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☆ 'Last chance saloon': UK finance minister expected to pledge pre-election tax cuts
▼ + stars: | 2024-03-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

British Finance Minister Jeremy Hunt said earlier this month the U.K. would not enter a recession this year. LONDON — Economists expect U.K. Finance Minister Jeremy Hunt to use a small fiscal windfall to deliver a modest package of tax cuts at his Spring Budget on Wednesday. However, the big questions over tax cuts remain heading into Wednesday's statement. Raja suggested the finance minister will err on the side of caution in loosening fiscal policy, favoring supply side support over boosting demand. "Therefore, tax cuts to national insurance contributions (NICs) and changes to child benefits are more likely to come in the Spring Budget (in contrast to earlier expectations of income tax cuts)."

Persons: Jeremy Hunt, Hunt, Sanjay Raja, Raja Organizations: British, LONDON, Finance, Budget, Conservative, Labour Party, Treasury, Independent, Deutsche Bank, Bank of England

☆ CNBC Daily Open: U.S. manufacturing struggles to recover
▼ + stars: | 2024-03-04 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, US, on Tuesday, Jan. 30, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The CSI 300 was lower as investors focused on China's annual meetings and Hong Kong's Hang Seng index also fell. "Those names are being driven by earnings," Niles told CNBC last week.

Persons: Hong, Dow, Energy's, Jorge Leon, Jeremy Hunt, Dan Niles, Niles Organizations: US, Bureau, CNBC, Nikkei, CSI, Nasdaq, Budget, Conservative, Labour, Nvidia, Meta, Microsoft Locations: Mount Pleasant , Pennsylvania, U.S, China, Beijing, Angola

☆ UK posts record budget surplus in January
▼ + stars: | 2024-02-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jeremy Hunt, UK chancellor of the exchequer, holding the despatch box as he stands with treasury colleagues outside 11 Downing Street in London, UK.. Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K. logged a record £16.7 billion ($21.1 billion) net budget surplus in January, according to official figures released on Wednesday. The Office for National Statistics noted that the country's public finances usually run a surplus in January, unlike during other months, as receipts from self-assessed annual income tax payments come in. Combined self-assessed income and capital gains tax receipts totaled £33 billion in January, the ONS said, down £1.8 billion from the same period of last year. Total government tax receipts came in at a record £90.8 billion, up £2.9 billion compared to January 2023. The figures on Wednesday mark the final set of public finances data before Finance Minister Jeremy Hunt delivers his Spring Budget, which outlines the government's fiscal policy for the year, on March 6.

Persons: Jeremy Hunt, Laura Trott, Hunt Organizations: Bloomberg, Getty, National Statistics, Finance, Labour Party Locations: London, Covid, Ukraine

☆ UK economy slipped into technical recession at the end of 2023
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy slipped into a technical recession in the final quarter of last year, initial figures showed Thursday. Though there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. Across the whole of 2023, the British GDP is estimated to have increased by just 0.1%, compared to 2022. "These factors affected the performance of the services and construction sectors, which are the main drivers of the U.K. "Over the coming months, we expect inflation to fall, potentially easing the pressure on U.K. households, and supporting the recovery of the consumer-driven economy," Brookes added.

Persons: Jeremy Hunt, Marcus Brookes, Brookes, Neil Birrell Organizations: National Statistics, Reuters, Finance, Bank of England, Bank of England's, Quilter Investors, Premier Miton Investors Locations: British

The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

Persons: Rishi Sunak, Jeremy Hunt, ”, Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain

☆ UK inflation holds steady at 4%, lower than expected
▼ + stars: | 2024-02-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Karl Hendon | Moment | Getty ImagesLONDON — U.K. inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages. Economists polled by Reuters had produced a consensus forecast of 4.2% year-on-year for January and -0.3% for the month. The CPI goods annual rate slowed from 1.9% to 1.8%, but price pressures in the services industry remained hot, with the CPI services annual rate rising from 6.4% to 6.5%. The U.K. has lagged its peers in bringing down inflation, but the headline CPI has been on a general downward trajectory since the October 2022 peak of 11.1% year-on-year. The labor market and wage growth have meanwhile eased but will remain uncomfortably robust for a central bank aiming to drag inflation back to its 2% target.

