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☆ Bank of England's Bailey: 'More restrictive policy' could still be needed due to labor market shocks
▼ + stars: | 2024-08-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Andrew Bailey, governor of the Bank of England, waits to deliver a lecture at the London School of Economics in London, UK, on Tuesday, May 21, 2024. Bank of England Governor Andrew Bailey will hail the progress made in dampening inflation in the U.K. in a Friday speech, but also caution that monetary policy may need to remain restrictive for longer than expected due to shocks from the labor market. Headline price rises in the U.K. hit the BOE's 2% target for two months this year, before rising to 2.2% in July. However, he will caution that two less "benign" scenarios remain possible that will require the Bank of England to "maintain restriction for longer." It comes after Federal Reserve Chair Jerome Powell on Friday gave his firmest comments yet indicating that interest rate cuts lie ahead for the world's biggest central bank, stating: "The time has come for policy to adjust."

Persons: Andrew Bailey, Bailey, Jerome Powell Organizations: Bank of England, London School of Economics, U.S, Bank of Locations: London, U.S . Federal, Jackson Hole , Wyoming, Bank of England

☆ UK, U.S. inflation prints in focus as European markets head for higher open
▼ + stars: | 2024-08-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

LONDON — European stocks are expected to open higher Wednesday as investors in the region await key inflation prints from the U.S. and U.K. U.K. inflation data out on Wednesday will be the first print since the Bank of England cut interest rates by 25 basis points last month. After two months at 2%, economists polled by Reuters expect the headline inflation rate to tick higher, to 2.3%. Money markets are currently pricing in a high probability of more interest rate cuts by the BoE, amounting to 50 basis points this year. The central bank's key rate currently sits at 5%.

Persons: Germany's DAX, BoE Organizations: New Oxford, LONDON, CAC, IG, Bank of England, Reuters Locations: London, U.S

☆ UK inflation rose to 2.2% in July, after two months at the Bank of England's 2% target
▼ + stars: | 2024-08-14 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

U.K. inflation rose to 2.2% in July, coming in slightly below expectations but inching back above the Bank of England's 2% target, data from the Office for National Statistics showed Wednesday. The headline inflation had come in at 2% in both May and June, in line with the Bank of England's target rate. So-called core-CPI — which excludes food, energy, alcohol and tobacco prices — came in at 3.3% in July, down from the 3.5% print of July, the statistics office said. The data comes after the Bank of England earlier this month cut interest rates for the first time in over four years, taking the key bank rate to 5%. Uncertainty remains about when the central bank will cut rates again, and whether another cut will even take place this year.

Persons: BOE Organizations: Bank of England's, Office, National Statistics, Reuters, Bank of, Bank of England

LONDON — European stocks are expected to open higher Tuesday, regaining some positive momentum after last week's volatility. The U.K.'s FTSE index is seen opening 26 points higher at 8,233, Germany's DAX up 18 points at 17,288, France's CAC 40 up 14 points at 7,259 and Italy's FTSE MIB 62 points higher at 32,084, according to data from IG. European stocks closed mixed on Monday as forthcoming U.S. and U.K. inflation data dominated investor attention. U.K. wage data released by the Office for National Statistics on Tuesday showed that pay excluding bonuses grew 5.4% year-on-year between April and June — the lowest rate in two years. U.K. inflation data, due on Wednesday, will be the first print since the BOE cut interest rates by 25 basis points.

Persons: Germany's DAX, Jack Kennedy, BOE Organizations: LONDON, CAC, IG, Office, National Statistics, Reuters, Bank of England, U.S Locations: France, Spain, Italy

☆ Auctions of early King Charles bank notes raise $1.17 billion for charity
▼ + stars: | 2024-08-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

A person holds some of the newly released banknotes, featuring the King's portrait, outside the Bank of England, London. LONDON — Auctions of King Charles III bank notes with low serial numbers have raised £914,127 ($1.17 million) for charity, according to the Bank of England. Four auctions took place over the summer — for £5, £10, £20 and £50 notes — with the proceeds set to go to a range of charities. This includes the Bank of England's three 'charities of the year' as well as seven others that have not benefitted from charity auctions of banknotes since 2016. Each charity received just over £91,400 of the proceeds, the BOE said.

