Good morning. The FTSE 100 is set fall at the open as global virus restrictions are tightened once again.
New York City shut schools, while Tokyo raised its Covid alert to its highest level.
The pound also declined against the dollar as Brexit trade negotiations continue.
5 things to start your day
1) Driving the electric dream will be a costly journey: The UK made 1.3m cars in 2019, but less than one in ten had powertrains. Reversing that ratio will be tough: tech isn’t the challenge, funding is.
2) One in five companies hit workers with pay freeze: One-fifth of companies imposed pay freezes in the three months to October despite the resurgence in GDP growth as industries reopened.
3) Fenwick’s new boss: ‘Online is fundamental to the department store’s future’: John Edgar was appointed to helm the historic department store group Fenwick in April, just weeks after the UK was plunged into lockdown.
4) Electric car push set to drive energy bills higher: Former Ofgem boss Mr Nolan warns consumers will face higher energy bills over next decade to fund vital upgrades to the electricity grid.
5) Founders of M&C Saatchi quit in boardroom shake-up: A trio of admen behind the legendary campaign that catapulted Margaret Thatcher to power have left M&C Saatchi in a management shake-up.
What happened overnight
Most Asian stock markets followed Wall Street lower on Thursday as anxiety about the economic fallout from rising coronavirus infections in the United States and Europe clashed with optimism about a possible vaccine.
Tokyo, Hong Kong and Seoul declined, while Shanghai advanced.
On Wall Street, the benchmark S&P 500 index lost 1.2% on Wednesday, erasing early gains after Pfizer and BioNTech reported more promising vaccine data. Losses accelerated after New York City said it would close its public schools to in-person learning following a surge in infections there.
The Nikkei 225 in Tokyo fell 0.9% to 25,479.27 and the Hang Seng in Hong Kong shed 0.6% to 26,394.26. The Kospi in Seoul sank 0.5% to 2,533.47.
Sydney’s S&P-ASX 200 was up less than 0.1% at 6,536.90 after the government reported the Australian economy added 178,800 jobs in October, well above forecasts of fewer than 30,000.
Coming up today
Corporate: Syncona, Naked Wines, Londonmetric Property, Halma, Cmc Markets, Investec, Royal Mail, Mitie, Johnson Matthey (Interim results); Grainger, Euromoney, Countryside Properties (Full year); Card Factory, Kingfisher, Keller (Trading Statements)
Economics: CBI industrial trends survey (UK); jobless claims, existing home sales (US)
— to www.telegraph.co.uk