Extinction Rebellion protests are forcing Lloyd’s of London staff to work from home

GGood Morning.

There is one more reminder of the cost of living crisis this morning, with the latest ONS figures showing wage growth lagging well behind rising inflation.

While average earnings excluding bonuses rose 4.1 percent year-on-year in February, they fell 1.3 percent on a price-adjusted basis — the biggest drop since 2013.

There were also signs that the labor market recovery could be losing momentum. While unemployment fell to 3.8 percent in the quarter to February and job vacancies remained at a record high, the workforce rose by just 35,000 in March — well below expectations.

The numbers highlight the cost-of-living crisis, which is likely to hit demand and growth for the rest of the year. In addition to rising prices and lagging wages, households are also grappling with recent energy bills and tax hikes.

5 things to start the day off right

1) How Britain is struggling to become a lithium powerhouse In the race to mine and refine key components of car batteries in the UK

2) The war in Ukraine triggers a surge in food supplies Customers scramble to buy canned tomatoes, tea and pasta amid looming conflict

3) Heathrow is under pressure to cut landing fee hikes Around 4.2 million passengers used London’s hub airport in March, the highest since the pandemic began

4) Brussels backs £6.3billion foreign takeover of defense giant Meggitt The sale of the Typhoon parts maker is a step closer after support from the EU regulator

5) M&S cuts the price of essentials amid the cost-of-living crisis Marks & Spencer will cut prices on staples like milk and bread

what happened overnight

Asian markets fell lower today as Japanese and Hong Kong stocks tumbled. The Nikkei 225 is down -1.36 percent while the Hang Seng is down 0.64 percent.

Comes today

• Company: Asos, easyJet (split times)Liontrust Wealth Management, Moneysupermarket.com, Pennon Group (trade statement)
• Business: BRC Retail Sales (UNITED KINGDOM)unemployment rate (UNITED KINGDOM)Change in number of applicants (UNITED KINGDOM)average income (UNITED KINGDOM)consumer price index (USA, D)ECB Bank Lending Survey (EU) monthly household bill (US)