Brent crude oil hits $92 for the first time this year – latest updates

Thanks for joining me. The triple lock is in focus this morning following the latest jobs figures from the Office for National Statistics.

The state pension is set to rise by 8.5% in April next year, in line with the figure for average wage growth in the three months to July.

5 things to start your day

1) Jeremy Hunt says tax cuts in November budget ‘unlikely’ | In November’s autumn statement, the chancellor played down hopes for tax cuts.

2) Bank rates regulator warns further interest rate hikes needed to crush inflation | The comments come shortly after the Bank of England governor said rates were near their peak.

3) A mini-start for the UK electric car industry – but a rocky road ahead | Investment is a vote of confidence in UK manufacturing despite looming threat of tariffs

4) AI supercomputer could increase Tesla’s valuation by $480 billion, City predicts | Stocks Soar as ‘Dojo’ Driverless System Poised to Make Cars Much More Valuable

5) Wizz Air forced to ground its planes after a fault discovered on the engines | Airline warns of Christmas service reduction during engine check

What happened overnight

U.S. stocks rose after a rally in big tech companies helped Wall Street recoup half of its losses from last week.

The S&P 500 rose 0.7% to 4,487.46. The Dow Jones Industrial Average rose 0.3% to 34,663.72. The Nasdaq Composite jumped 1.1% to 13,917.89.

The benchmark 10-year Treasury yield climbed to 4.28%, up from 4.26% late Friday. The two-year Treasury yield, which moves more closely with Fed expectations, rose to 5.00% after drifting during the day, up slightly from 4.99% late Friday.

Asian stocks edged higher after Wall Street rose, with Tokyo shares opening with gains on Tuesday.

The benchmark Nikkei 225 index rose 0.75%, or 243.56 points, to 32,711.32 in early trading, while the broader Topix index rose 0.70%, or 16, 41 points, at 2,376.89.

However, the Hang Seng Index slipped 0.45pc, or 80.89 points, to 18,015.56, the Shanghai Composite Index edged down 0.08pc, or 2.44 points, to 3 140.34 and the Shenzhen Composite Index on China’s second bourse lost 0.10pc, or 1.86 points, to 1,951.05.