Persons: King Charles III, BOE Organizations: Bank of England, Bank of Locations: London

☆ King Charles banknotes sell for 12 times their value as collectors scramble for early editions
▼ + stars: | 2024-08-13 | by ( Angelica Chiara Yazbeck | ) edition.cnn.com time to read: +3 min

London CNN —A record-breaking series of auctions of King Charles III banknotes has raised £914,127 ($1.2 million) for 10 UK charities, according to the Bank of England. The banknotes, auctioned by Spink & Sons over the summer, sold for 11.7 times their face value of £78,430 ($100,318), as collectors snapped up some of the first versions of the new cash to roll off the printing presses. The runaway success of the auctions highlights the value that collectors attach to banknotes with especially low serial numbers, which denote that they are among the first to be printed. “Lucky numbers” also attracted high bids, according to Spink & Sons. Two £5 notes with serial numbers ending in 88 and 888 were auctioned for £2,200 ($2,800) and £2,400 ($3,100).

Persons: King Charles III, King Charles, BOE, Queen Elizabeth II, ”, Gregory Edmund, ” Edmund, Sarah John, Winston Churchill, Queen Elizabeth, Churchill, London — Organizations: London CNN, Bank of England, Spink & Sons, Spink, CNN, WWF, Trussell, British Locations: United Kingdom, BOE, British, London

☆ European stocks to extend declines after Bank of England rate cut as global sentiment sours
▼ + stars: | 2024-08-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Boris Roessler | Picture Alliance | Getty ImagesLONDON — European stocks were set to open lower Friday, extending losses amid a global downturn as a busy week of market action draws to a close. Germany's DAX was on course to open 104 points lower at 17,984, according to IG data, with France's CAC 40 down 40 points at 7,325. The regional Stoxx 600 index on Thursday suffered its worst session since mid-June, pulled down by financials as French bank Societe Generale downgraded its outlook and the Bank of England cut interest rates for the first time since 2020. The central bank decision took its key interest rate to 5% from 5.25%, in a move that markets had not been fully convinced it would carry out. Asia-Pacific markets saw steep losses Friday, with Japan's benchmark indexes tanking as much as 5%.

Persons: Boris Roessler, Germany's DAX, BOE Governor Andrew Bailey, BOE, Joe Tuckey Organizations: Getty, France's CAC, Societe Generale, Bank of England, CNBC, Argentex, U.S . Federal Reserve, Bank of, Apple, Intel, U.S . Bureau of Labor Statistics Locations: Frankfurt, Bank of Japan, Europe, Asia, Pacific

☆ UK lenders slash mortgages as Bank of England rate cut brings relief to homeowners
▼ + stars: | 2024-08-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Homeowners on tracker mortgages, which follow the Bank's base rate, will be the first to benefit from the savings. Barclays , Santander, Metro Bank, Lloyds , Halifax, Nationwide and HSBC all cut repayments costs by 25 basis points shortly after the BOE's announcement. Those on standard variable rates, which typically take effect once a borrower's tracker or fixed rate deal ends, will also see savings. Given their more volatile nature, tracker and SVR mortgages remain a relatively niche part of the U.K. mortgage market. However, analysts suggest it may not be long until reductions feed through to the 6.93 million households on fixed rate mortgages.

Organizations: Bank of England, HSBC, Santander, Nationwide, Homeowners, Barclays, Metro Bank, Lloyds, Finance Locations: London's Muswell Hill, London, Halifax, Santander

☆ Safe-haven yen, Swiss franc soar as U.S. slowdown fears flare
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Swiss Franc banknotes sit in the office of a bank in this arranged photograph in Zurich, Switzerland, on Friday, Nov. 20, 2015. The safe-haven Japanese yen and Swiss franc traded near multi-month highs against the dollar on Friday after an unexpected slump in U.S. manufacturing fuelled fears of a downturn, sending stocks and bond yields tumbling. The yen traded around 0.2% stronger at 149.085 per dollar, after popping as high as 148.51 overnight for the first time since mid-March. They were the only two major currencies to outperform the dollar overnight, which itself draws safe-haven flows, paradoxically even when the United States is the cause for concern. ECB policymaker Yannis Stournaras raised the risk of a weak euro zone economy sending inflation below the 2% target in an interview published on Thursday, reaffirming his expectation for two rate cuts this year.

