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☆ Turkey's Erdogan advises central bank to cut rates at upcoming meetings
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Turkey's central bank cut its policy rate by 200 basis points to 12% in the last two months, delivering shocks to markets after inflation surged to 80% in August. The rate cuts are part of Erdogan's unorthodox policy of lowering rates to lower inflation. "We have discussed, are discussing this with our central bank. I suggested the need for this to come down further in upcoming monetary policy committee meetings," Erdogan added. On Wednesday, Erdogan said interest rates will come down to single digits by year-end, despite a global tightening cycle, an ailing currency and soaring energy prices.

The blue-chip index (.FTSE) slipped 0.3% after dropping as much as 2.1% earlier in the session, while the more domestically focused FTSE 250 (.FTMC) eased 1.4%. The Bank of England said it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilise financial markets. read moreThe battered pound briefly dropped as much as 1% against the dollar, before paring some losses. Retailers (.FTNMX404010) slipped 0.5%, with online fashion retailer Boohoo Group (BOOH.L) slumping 6.4% after it cut its full-year outlook. read moreBurberry Group (BRBY.L) rose 4.3% after announcing Daniel Lee would be its new chief creative officer, replacing Riccardo Tisci, who is stepping down.

☆ Wells Fargo expects steeper U.S. rate hikes to quell rampant inflation
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah SilbigerSept 27 (Reuters) - Wells Fargo expects steeper rate hikes by the Federal Reserve due to resiliency of the U.S. economy and the central bank's increased resolve to wring out inflation, the Wall Street bank's economists said in a note on Tuesday. "Our updated forecast for the fed funds rate also reflects the Fed's apparent willingness to do "whatever it takes" to rein in inflation." They expect a U-turn in Fed's policy only towards the end of next year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar and Devik Jain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Japan is chasing its tail on yen intervention
▼ + stars: | 2022-09-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. Thursday's sudden burst of yen-buying intervention by Japanese authorities -- the first instance since 1998 - caused a large 6 yen move between 140 and 146 in the dollar-yen exchange rate . U.S. policy rates are now 3 percentage points higher than Japan's. Governor Haruhiko Kuroda made clear that policy won't change, and even the yen the BOJ is buying as part of intervention will be replaced. while the boj intervened heavily between april and june 1998, the yen didn't trough until September.

☆ London stocks fall with eyes on BoE meet after Fed's big rate hike
▼ + stars: | 2022-09-22 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The blue-chip FTSE 100 index (.FTSE) fell 0.4% and the domestically focussed mid-cap index (.FTMC) declined 1.0%, tracking weakness in European and Asian peers. read moreBanks (.FTNMX301010) and insurers (.FTNMX303010) fell 0.6% and 0.4%, respectively, weighing on the benchmark FTSE 100 index. So going forward, as the BoE continues to hike rates, it could be negative for bank stocks." Meanwhile, the sterling pared early losses after briefly hitting a new 37-year low against a firm dollar.

☆ Oil stocks lift London's FTSE 100 amid Russia angst as Fed looms
▼ + stars: | 2022-09-21 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The benchmark FTSE 100 (.FTSE) rose 0.5%, while the domestically focussed mid-cap index (.FTMC) added 0.3% by 0817 GMT. Oil majors BP (BP.L) and Shell (SHEL.L) climbed nearly 2.5% each as crude prices jumped on concerns of tighter oil and gas supply after Russian President Vladimir Putin announced a partial military mobilisation. Register now for FREE unlimited access to Reuters.com RegisterBritain's biggest defence company BAE Systems jumped 5.3%, tracking its European peers, after Putin's remarks. "Investors will be looking at defence stocks and thinking about the potential that governments will look to increase their spend on weapons and on military hardware," said Danni Hewson, financial analyst at AJ Bell. The sterling dipped to its lowest against the U.S. dollar since 1985 after data showed Britain's budget deficit was bigger than expected in August.

☆ Energy, consumer staples lift London's FTSE 100 in big week for central banks
▼ + stars: | 2022-09-20 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterThe London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The commodity-heavy FTSE 100 (.FTSE) advanced 0.2% at 0809 GMT after a holiday to mark Queen Elizabeth's funeral, supported by a more than 1% jump in oil majors BP (BP.L) and Shell (SHEL.L). Consumer staples stocks such as Diageo (DGE.L) and British American Tobacco (BATS.L) rose about 1.5% each on the internationally focussed FTSE 100. "The move today on the FTSE 100 shows just how sensitive the index is to the economy in China," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'Souza and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

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