Persons: Karl Hendon, Jeremy Hunt, Marion Amiot Organizations: London, Euromonitor International, Karl, Reuters, National Statistics, Bank of England, Finance

☆ IMF warns British government against more tax cuts
▼ + stars: | 2024-01-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. government should not introduce further tax cuts this year, the International Monetary Fund said Tuesday, as its chief economist argued the national budget needed the money for public services and growth-friendly investments. "In that context, we would advise against further discretionary tax cuts, as envisioned or discussed now," he said. An IMF spokesperson separately said the U.K. had higher spending needs across public services and investments than were currently reflected in the government's budget plans. Hunt announced several tax cuts in his fall budget, and made several suggestions he wants to introduce more in the spring. The IMF on Tuesday forecast 0.6% growth for the U.K. economy this year, up slightly from an estimated 0.5% figure for 2023.

Persons: Jeremy Hunt, Pierre, Olivier Gourinchas, Hunt Organizations: British, LONDON, International Monetary Fund, National Health Service, IMF, Conservative, Conservatives, Labour

LONDON (AP) — The International Monetary Fund’s chief economist has advised the U.K. government to avoid further tax cuts amid expectations Prime Minister Rishi Sunak’s battered administration will do just that to win over voters in an election year. “In that context, we would advise against further discretionary tax cuts as envisioned and discussed now,” Gourinchas said. Hunt is focusing on longer-term projections, noting that the IMF expects growth to strengthen over the next few years. “It is too early to know whether further reductions in tax will be affordable in the budget, but we continue to believe that smart tax reductions can make a big difference in boosting growth,” he said. Concerns about responsible fiscal policies are especially sensitive for Sunak and Hunt as they came to power after their predecessors were widely criticized for announcing millions of pounds in tax cuts without saying how they would be paid for.

Persons: Rishi Sunak’s, Pierre, Olivier Gourinchas, Jeremy Hunt, Jan, Gourinchas, “, ” Gourinchas, Hunt, ” Organizations: Monetary Fund’s, National Health Service, IMF, Treasury, Conservative Party Locations: Britain

☆ UK inflation rate surprises with rise to 4%, led by alcohol and tobacco
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Andresr | E+ | Getty ImagesLONDON — U.K. inflation unexpectedly nudged upwards to 4% year-on-year in December, fueled by a rise in alcohol and tobacco prices. Economists polled by Reuters had expected a modest decline in the annual headline CPI to 3.8%, after November's sharper-than-expected fall to 3.9%. The closely watched core CPI figure — which excludes volatile food, energy, alcohol and tobacco prices — came in at an annual 5.1%, above a 4.9% Reuters forecast and unchanged from November. "This unexpected rise in inflation is a timely reminder that the struggle against soaring inflation is not yet over, particularly given stubbornly high core and services inflation," said Suren Thiru, economics director at ICAEW. "While inflation may rise again in January, following the increase in Ofgem's energy price cap, it should fall at a decent pace thereafter, aided by the expected drop in energy bills from April and lower food inflation."

Persons: Jeremy Hunt Organizations: Reuters, National Statistics, British, Bank of England Locations: U.S, France, Germany

☆ UK inches closer to technical recession as growth is revised down
▼ + stars: | 2023-12-22 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Data due out in February will show whether the U.K. has entered a technical recession — defined as when the economy shrinks for two consecutive quarters. There was also zero growth in the prior three months, the new figures showed, down from the 0.2% growth previously calculated. LONDON — The U.K. is edging closer to recession after revised figures showed the economy shrank in the previous quarter. Certainly, Rishi Sunak's pledge to grow the economy is now severely in doubt," he said. A near-term drop in interest rates would be a win for Sunak's government, as the U.K. enters an election year.

Persons: Jeremy Hunt, Richard Carter, Cheviot, Rishi Sunak's, Rishi Sunak, Downing, Andrew Bailey Organizations: Office, National Statistics, LONDON, Bank of England

☆ UK and Switzerland sign post-Brexit financial services deal
▼ + stars: | 2023-12-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K. and Switzerland are deepening the ties between their financial services sectors with a new post-Brexit deal. Sopa Images | Lightrocket | Getty ImagesLONDON — The U.K. and Switzerland on Thursday signed a post-Brexit financial services deal designed to bring two of Europe's largest banking centers closer together. He added that the mutual recognition accord, dubbed the Bern Financial Services Agreement, would provide a "blueprint" for future deals with other countries. As such, financial services providers and insurers will be able to offer certain cross-border activities in both Switzerland and the U.K. Meanwhile, U.K. advisors will be permitted to "temporarily serve" wealthy clients locally in Switzerland without registering in the country.

