UK and US manufacturing sectors shrink as new orders fall and prices rise – as it happened

Hansom Cement factory works' chimney, as seen from the River Ribble. Photograph: Joel Goodman/The Guardian

4.44pm BST

Closing post

That’s all for today. Our US colleagues will be covering the Federal Reserve decision in a couple of hours…

Here’s today’s main stories:

4.43pm BST

“Sell in May and go away” is a well-known City motto.

After a choppy, and rather quiet day, the London stock market has closed slightly in the red.

The FTSE 100 has ended the session down 22 points at 8121 points. That takes it away from the alltime high of 8199.95 points struck yesterday morning.

Trading was subdued due to Europe being closed for Labour Day.

Ocado was the top faller, down 3%, tracking losses in US teck stocks.

GSK was among the top risers, up 1.67%, after lifting its profit forecast (see earlier post).