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☆ Dow Futures, Bank Stock Rise: Live Updates
▼ + stars: | 2023-06-29 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors awaited data on inflation and economic growth and digested comments by central-bank chiefs. Meanwhile, bank stocks rose in premarket trading Thursday after the Fed said the biggest U.S. lenders remained healthy . Stock futures were up. The yield on the 10-year bund advanced to 2.357% ahead of German inflation data due at 8 a.m. U.S. bank stocks climbed premarket.

Persons: Jerome Powell, Christine Lagarde, Andrew Bailey, ”, Jason Da Silva, Arbuthnot Latham Organizations: European Central Bank’s, Bank of England Gov, Fed, U.S, Stock, Futures, Nasdaq, Dow, Treasury, bund, Bank of New York Mellon, Bank of America, UniCredit, Nikkei Locations: European, Spain, U.S, China, Europe

European stocks were cautiously higher Thursday as investors assessed commentary from leading central bankers on the need to continue the fight against inflation. The pan-European Stoxx 600 nudged 0.3% higher by late morning, with retail stocks adding 1.7% to lead gains while travel and leisure stocks fell 0.4%. A further message from the conference this week has been on market pricing of swift interest rate cuts from the ECB. The Stoxx 600 closed 0.7% higher Wednesday after staging a cautious turnaround from six straight negative sessions on Tuesday. U.S. futures were slightly higher as banks rose after passing the Federal Reserve's annual stress test.

Persons: Christine Lagarde, Andrew Bailey, Jerome Powell, Powell, Lagarde, England's Bailey, Philip Lane, Chipmakers Organizations: CNBC, European Central Bank, Wednesday, Bank of England, Federal, ECB, Journal Locations: Sintra , Portugal, U.S, China, Asia, Pacific

☆ Dollar index hits two-week high after data; yen remains soft
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The U.S. dollar index climbed to a two-week high on Thursday after economic data showed the labor market remained on a solid footing, giving the Federal Reserve a possible cushion to continue raising interest rates. He said he did not see inflation coming down to the Fed's 2% target until at least 2025. The dollar index was up 0.204% at 103.150 after earlier climbing to 103.44, its highest level since June 13. The dollar strengthened against the Japanese yen for a third straight day, hitting a fresh 7-1/2 month high of 144.90, as U.S. and Japanese central bank policy plans are expected to remain at opposite ends of the spectrum.

Persons: Jerome Powell, Raphael Bostic, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Huw Roberts, Roberts, CME's Organizations: U.S, Federal Reserve, Reuters, Commerce Department, European Central Bank, Atlanta Federal Reserve, Bank of England, Bank of Japan, Fed Locations: Warsaw, Poland, Bank, Europe, Spain, Italy, Swedish

REUTERS/Kim Kyung-HoonSINGAPORE/LONDON, June 28 (Reuters) - The yen was under pressure against most other major currencies on Wednesday, even as Japanese authorities said they could intervene to prop it up, while the Australian dollar dropped after data showed inflation eased in May. The U.S. dollar rose to 144.26 yen on Wednesday, a fresh seven-month high, while the euro climbed to a 15-year high of 157.98 yen. Meanwhile, the Australian dollar fell to a three-week low of $0.6618 after the local consumer price inflation rate slowed to a 13-month low in May. It was last down 0.78% at $0.6634, and the neighbouring New Zealand dollar fell 1.17% to $0.6090, its biggest daily fall in a month. A measure of core inflation in Australia also cooled, in a sign interest rates might not have to rise again in July.

