Retail sales rose 1.2% in October, although they were down from 1.8% the previous month, the BRC said. The recent rise in prices means shoppers are spending more to buy less. As a result, they avoid luxury items such as clothes and home decorations and focus on the essentials. Helen Dickinson, chief executive of the BRC, said shoppers could also delay spending ahead of Black Friday sales.

5 things to start your day

  1. Bank of England calls for crackdown on money managers after mini-budget pension crisis – Central banks are increasingly being forced to use public money to bail out lightly regulated shadow banks, a senior policymaker warns.
  2. RMT blamed for Monday’s rail chaos after potential pay deal ‘sits down’ – Just one in five train services running on some routes after strike called off.
  3. ‘We’re not listening to Greta Thunberg’, says Ryanair chief Michael O’Leary – The ‘flying debasement’ movement has had little impact on aviation, executive says as airline posts record profits.
  4. Nightingale ExCeL hospital site sues insurers for £16m over Covid disruption – High Court claim against insurers claims the center should be covered for the effects of Covid.
  5. Chinese exports fall for first time since 2020 as Xi Jinping insists on zero Covid – The country’s economic struggles continue as the Covid outbreak hits key iPhone factory.

What happened in the night

Asian shares were mixed this morning ahead of US midterm elections, with trading likely to remain choppy in a week that will bring new inflation data and other events that could shake markets. Tokyo’s Nikkei 225 gained 1.3% on strong earnings reports. The Kospi in Seoul rose 1.1% and Australia’s S&P/AXS 200 gained 0.4%. Hong Kong’s Hang Seng sank 0.6 percent while the Shanghai Composite fell 0.8 percent.