Persons: Sterling, Tony Sycamore, Sycamore, BoE Governor Andrew Bailey, ECB policymaker Yannis Stournaras Organizations: Swiss, Bank of England, European Central Bank, Japan's Nikkei, IG, Federal Reserve, ECB policymaker Locations: Zurich, Switzerland, United States, Asia, U.S

☆ Here's what usually happens to UK stocks when the Bank of England cuts interest rates
▼ + stars: | 2024-08-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The U.K. stock market is likely to rise over the course of 12 months, if the Bank of England cuts interest rates on Thursday and history repeats itself, according to a CNBC Pro analysis. Economists say the forecasts for whether the U.K. central bank will either reduce or hold rates are a close call. A decision to lower interest rates — which sit at at 5.25% currently — would mark the first time monetary police has been eased in Britain since the hiking cycle began in December 2021. The analysis found that, on three occasions the index had risen more than 20% on average within a year after an interest rate cut. For instance, the domestically focused index of 250 stocks rose by 17% across three months after the Bank of England cut rates in 1998.

Persons: Agne Stengeryte, BoE, Nora Szentivanyi Organizations: Bank of England, CNBC, CNBC Pro, Bank of, Bank, America's, Barclays Locations: Britain, Bank of England

☆ Treasury yields tumble as investors weigh interest rate outlook
▼ + stars: | 2024-08-01 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

U.S. Treasury yields slid further on Thursday as investors digested comments from Federal Reserve Chairman Jerome Powell, who suggested a September rate cut was on the table. Yields had fallen on Wednesday after Fed Chairman Powell hinted at a September rate cut after the central bank's July meeting concluded. Depending on these factors, "a reduction in our policy rate could be on the table as soon as the next meeting in September," he said. As expected, the central bank left interest rates unchanged. Several analysts are expecting the central bank to cut rates, but uncertainty remains as the BOE has not sent clear signals.

Persons: Jerome Powell, Powell, BOE Organizations: Treasury, U.S, Federal, Bank of England Locations: U.S

☆ Bank of England is not changing the message on inflation, governor says
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of England is not changing the message on inflation, governor saysBOE Governor Andrew Bailey speaks to CNBC's Steve Sedgwick following the central bank's decision to cut rates.

Persons: BOE, Andrew Bailey, Steve Sedgwick Organizations: Email Bank of England

☆ European markets head for mixed open ahead of Bank of England decision
▼ + stars: | 2024-08-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set to open mixed on Thursday as investors process a raft of central bank action. The Bank of England announces its latest monetary policy decision at midday London time. Market pricing slightly favors a 25 basis point interest rate cut from the U.K. central bank, kicking off its path of monetary easing. Investors are still processing Wednesday's surprise move from the Bank of Japan, which raised its benchmark interest rate to around 0.25%, its highest level since 2008, and hinted at more tightening to come. The decision powered the yen to a four-and-a-half month high against the U.S. dollar, as Japanese stocks tumbled.

Persons: Germany's DAX, Jerome Powell, Powell Organizations: CAC, Bank of England, U.S, Bank of Japan, U.S . Locations: U.S . Federal, —

☆ Bank of England to make knife-edge call on interest rates as markets favor cut: Live updates
▼ + stars: | 2024-08-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Blurred buses pass the Bank of England in the City of London on 7th February 2024 in London, United Kingdom. LONDON — Several analysts expect the Bank of England to announce an interest rate cut on Thursday, but a lack of clear signaling from the central bank has shrouded the decision in uncertainty. The Bank Rate has been held at a 16-year high of 5.25% since August 2023. The decision will be announced at midday U.K. time and will be followed by a press conference. Thursday will also see the release of the quarterly Monetary Policy Report, which will contain economic growth and inflation projections.

Persons: BOE Organizations: Bank of England Locations: City of London, London, United Kingdom

☆ Bank of England's rate cut is on a knife-edge even with inflation on target
▼ + stars: | 2024-07-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Market pricing on Wednesday morning suggested a 60% probability of a rate cut at the BOE's Aug. 1 meeting. That is far less conviction than traders had before the European Central Bank enacted its own rate cut at the start of June; while pricing for the U.S. Federal Reserve to cut for the first time in this cycle in September has hit 100%. watch nowIn both May and June, seven MPC members voted to hold, as two voted to cut by 25 basis points. Headline U.K. inflation spiked higher than in the U.S. and euro zone over the last two years, but has also cooled more quickly. "I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably," Haskel said.

