Stock market correction of 5%-10% ‘likely before year end’; US inflation expectations rise – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Beware FAKE Walmart press release on litecoin
• Deutsche Bank survey finds many investors expect correction soon
• Virus fears and inflation top list of concerns
• But most investors still expect markets to be higher in a year

Earlier:

• FT: Beijing to break up Ant's Alipay
• China wants to end big tech's control of data"
• Primark hit by pingdemic sales drop
• Growth and inflation worries weigh on markets

The trade barriers that made the import of Marks & Spencer's Percy Pig sweets one of the first casualties of Brexit has added an extra 600m in costs to British importers since January, it has emerged.

Customs duties paid by UK businesses shot up from 1.6bn in the first half last year to a record 2.2bn in the same period this year, according to an analysis of HMRC data.

While the Back to School' and end of summer vibe may be a bit of a downer for some, it will definitely put a smile of the face of transport operator FirstGroup as it looks for bus passenger volumes to creep back towards pre-Covid levels.

The return of schools and universities will be expected to drive up the number of people using the bus and it is reassuring that the company feels able to maintain its full year guidance.