Persons: Jeremy Hunt, Hunt, Karin Keller, Sutter Organizations: Getty, British, CNBC, European Union, Swiss, U.K, City Locations: Switzerland, Britain, Bern, City of London

☆ UK needs new plan to reverse hit to living standards, researchers say
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

People walk alongside the City of London financial district in London, Britain, October 25, 2023. REUTERS/ Susannah Ireland/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - Britain needs a new economic strategy to reverse 15 years of falling living standards and worsening inequality, a leading think tank and an academic research centre said on Monday. "There is no excuse for fatalism," Torsten Bell, chief executive of the Resolution Foundation, said. "Closing the gap with peers like Australia, France and Germany would deliver huge living standards gains, with typical households over 8,000 pounds better off." ($1 = 0.7881 pounds)Writing by William Schomberg; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Susannah Ireland, Jeremy Hunt, Keir Starmer, Torsten Bell, William Schomberg, Daniel Wallis Organizations: City, REUTERS, Foundation, London School of Economics, Centre for Economic, Labour Party, Conservative Party, Starmer's Labour, Thomson Locations: London, Britain, Australia, France, Germany, Birmingham, Manchester

☆ UK's Hunt says he hopes to reverse public investment freeze
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] British Chancellor of the Exchequer Jeremy Hunt speaks at the Resolution Foundation, in London, Britain December 4, 2023. REUTERS/Hollie Adams Acquire Licensing RightsLONDON, Dec 4 (Reuters) - British finance minister Jeremy Hunt said on Monday that he hoped in future to reverse the decline in public investment which is forecast in the government's latest budget plans. "I don't think you want declining public investment. And I very much hope we'll be able to get back into a place where we don't have to do that," Hunt said at an event hosted by the Resolution Foundation think tank. In government budget forecasts published last month, British public sector net investment is forecast to fall steadily from 2.6% of gross domestic product in the current financial year to 1.8% in the 2028/29 financial year.

Persons: Jeremy Hunt, Hollie Adams, we'll, Hunt, Keir Starmer, David Milliken, Kate Holton Organizations: REUTERS, Labour Party, Labour, Thomson Locations: London, Britain, British

☆ Microsoft's $3.2 bln UK investment to drive AI growth
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

Britain's Prime Minister Rishi Sunak and Microsoft President Brad Smith attend the AI Safety Summit in Bletchley Park, near Milton Keynes, Britain, November 2, 2023. Britain, where the economy is forecast to be sluggish in the coming years, is pushing for private investment to help fund new infrastructure, particularly in growth industries like AI. "Today's announcement is a turning point for the future of AI infrastructure and development in the UK," Sunak said in a statement on Thursday. Since then, the UK regulator waved through a restructured version of Microsoft's $69 billion acquisition of Activision Blizzard , putting Britain back in Microsoft's favour. The investment includes a training plan to help ensure Britons have the skills they need to build and work with AI, it added.

Persons: Rishi Sunak, Brad Smith, Toby Melville, Sunak, Microsoft's, Smith, Jeremy Hunt, Sarah Young, Elaine Hardcastle Organizations: Britain's, Microsoft, REUTERS, U.S ., Activision Blizzard, Thomson Locations: Bletchley Park, Milton Keynes, Britain, Microsoft's, London

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 28, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - The EU is falling behind Britain in tapping into savers' money to boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany's bourse told Reuters. For Maassen there is an opportunity in Europe to rival US capital markets. Maassen urged policymakers to speed up the implementation of the Capital Markets Union, a longstanding project to create a single market for capital beyond national borders. Earlier this month, European Central Bank President Christine Lagarde called for a capital markets union, with a single supervisor and trading infrastructure, to finance its digitalisation and green transition.

Persons: Stefan Maassen, Jeremy Hunt, Hunt, ThyssenKrupp, Maassen, Germany's, Christine Lagarde, Lagarde, Pablo Mayo Cerqueiro, Anousha Sakoui, Christina Fincher Organizations: REUTERS, Staff, Germany's bourse, Reuters, Capital Markets, Deutsche, Frankfurt Stock Exchange, Schott Pharma, OLB Bank, DKV, New York Stock Exchange, EU, Capital Markets Union, European Union, European Central Bank, ., Thomson Locations: Frankfurt, Germany, EU, Europe, we're, U.S

☆ Bank of England should look more at money supply, lawmakers say
▼ + stars: | 2023-11-27 | by ( David Milliken | ) www.reuters.com time to read: +3 min

A bus passes the Bank of England in the City of London, Britain, February 14, 2017. "Climate change is the most-cited example of the expansion of the remit," committee chair George Bridges, a Conservative former Brexit minister, told Reuters. The House of Lords committee set up the inquiry in March, following a surge in inflation to a 41-year high last year. The central bank is midway through its own forecasting review led by former U.S. Federal Reserve Chair Ben Bernanke. The House of Lords committee said parliament should have more opportunity to debate these changes, and should conduct in-depth reviews of the BoE's work every five years.

