UK Prime Minister Liz Truss quits after just six chaotic weeks in the job. Sterling dips on the news ahead of an accelerated Tory leadership contest. A new Prime Minister is expected to be announced by next Friday. In Brussels, EU leaders meet late into the night with Germany’s Olaf Scholz dropping his country’s opposition to a gas price cap, provided sufficient supplies are secured. U.S. indices are in the red and both the 2- and 10-year yields hit levels not seen since 2008. In corporate news, sportswear giant Adidas cuts its full-year guidance blaming weaker demand in China and in the West and its departure from the Russian market. However, luxury firm Kering shrugs off any recession concerns to post a 14 per cent surge in Q3 sales despite Gucci lagging in China.   

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