FTSE 100 Live: UK inflation holds at 3.8 per cent, Barclays share buyback

Good morning from the Morning Wire liveblog team.

The UK’s top banks are gearing up for a third-quarter reporting season where all eyes will be on the Labour government’s second Autumn Budget.

Speculation of a bank tax hike has dominated chatter around the sector in recent months and elevated fears across the City.

It also comes alongside flaring tensions between the lending industry and City watchdog as the motor finance scandal kicks into a new gear forcing firms to up their provisions.

Benjamin Toms, equity analyst at RBC, said a lack of “positive catalysts” along with motor finance uncertainty and the forthcoming Budget meant analysts were “struggling to get excited”.

Barclays kicks off the third quarter reporting season today, followed by Lloyds on Thursday and Natwest on Friday. HSBC will follow a week later on the 28th, and Standard Chartered on the 30th.

The period will come just a month before Rachel Reeves takes to the dispatch box on November 26 and unveils a package of tax rises estimated to amount to £30bn – and banks are expected to be in the firing line.

Here’s a summary of our top headlines from yesterday:

• UK government borrowing soars in September to highest in five years
• Playtech shares tumble after firm becomes embroiled in US lawsuit
• Bank of England: Global crisis ‘alarm bells’ in private credit
• Coca-Cola HBC in £2bn Africa takeover
• HSBC shares jump after naming top Natwest boss as new UK chief
• Unilever: US government shutdown delays ice cream float