Pound weakens further as Brexit crisis intensifies — live updates

5) Toyota is taking a 5pc slice of its smaller Japanese rival Suzuki in the latest tie-up in the global car industry. It will pay 96bn yen (£740m) for the stake, while Suzuki will fork out 46bn yen for 0.2pc of Toyota.

What happened overnight

Asian markets sank again on Thursday as investors grow increasingly pessimistic about the outlook for China-US trade talks, while a closely watched recession indicator hit a level not seen since just before the financial crisis.

The pound remained under pressure after Prime Minister Boris Johnson forced an extended suspension of parliament, heightening the prospect of a no-deal Brexit and leading to speculation of a snap no-confidence vote.

Wall Street provided a healthy lead but investors in Asia remain on edge after the weekend’s face-off between China and the US that saw each side impose tariffs on hundreds of billions of goods, and Donald Trump label Xi Jinping at one point an “enemy”.

Hong Kong’s Hang Seng is down 0.4pc, the Shanghai Composite retreated 0.1pc and Tokyo was flat.

Coming up today

Haulage firm Eddie Stobart had been due to report half-year results today, but has pushed the date back to an expected date of “early September” after its shares were suspended on Friday. Recruitment firm Hays, something of a bellwether for the wider economy, will report its full-year results. 

Full-year results: Hays

Interim results: Chesnara, Hunting, the Gym Group, Knot Offshore

Trading statement: Amigo, McColl’s Retail

Economics: GDP (US), trade balance (US)