Pound falls as Brexit talks face ‘moment of reckoning’ – live updates 

Good morning. The FTSE 100 is set to rebound despite reports that Boris Johnson plans to override sections of the EU withdrawal agreement.

Late last night, the Financial Times reported that the Prime Minister will announce legislation this week that would override key elements of the deal – including the key Northern Ireland protocol designed to avoid a return to a hard border – risking the collapse of trade deal talks and a no deal exit. 

Meanwhile Foreign Secretary Dominic Raab said this week is the “moment of reckoning” for getting a deal done.

5 things to start your day 

1) D-Day looms for Asda takeover bids. Private equity firms have until Monday to make takeover offers for the supermarket.

2) SoftBank sits on $4bn of trading gains after options bet. The Japanese firm has been accused of being the ‘Nasdaq whale’ pumping up the US stock market

3) Aviation support package ‘cannot come quick enough’, MPs say. The Department for Transport today released details of an upcoming strategy to support the industry.

4)  British banks forced to deny forgery claims as they seek to rebuild image. Campaigners are calling for answers as allegations of signature fraud persist.

5)  Credit Suisse is struggling to move on from its spying crisis. Switzerland’s financial regulator has ramped up its inquiry into the Swiss institution as espionage proceedings continue to haunt bank.

What happened overnight 

Asian shares were on the defensive on Monday as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession while oil prices dropped sharply.

Chinese stocks started lower while shares of Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) plunged to the lowest since June 16 on fears the firm could be added to a US trade blacklist.

China’s blue-chip index slipped 0.3pc.

Japan’s Nikkei fell 0.2pc with SoftBank coming under heavy selling following media reports it has spent at least $4 billion buying call options on listed US technology stocks.

Australian shares, which had opened in the red, reversed losses to be up 0.1.

Hong Kong’s Hang Seng rose 0.1pc. Shanghai Composite fell 0.2pc. South Korea’s Kospi index added 0.8pc.

Coming up today

Full-year: Dechra Pharmaceuticals

Trading statement: Associated British Foods

Economics: Halifax house price index (UK); Labor Day holiday (US); trade balance (China)

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