Voters’ opposition to the state of Trump’s economy is well established – despite his desperate attempts to deflect

• Our reporters answer your questions about the US economy and the midterm elections

It’s indisputable that the political polarization of our time has reduced (and confused) the influence of economic conditions on US elections.

In September of 2024, in the waning weeks of the Joe Biden presidency, 65% of Republicans believed the US economy was getting worse. About six months later, as Donald Trump launched a trade war on the rest of the world with his “liberation day” tariffs, the share of Republican pessimists had dropped to 33%.

Latest data showing surprise 0.1% growth is boost to John Healey a fortnight before his first budget

• Business news – live updates

The UK economy unexpectedly continued to grow in August despite a fall in consumer spending before John Healey’s first budget as chancellor.

Figures from the Office for National Statistics showed gross domestic product (GDP) rose by 0.1% last month, compared with 0.4% growth in July. That confounded a forecast by City economists of a 0.1% contraction.

Chip makers and tech investors such as Samsung and SoftBank plunge as global investors fret over potential interest rate hikes

• Business news – live updates

• Larry Elliott: the global economy is muddling through. But a storm is coming

An accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes spooked traders already wary of the heavily indebted sector.

South Korea’s benchmark Kospi 200 index, which is heavily skewed towards the companies that make memory chips, fell more than 8% overnight to a six-month closing low, triggering circuit breakers that brought trading to a halt at various points.

Energy and housing costs threaten biggest decline in modern times unless bold action taken, says thinktank

Soaring energy and housing costs mean Labour is on course to preside over the worst parliament for living standards in modern times, a stark analysis warns.

Three weeks ahead of John Healey’s budget, the Joseph Rowntree Foundation said Britain faces a “dire” outlook unless the government takes “bold policy action”.