Thanks for joining me. Heathrow airport has urged Chancellor Jeremy Hunt to scrap the tourism tax to help boost the economy.
The airport criticised the “anti-growth” policy of charging VAT to overseas visitors as it revealed record passenger numbers and a return to profit.
5 things to start your day
1) Tesla to speed up rollout of cheaper electric cars | Carmaker reported its biggest drop in sales in more than a decade
2) FTSE 100 closes at fresh record high amid warning over rate cuts | It follows concerns the City has been overzealous in its forecasts about rate cuts
3) Baltimore Bridge collapse ship owner invokes pre-US Civil War law used when the Titanic sank | Singaporean company plots to cut its liabilities from up to $3bn to $43m
4) Big marshmallows are not sweets, rules judge | Products are not designed to be eaten on the go and are exempt from VAT, tribunal finds
5) Thames Water plans £2bn shareholder payouts despite threat of collapse | Troubled supplier plans to hand dividend to parent company to cover debt costs
What happened overnight
Asian shares rose after US stocks rallied for a second straight day on Tuesday, blunting the blow from what’s been a rough April.
Tokyo stocks ended sharply higher, with the benchmark Nikkei 225 index up 2.4pc, or 907.92 points, to end at 38,460.08, while the broader Topix index added 1.7pc, or 44.50 points, to 2,710.73.
Australia’s S&P/ASX 200 index rose 0.3pc to 7,705.70 following the release of a fifth consecutive quarter of decelerating inflation, with the consumer price index in the first quarter easing to 3.6pc from previous 4.1pc.
In South Korea, the Kospi added 1.9pc to 2,672.87, led by a 3.8pc gain in heavyweight Samsung Electronics.
The Hang Seng in Hong Kong added 1.3pc to 17,053.06, while the Hang Seng Tech Index gained 2.7pc. The Shanghai Composite index was up 0.2pc at 3,026.88.
Elsewhere in Asia, Taiwan’s Taiex gained 2.3pc.
Wall Street stocks rallied for a second straight day on Tuesday, building on the prior day’s momentum following a round of strong corporate earnings.
The S&P 500 rose 59.95 points to 5,070.55. The Dow Jones Industrial Average gained 263.71 to 38,503.69, and the Nasdaq composite jumped 245.33 to 15,696.64.
