We are live at Threadneedle Street as sterling claws back some of yesterday’s record losses versus the dollar. The BoE and the Treasury have moved to calm jittery investors amid a brutal gilt sell-off. In the U.S., the Dow enters bear market territory while the S&P 500 posts its lowest close this year. Chatham House senior advisor Jim O’Neill says that assets are following messaging from the Fed. The World Bank slashes its China growth forecast, saying that it will lag behind regional peers for the first time in more than 30 years. Industrial profits continue to be impacted by Covid restrictions.  

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