Energy stocks were among the biggest gainers, trailing rising crude prices after the Keystone oil pipeline was shut due to a leak of 14,000 barrels of oil.

This morning, the index remained relatively flat after new data from the Office for National Statistics showed the UK unemployment rate jumped to 3.7% in the three months to October, while growth in average total pay rose by 6.1%, which translates into a drop of 2.7% in real terms.

Later today, US data is expected to show that annual inflation continued to cool down, to a rate of 7.3%. This compares with 7.7% last month, which was lower than expected.

The reading will be closely watched by the Fed, which is widely expected to announce a 50-basis point rate hike tomorrow, following four consecutive 0.75% increases.

 

Things to read today:

Global economy enters new phase as pace of rate rises slows (Financial Times)

Sam Bankman-Fried has been arrested. What happens next to the FTX founder? (The Guardian)

Morgan Stanley Says Hedge China Reopening Trades on Growth Woes (Bloomberg)