Rolling coverage of the latest economic and financial news, as City investors anticipate tax rises in Rachel Reeves first budget

• Reeves to promise ‘wealth and opportunity for all’ in major tax-raising budget
• From capital gains to NICs: tax changes to look out for in autumn 2024 budget

Official data this morning could show that German output contracted again in the third quarter as its industrial slump drags on, tipping Europe’s largest economy into recession.

The AFP newswire reports:

Federal statistics agency Destatis will unveil its quarterly GDP estimate at 09:00 GMT.

The economy ministry has said it expects “a renewed slight decline” after gross domestic product already shrank by 0.1 percent in the second quarter.

It’s budget day in the UK, and while these events rarely pose the sort of risks to price action that warrants real focus on positioning, this one is different.

It is seen by some as a generational budget, that will define Chancellor Reeves’s career and could significantly impact Keir Starmer’s public approval rating, which has been shot to pieces of late.