a global sell-off but the backdrop will be unwelcome as the Chancellor is under fierce scrutiny over her handling of the Budget.
It emerged on Friday that she was aware there was no shortfall in the public finances but pushed ahead with her £30bn tax raid regardless.
The Chancellor insisted on Sunday that she did not lie to voters, although Reform and the Conservatives are calling for an inquiry into whether she broke the ministerial code.
Last week, the 10-year yield on gilts – as UK bonds are known – dropped by more than 0.1 percentage points as the Chancellor increased her Budget headroom to £22bn.
The Budget also showed Britain’s deficit is forecast to fall from 4.5pc of GDP to 3.5pc next year, and under 2pc by the decade’s end.
However, Deutsche Bank analyst Jim Reid warned that “markets still question long-term fiscal sustainability”.
08:07am
UK stocks slump at the open
The FTSE 100 started the month with a drop at the open amid drops in the price of oil and cryptocurrencies.
The UK’s flagship stock index was down 0.3pc to 9,693.01 while the mid-cap FTSE 250 fell by 0.5pc to 22,057.44.
07:40am
Bitcoin drops below $86,000
Bitcoin fell sharply as investors appeared cautious at the start of the final month of the year.
The world’s largest cryptocurrency dropped as much as 6pc below $86,000 overnight, while Ether dropped more than 7pc to about $2,800.
“It’s a risk off start to December,” Sean McNulty, a trader at FalconX told Bloomberg.
“The biggest concern is the meagre inflows into Bitcoin exchange traded funds and absence of dip buyers. We expect the structural headwinds to continue this month. We are watching $80,000 on Bitcoin as the next key support level.”
07:31am
Good morning
Thanks for joining me. The price of oil has jumped after the Saudi-led cartel of crude-producing nations confirmed it would suspend increases in production in the first three months of next year.
Brent crude rose by 1.9pc to more than $63 a barrel after Opec+, which includes Russia, said output levels would remain unchanged during the first quarter of 2026.
The group is pushing to protect the price of oil after warnings that there will be a glut of crude supplies next year.
Oil prices suffered a fourth consecutive month of declines in November as the International Energy Agency forecasted a record oversupply in 2026. Brent oil has fallen 15pc this year.
Stephen Innes of SPI Asset Management said the Opec+ decision “marks a subtle but important shift: after releasing roughly 2.9 million barrels per day back into the market since April 2025, the coalition has decided that regaining market share is less urgent than preserving what’s left of the price floor”.
Jim Reid, an analyst at Deutsche Bank, said prices had been prevented from rising further as oil traders remain “cautious on the prospects of a possible peace deal in Ukraine”. Here is what you need to know.
5 things to start your day
1) Reeves’s tax raid ‘to damage growth’ | KPMG says economy will slow significantly after Chancellor’s decision to freeze thresholds
2) Rare birds threaten to scupper Starmer’s mini nuclear revolution | Over 2,000 pairs of terns are flocking to North Wales nature reserve near the Anglesey planning site
3) Switzerland rejects 50pc wealth tax over fears of millionaire exodus | Government estimates say 80pc of voters reject Young Socialists’ proposal in referendum
4) Andy Burnham’s taxpayer-backed Skyscraper tycoon moves to Monaco | ​​Daren Whitaker has listed the country as his main residence, according to Companies House filings
5) Putin wants to resurrect the Soviet empire. Instead, he’s losing his grip on Eastern Europe | As Bulgaria and Serbia tread carefully between Moscow and the West, Russian oil is feeling the pressure
What happened overnight
Oil prices climbed as the Saudi-led Opec-plus cartel agreed not to increase production during the first quarter of 2026, as signs of a global supply glut persist.
The benchmark West Texas intermediate rose by 1.5pc to almost $60 per barrel, with Brent crude futures similarly traded up 1.5pc at above $63 per barrel.
Asian shares began the week mixed, with Tokyo’s benchmark falling nearly 2pc after the release of data showing weak factory activity.
Hong Kong’s Hang Seng climbed 0.8pc to 26,068.05 and the Shanghai Composite index gained 0.4pc to 3,904.90.
In Seoul, the Kospi was nearly unchanged at 3,926.20. Australia’s S&P/ASX 200 declined 0.3pc to 8,583.30.
Stock futures in Wall Street stayed mostly flat on Sunday, with S&P 500 and Nasdaq futures remaining largely unchanged and the Dow Jones Industrial Average falling by around 18 points.
It comes as investors prepare for potential changes to leadership at the Federal Reserve, after Donald Trump signalled he has picked the next chairman of the US’s central bank and that an announcement would be made soon.
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