Sterling rises amid reports that the British government will cut the tax rate to the highest levels
The British pound Monday morning jumped on reports that the UK government will reverse its plans to scrap the highest rate of income tax.
Sterling gained 0.8% against the dollar to trade at around $1.1250 shortly after 7am London time, bringing the pound back to the level seen before. Announcement by Finance Minister Kwasi Kwarting A set of widely criticized tax cuts on September 23.
ANZ sees great opportunity for OPEC+ cut by 1 million barrels per day
Analysts at the company said in a note before the OPEC + meeting on the fifth of October, that he saw a “significant opportunity for a cut” of up to 1 million barrels per day.
This move is likely to be made to “counter the excessive bearishness in the market”.
The memo added that any production cuts of less than 500,000 barrels per day “will be ignored by the market.”
– Jie Lee
CNBC Pro: Investment pro says ETFs are a $10 trillion opportunity — and reveals areas of ‘tremendous’ value
Exchange-traded funds offer the advantage of diversification, says John Mayer, chief investment officer of Global X ETFs. He said the ETF market is “steadily growing” and is estimated to be worth around $10 trillion.
Names many opportunities for ETF investors in this volatile market.
Professional subscribers can Read more here.
– Xavier Ong
Oil prices jump after reports that OPEC + is considering production cuts
CNBC Pro: Five global stocks see trend of declining globalization, according to HSBC
New research from HSBC says supply chains, geopolitical tensions and deteriorating financial conditions have forced many global companies to turn “significantly” inward in search of resilient revenue and growth.
In a tough economic environment with recession pressures, the bank said an inward turn “may be beneficial” for these stocks.
The report is entitled “Retreat wave of globalization?” He said foreign sales of European companies fell to less than 50% in 2021, the lowest level in the past five years.
European markets: here are the opening calls
European shares are expected to open their doors in negative territory on Wednesday as investors react to the latest US inflation data.
The UK FTSE is expected to fall 47 points at 7341, the German DAX 86 is down at 13106, the French CAC 40 is down 28 points, and the Italian FTSE MIB is down 132 points at 22010, according to data from IG.
Global markets fell after a higher than expected US Consumer Price Index The Bureau of Labor Statistics reported Tuesday that an August report that showed prices rose 0.1% for the month and 8.3% annually in August, defying economists’ expectations that headline inflation will fall 0.1% on a monthly basis.
Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.
UK inflation figures are due for August, and Eurozone industrial production for July will be published.
– Holly Eliat
“Typical beer advocate. Future teen idol. Unapologetic tv practitioner. Music trailblazer.”
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