Global markets post worst first-half performance in decades – as it happened

US stocks have recorded their worst first half in more than 50 years as central bank attempts to slow inflation sparks selloff

• Latest: World stock markets' worst first-half in decades
• $13trn wiped off MSCI World Equity Index
• Bonds have also had grim 2022
• Roundup
• UK real household incomes in longest fall on record
• Introduction: House price inflation slowed to 0.3% in June
• UK balance of payments in record fall

In better economic news, UK car production has risen for the first time in 11 months.

Some 62,284 units left factory gates in May, up 13.3% compared with April, and the first monthly rise since June 2021, according to the Society of Motor Manufacturers and Traders.

May's return to growth for UK car output is hugely welcome after 10 months of decline, indicating the sector's fundamental resilience.

Any recovery, however, will be gradual as supply chain deliveries remain erratic, business costs volatile and geopolitical instability still very real.