Persons: Hannah McKay, BoE, Mervyn King, George Bridges, Ben Bernanke, Jeremy Hunt, Bridges, David Milliken, William Schomberg Organizations: Bank of England, City of, REUTERS, Economic Affairs Committee, Conservative, Reuters, U.S . Federal, Thomson Locations: City, City of London, Britain, Ukraine

☆ UK's Sunak hails $37 billion investments before FDI summit
▼ + stars: | 2023-11-26 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing, Sunak's Downing Street office said in a statement. Spanish power giant Iberdrola (IBE.MC) will add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks, it said. France last year overtook Britain as the European country with the highest number of new FDI projects. French President Emmanuel Macron announced 13 billion euros ($14.18 billion)of investment commitments in his country at a similar FDI gathering in May. It wants to deal with one person," investment minister Dominic Johnson told Reuters ahead of Monday's event at Hampton Court.

Persons: Rishi Sunak, Ian Forsyth, Sunak's, Sunak, Emmanuel Macron, Stephen Schwarzman, David Solomon, Goldman Sachs, Jamie Dimon, JP Morgan Chase, Dominic Johnson, Jeremy Hunt, IFM, William Schomberg, Alistair Smout, Louise Heavens Organizations: Britain's, Nissan, IFM, Microsoft, Britain, Blackstone, Hampton Court, Thomson Locations: Sunderland, Britain, Spanish, Hampton, London, France, Germany, England, British

☆ Nissan invests $1.4 bln to build two new EV models in Britain
▼ + stars: | 2023-11-24 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

Nissan has made its electric Leaf model in Sunderland for years and will continue to do so, with batteries supplied by a small plant at the site. It announced a $1.4 billion investment in 2021 to build a second, 9 gigawatt-hour (GWh) battery plant in Sunderland with Chinese partner Envision AESC. Nissan did not comment on the value of any subsidies or guarantees being provided by Britain. [1/4]Britain's Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt attach a Nissan badge to a car as they visit the car manufacturer, Nissan, in Sunderland, Britain, November 24, 2023. But Sunak, who became prime minister a year ago, is having some success turning that around.

Persons: Rishi, Sunak, Nissan's, Alan Johnson, Rishi Sunak, Jeremy Hunt, Chancellor, Makoto Uchida, Brexit, Nick Carey, Sarah Young, Paul Sandle, Sonali Paul, Mark Potter Organizations: Nissan, Investment Summit, Britain, BBC, Britain's, India's Tata Motors, Rover, Thomson Locations: Sunderland, England, Britain, Europe, EVs

☆ UK consumer confidence jumps despite lingering inflation pain
▼ + stars: | 2023-11-24 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Despite lingering cost-of-living pressures, GfK's headline consumer confidence index was stronger than anticipated in November, increasing to -24 from October's three-month low of -30. November's reading was above the -28 forecast in a Reuters poll of economists, and follows a sharp fall the month before. While British consumer price inflation fell significantly from a 41-year high of 11.1% just over a year ago to 4.6% in October, households are still grappling with the highest inflation rate among major rich economies. Official data published last week showed shoppers spent less in October as finances remain stretched. GfK conducted its poll of 2,000 people from Nov. 1 to Nov. 14.

Persons: GfK, Joe Staton, Andrew Bailey, Jeremy Hunt's, Staton, Suban Abdulla, David Milliken Organizations: Bank of England, Thomson

☆ Euro profits from better euro zone data; U.S. market shut
▼ + stars: | 2023-11-23 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsLONDON, Nov 23 (Reuters) - The euro edged up on Thursday after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the U.S. and Japan kept trading activity muted. Earlier in the day, the euro rose against most other major currencies, following the surveys. The survey showed the euro zone economy is on track to contract again in the fourth quarter. Its PMI rose to 43.8 from 43.1, beating the poll expectation for 43.4 but was still below breakeven. The euro was up last up 0.18% on the day at $1.09075, having traded as high as $1.0931 earlier in the day.

Persons: Marcos Brindicci, There's, Michael Brown, Brown, Geert Wilders, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Vidya Ranganathan, Lincoln, Emelia, Marguerita Choy, Christina Fincher Organizations: REUTERS, PMI, Saxo Bank, British, Federal, University of Michigan, Fed, Bank of Japan, Thomson Locations: Buenos Aires, Argentina, U.S, Japan, Germany, EU, Wednesday's, Netherlands, Singapore

☆ Euro bounces as investors cling to sliver of positive euro zone data
▼ + stars: | 2023-11-23 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsLONDON, Nov 23 (Reuters) - The euro rose on Thursday for the first time this week, after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the United States and Japan kept trading activity muted. The euro rose broadly, gaining the most against the Swedish crown , after the Swedish central bank left rates unchanged, while also gaining on the yen and the Swiss franc. The survey showed the euro zone economy is on track to contract again in the fourth quarter. Its PMI rose to 43.8 from 43.1, beating the poll expectation for 43.4 but was still below breakeven. Sterling was last up 0.5% on the day at $1.2558, having risen to a high of $1.2575 after the PMI data.

