Financial Times

A half-point interest rate hike announced by the European Central Bank is the focus of the Financial Times. ECB vows to prevent debt crisis, according to paper.

In the race for the top 10, Liz Truss is the thin favorite against Rishi Sunak, according to the Financial Times.

After a “pitiful” 5% pay offer for public sector workers, unions are threatening to strike, reports the Financial Times.

FT reports that Boris Johnson’s resignation as Prime Minister put an end to Softbank’s plans for an IPO of Arm.

Financial Times reports that a battle looms in the financial industry over plans to deregulate the City of London post-Brexit.

The FT Weekend reports that Boris Johnson will offer public sector workers a 5% pay rise as a parting gift.

JPMorgan Chase and Morgan Stanley have set a sombre tone on Wall Street due to a deeper drop in profits than expected.

Inflation in the US has risen to a 40-year high, according to the FT. In response, the Federal Reserve has been under pressure to raise interest rates, a move expected to be echoed by the Bank of England.

Bookmakers have Rishi Sunak as their favorite, while Penny Mordaunt is ranked second and Liz Truss is ranked third, according to the FT.

In the event that Rishi Sunak becomes Tory leader, he will indeed introduce tax cuts, but only after he has “gripped inflation”.