Persons: Mike Kemp, BOE, Jonathan Haskel —, —, Haskel Organizations: of England, Bank of England's, European Central Bank, U.S . Federal Reserve, MPC Locations: City of London, U.S, BOE, U.K

☆ Bank of England reports problems with CHAPS payments system
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: 1 min

Blurred buses pass the Bank of England in the City of London on 7th February 2024 in London, United Kingdom. The Bank of England said on Thursday that a "global payments issue" was affecting the interbank payments service CHAPS, delaying some high-value and time-sensitive payments including some house purchases. "We are mindful of the impact this is likely to have and are working closely with a third-party supplier, industry and other authorities to resolve the issue as promptly as possible," it said in a statement. Retail payment systems and cash machines were unaffected, the BoE added. The CHAPS system - which is operated by the BoE - has suffered technical problems before, including in August last year and in 2014 when the Real-Time Gross Settlement system, which underpins CHAPS, did not work normally for several hours.

Persons: BoE, underpins CHAPS Organizations: Bank of England Locations: City of London, London, United Kingdom

Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. LONDON — European stocks closed lower Wednesday, continuing negative sentiment seen in the previous two trading sessions as technology stocks plummeted. The regional Stoxx 600 index provisionally closed 0.43% lower, with most major bourses in the region falling and sectors trading mixed. European tech stocks plunged 4.4%, mirroring a sell-off seen across the Atlantic, where the Nasdaq Composite retreated 2% in early deals. U.S. stocks were broadly lower as investors continued to rotate out of megacap tech stocks into the broader market.

Organizations: LONDON, Nasdaq Locations: Paris, France, U.S

☆ UK inflation holds steady at Bank of England's 2% target, above expectations
▼ + stars: | 2024-07-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Alexander Spatari | Moment | Getty ImagesU.K. inflation held steady at the Bank of England's 2% target in June, Official National Statistics data showed Wednesday. The headline reading came in above analyst expectations at 1.9%, according to economists polled by Reuters, and was in line with the previous 2% reading in May. Sterling rose slightly shortly after the release, trading at $1.2977 by 7:21 a.m. London time. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — remained at 5.7% in June. Core inflation, excluding energy, food, alcohol and tobacco, was 3.5%, also on par with the 3.5% recorded in May.

Persons: Alexander Spatari, Sterling, BOE, Taylor Swift, Bruce Springsteen, Pink Organizations: Bank of England's, National Statistics, Reuters, Consumers, Sting, Bank of England Locations: London, —

☆ UK economy returns to growth in May, beating expectations as British pound hits four-month high
▼ + stars: | 2024-07-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. LONDON — The U.K. economy grew by 0.4% in May, flash figures published by the Office for National Statistics showed on Thursday, with the British pound jumping to a four-month high against the U.S. dollar after the announcement. The British economy exited a shallow recession in the first quarter of the year, then flatlined in April. Goldman Sachs last week upgraded its growth forecast for the U.K. following left-of-center Labour's thumping victory in the country's general election.

Persons: Sterling, Keir Starmer, Goldman Sachs, Ashley Webb, Price, BOE Organizations: Office, National Statistics, U.S, Gross, Labour Party, Capital, Bank of England's, Bank of England, European Central Bank Locations: London, United Kingdom, The City, British, U.K

☆ Dollar adrift ahead of U.S. inflation test; sterling firms
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England. BoE Chief Economist Huw Pill on Wednesday said price pressures in Britain's economy were persistent and that the timing of a first rate cut was an "open question". His colleague Catherine Mann signalled she is unlikely to vote for an interest rate cut in August. Against the greenback, the euro gained 0.04% to $1.0834, and the Aussie dollar rose 0.01% to $0.6754.