Persons: Marcos Brindicci, There's, Michael Brown, Brown, Geert Wilders, Sterling, Jeremy Hunt, Jeff Ng, Changpeng Zhao, Vidya Ranganathan, Lincoln, Emelia Organizations: REUTERS, Swiss, PMI, European Central Bank, Fed, University of Michigan, Sumitomo Mitsui Banking Corporation, Markets, Bank of Japan, Thomson Locations: Buenos Aires, Argentina, United States, Japan, Germany, Swedish, EU, Wednesday's, Netherlands, Asia, Singapore

☆ Stocks maintain November reign, oil hit by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023, with the S&P 500 and MSCI's all-country world index (.MIWD00000PUS) both up more than 8% this month alone. For MSCI world that is the best showing since November 2020 when markets got a major shot in the arm from COVID vaccine hopes. Germany's 10-year bund , the benchmark for the Europe, was fractionally higher on the day at 2.57% having touched 3% last month. Bitcoin fell by 0.77% on Thursday to $37,337 after it rose nearly 5% on Wednesday.

Persons: Tyrone Siu, Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher Organizations: REUTERS, PMI, ECB, Oil, Traders, Asset Management, European Union, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, HK, Reuters, Treasury, UK Finance, OPEC, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, EU, Germany, Holland, Ukraine, Turkey, Asia, Pacific, Japan, Brent, Bitcoin

☆ Asia stocks hold gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

China's benchmark share index (.CSI300) fell 0.16% on Thursday, with the real estate sub-index (.CSI931775) retrieved earlier losses to gain 2.11%. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin. The minutes of the European Central Bank's October meeting and flash PMIs for a host of European countries are Thursday's highlights.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Selena Li, Edmund Klamann, Stephen Coates Organizations: REUTERS, Bloomberg, Garden Holdings, HK, Reuters, U.S, The, Federal Reserve, Saxo Markets, Nikkei, Nasdaq, European Central, PMI, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, The U.S, Greater China, Australia, Britain, U.S

☆ Holiday thins trading after data slows dollar's decline
▼ + stars: | 2023-11-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash U.S. Treasuries weren't traded in Asia. By 0530 GMT, however, the euro was 0.15% higher at $1.0902 and the dollar index was a tad weaker at 103.71. Adding to investors' confusion, data showed orders for long-lasting U.S. manufactured goods fell more than expected in October, signalling an economy cooling considerably after hot third-quarter growth. The dollar's rebound comes after a three-week long spell of weakness driven by evidence of a slowing economy and disinflation, leading markets to price out any additional Fed rate hikes. The forward-looking flash November purchasing manager indexes (PMIs) are also due out globally on Thursday and should help investors assess recession risks and how quickly rate cuts will begin.

Persons: Marcos Brindicci, Treasuries weren't, Jeff Ng, Treasuries, policymaker Mario Centeno, Joachim Nagel, Sterling, Jeremy Hunt, Changpeng Zhao, Vidya Ranganathan, Lincoln Organizations: REUTERS, Rights, U.S, Federal, University of Michigan, Sumitomo Mitsui Banking Corporation, Fed, Bank of Japan, European Central Bank, Governing, PMI, Thomson Locations: Buenos Aires, Argentina, Rights SINGAPORE, Japan, United States, Asia, Britain, U.S

☆ Morning Bid: Watching what the ECB giveth
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya Ranganathan. The forward-looking flash November PMIs due out globally should help investors assess recession risks and how quickly rate cuts will begin. Interest rate futures show the market is pricing in rate cuts by April and more aggressively so in June . Later on Thursday, Sweden's central bank will announce its latest policy decision in what is expected to be a very close call on whether to hike again. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Vidya Ranganathan, haven't, Mario Centeno, Joachim Nagel's, Christine Lagarde's, Jeremy Hunt's, Van Haaren, ECB's Isabel Schnabel, Robert Holzmann, Francois Villeroy de, Edmund Klamann Organizations: Vidya, European Central, PMI, ECB, Reuters, Ubezpieczen SA, Virgin Money, Bank of France, Thomson Locations: Japan, United States, Britain, U.S, Sweden's

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