UK job vacancies fell for the first time since August 2020, in a further sign that the cost of living crisis could push Britain into recession. The number of job openings among employers fell by 19,800 to 1.27 million in the last quarter, according to the ONS. While this is still very high by historical standards, it is the first decline in two years. Meanwhile, the number of people employed rose by 160,000. This is a 46% decrease in job creation compared to the previous quarter. In a further sign of the squeeze on household budgets, real wages fell 3% when adjusted for inflation – the biggest drop since records began in 2001.

5 things to start your day

  1. Raw gas storage cleared to begin filling within weeks: The move will allow the facility to begin filling for the winter within weeks
  2. Private equity deals for cybersecurity firm Darktrace: Chicago-based Thoma Bravohe has begun early negotiations with the British tech company
  3. WeWork founder raises $350 million for ‘seismic shift’ in home rental: Adam Neumann secured cash for new business stream from Silicon Valley investor Andreessen Horowitz
  4. Coal miner called ‘junk’ in net zero world reports 3,000% profit jump: Demand for the polluting fossil fuel has soared since Russia’s invasion of Ukraine
  5. Elon Musk writes about China’s censors and welcomes more ‘like-minded Chinese partners’: Billionaire believes Chinese companies ‘will be a force to be reckoned with’

What happened in the night

Asian markets struggled for direction this morning, weighed down by worries about global growth after weak data on China sent oil prices and commodity-linked currencies tumbling. The dollar held near a one-week high as investors piled back into the safe-haven currency, while the Australian dollar, euro and Chinese yuan weakened. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, recovering from Monday’s losses. MSCI’s benchmark has gained 5% from year lows, but is still down 15% so far this year.

It’s coming today

Corporate: Castings (full year results). Genuit (intermediate results). Swiss watches (transaction statement) Economics: Labor Market (UK); ZEW Research (Germany); housing start (US)