Persons: BoE, Huw Pill, Catherine Mann, Carol Kong, Jerome Powell Organizations: Bank of England, Monetary, ANZ, MPC, Commonwealth Bank of Australia, Federal Reserve, U.S, New Zealand, Reserve Bank of New, Bank of Japan Locations: U.S, Asia, Japan

☆ UK Labour Party's Rachel Reeves has 'orthodox' approach to fiscal policy, former BOE governor says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Labour Party's Rachel Reeves has 'orthodox' approach to fiscal policy, former BOE governor saysJohn Gieve, former deputy governor of the Bank of England, weighs in on which fiscal measures he's anticipating from Rachel Reeves, who's expected to become Britain's first-ever female finance minister in Keir Starmer's incoming Labour government.

Persons: Rachel Reeves, BOE, John Gieve, who's, Britain's, Keir Starmer's Organizations: Labour, Bank of England

☆ Stocks, property, bonds, the pound: Here’s what a new Labour government means for investing in the UK
▼ + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +7 min

The Labour party's pledge, for example, to increase taxes on the compensation that private equity fund managers received raised a few eyebrows, and led to questions on what this could mean more broadly. In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party's U.K. election win would help make the U.K. appear "relatively stable." "A widely predicted Labour win in the UK could usher in an era of greater stability for the UK … which should help bolster investor sentiment towards the UK," she said. "U.K. bank stocks in the end are one of the biggest proxies for U.K. economic growth," he said. If results are as expected, attention will shift away from the U.K. election quickly, Shreyas Gopal, strategist, and Sanjay Raja, senior economist at Deutsche Bank, said in a note published Wednesday.

Persons: Vuk Valcic, hasn't, Jefferies, James McManus, Susannah Streeter, Hargreaves Lansdown, McManus, Liz Truss, Streeter, Richard Donnell, Nutmeg's McManus, CNBC's Silvia Amaro Friday, Mark Fielding, Fielding, Shreyas Gopal, Sanjay Raja, BoE, Francesco Pesole, Pesole Organizations: City of, Labour Party, Conservatives, U.S ., Labour, CNBC, Stock, Reform UK Party, Hargreaves, Deutsche Bank, ING, Bank of England, ECB Locations: Bishopsgate, City, City of London, London, France

☆ Europe stocks look set to extend gains after BOE rate hold, Swiss cut; UK retail sales beat forecast
▼ + stars: | 2024-06-21 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Jack Taylor | Getty Images News | Getty ImagesLONDON — European stocks are heading for a cautiously higher open Friday as investors monitor a slew of central bank decisions and data releases. The pan-European Stoxx 600 index is on course for a weekly gain of more than 1.5%, its best performance since early May. Attention this week turned to central bank action, as the Swiss National Bank announced it would cut interest rates by 0.25 percentage points to 1.25%. The SNB became the first major central bank to cut rates during this cycle back in March. The Bank of England meanwhile kept interest rates unchanged at a 16-year high of 5.25%.

Persons: Jack Taylor Organizations: Getty, Equity, European Union Parliament, Reuters, Swiss National Bank, Bank of England Locations: Godalming, United Kingdom, France

☆ BOE waiting for better data on wages, underlying inflation: Economist
▼ + stars: | 2024-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBOE waiting for better data on wages and underlying inflation before cutting rates: EconomistRobert Wood, chief U.K. economist at Pantheon Macroeconomics, says the central bank is "still facing services inflation that's pretty elevated."

Persons: BOE, Robert Wood Organizations: Pantheon

☆ Dollar scales multi-week highs as other cenbanks more dovish than Fed
▼ + stars: | 2024-06-21 | by ( ) www.cnbc.com time to read: +3 min

Even so, Japan's top currency diplomat Masato Kanda stressed on Friday that Tokyo stands ready to take further "resolute" action against "speculative, excessive volatility". The dollar index was little changed at 105.66, on course for a slight weekly gain that would extend its winning streak to three weeks. Sterling was flat at $1.2657, sticking close to the $1.2655 low from Thursday, a level last seen on May 17. The BoE kept rates on hold, but some policy makers said the decision not to cut was "finely balanced". The European Central Bank kicked off its rate cutting cycle earlier this month.

Persons: Tony Sycamore, Sycamore, Masato Kanda, Sterling, BoE Organizations: U.S, Federal, Swiss, Swiss National Bank, Bank of England, Bank of, IG, U.S . Treasury, European Central Bank, Fed Locations: Japan, China, Tokyo

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