China has reported an unexpected contraction in manufacturing activity as major cities continue to be impacted by Covid restrictions. This morning’s PMI reading of 49.2 compares with the previous month’s 50.1 and with expectations for 50, which is the barrier between growth and contraction.
The market cost for a unit of energy, called a therm, was down by over 7% for the day on Halloween at around £3.14. At the end of September, it was at almost £5, leaving it down over 36% for October, a time when gas prices often rise as the autumn nights draw in.
Elon Musk is set to fire around 25% of the Twitter workforce as the billionaire tightens his grip on the finances of his newly-owned company. The Tesla boss worked through the weekend with his lawyer Alex Spiro on plans to sack 7,000 staff at the social media giant, according to reports by the Washington Post.
