The Federal Reserve is slowing down the pace of interest rate hikes

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Inflation eased again in November, a welcome sign that rising prices may have peaked.

The consumer price index held steady at 10.7% last month, down from a 41-year high of 11.1%.

The decline will ease pressure on the Bank of England, which is due to make its next interest rate decision tomorrow.

5 things to start your day

1) Mick Lynch has attacked the BBC because he is “worried the strikes won’t last”, claims RMT general secretary The Today presenter has been accused of “parroting” the right-wing press.

2) Fewer than 9% of rail workers block deal to end strike disorder, Mick Lynch claims there is overwhelming support for industrial strike

3) Musk loses the crown as the world’s richest person as investors dump Tesla shares. The Tesla CEO has seen his fortune shrink since his $44 billion purchase of Twitter

4) The BBC’s digital plans are under threat as nearly one in four technical staff has resigned Low wages and lack of digital literacy leave the BBC struggling to compete with broadcast

5) Private sector wages are finally catching up to the bloated public sector. The apparent difference in wage growth provides no justification for the strike.

What happened overnight

A court in Nassau, Bahamas has refused to release Sam Bankman-Fried, the disgraced founder of FTX. The S&P 500 jumped 2.76 blocks.

Asian markets rose on Wednesday, while the dollar struggled to recover as investors welcomed lower-than-expected US inflation data that could allow the Federal Reserve to slow the pace of interest rate hikes.

The Tokyo Stock Exchange opened higher, with the benchmark Nikkei 225 index rising 0.29 percent in early trading and the broader Topix index rising 0.14 percent to 1,968.34.

Hong Kong shares also started another round of gains on Wednesday. The Hang Seng rose 0.91% to 19,775.33, and the Shanghai Composite rose 0.07% to 3,178.55. The Shenzhen Component Index on the Second China Stock Exchange also added 0.06%, to 2051.64.

Coming today

Finance: Tui, IntegraFin (full year)

Economy: retail price index, consumer price index, producer price index (UK); Federal Reserve Meeting, Crude Oil Inventories (US), Mortgage Applications (US), Industrial Production (EU), Import and Export Price Indices (US)

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