Persons: Kim Kyung, Masato Kanda, Lee Hardman, Jerome Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Ankur Banerjee, Muralikumar Anantharaman, Jamie Freed, Emelia Organizations: National Printing Bureau, Bank of Japan, REUTERS, Hoon, U.S, MUFG, New Zealand, Traders, Bank's, U.S . Federal, Bank of England, Thomson Locations: Tokyo, Japan, Hoon SINGAPORE, LONDON, Australia, Europe, U.S, Singapore

☆ Yen under pressure; Aussie slides as inflation slows
▼ + stars: | 2023-06-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"We are closely watching currency moves with a strong sense of urgency," Japan's top currency diplomat Masato Kanda told reporters on Wednesday. The yen was hovering around the seven-month low of 144.18 per dollar it touched overnight. Against the euro, the yen was pinned near the 15-year low of 157.93 it hit on Tuesday. Against sterling, the Asian currency was hovering around 183.25, just a shade below the 7.5-year low it touched on Tuesday. In the spot market, the onshore yuan opened at 7.2225 per dollar and was changing hands at 7.2285.

Persons: Masato Kanda, Carol Kong, Kong, Rodrigo Catril, Jerome Powell's, Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Ankur Banerjee, Muralikumar Anantharaman, Jamie Freed Organizations: Bank of Japan, Ministry, Finance, Commonwealth Bank of Australia, Federal, Fed, National Australia Bank, European Central Bank, Bank of England, Sterling, Thomson Locations: SINGAPORE, Japan, Sintra , Portugal, Tokyo, Singapore

☆ Morning Bid: Beijing leaves market guessing on yuan
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China seems to like being enigmatic, throwing the market a curve ball as it fixed the yuan weaker against the dollar than many expected. Dealers had thought the firmer fix on Tuesday meant Beijing was signalling it wanted the yuan's fall to slow, or even stop. The result has been a drop in the offshore yuan back toward Monday's trough, while the market waits for some clarity on Beijing's intentions. Malaysia is set to be the latest to intervene to support its currency, and Japan sounds closer to pulling the trigger every day. Still, the market is clearly betting the yen will keep falling unless, and until, the Bank of Japan backs away from its yield curve policy.

Persons: Wayne Cole, Ueda, Lagarde, it's, That's, Christine Lagarde, Fed's Jerome Powell, Kazuo Ueda, Andrew Bailey, Edmund Klamann Organizations: People's Bank of, Dealers, Wall, Journal, Ministry of Finance, Bank of Japan, Bank's, OECD, Bank of England, Thomson Locations: Wayne, People's Bank of China, Beijing, Monday's, Washington, China, Asia, Malaysia, Japan, Bank's Sintra, Sintra , Portugal

☆ Bank of Japan Governor Kazuo Ueda on easy monetary policy: Underlying inflation is lower than 2%
▼ + stars: | 2023-06-28 | 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 Japan Governor Kazuo Ueda on easy monetary policy: Underlying inflation is lower than 2%CNBC's Sara Eisen speaks with Bank of Japan Governor Kazuo Ueda and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Ueda at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey.

Persons: Kazuo Ueda, Sara Eisen, Ueda, Christine Lagarde, Jerome Powell, Andrew Bailey Organizations: Email Bank of Japan, Bank of Japan, European Central Bank, Federal, Bank of England Locations: Sintra , Portugal

☆ ECB forum: more tightening to come, top central bank chiefs warn
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. U.S. Federal Reserve Chairman Jerome Powell did not rule out further hikes at consecutive Fed meetings while European Central Bank President Christine Lagarde confirmed expectations the bank will raise rates in July, saying such a move was "likely". "Policy hasn't been restrictive enough for long enough," Powell told an annual gathering of central bankers hosted by the ECB in the Portuguese mountain resort of Sintra. "We are not seeing enough tangible evidence of the fact that underlying inflation, particularly domestic prices, are stabilising and moving down." While headline inflation was above 3%, the BOJ was keeping monetary policy easy because underlying inflation remained below its 2% target, Ueda said.

Persons: Kai Pfaffenbach, Jerome Powell, Christine Lagarde, Powell, Lagarde, Andrew Bailey, BoE, Bailey, Kazuo Ueda, Ueda, Balazs Koranyi, Francesco Canepa, Mark John, Catherine Evans Organizations: European Central Bank, REUTERS, . Federal, ECB, Bank of England, Bank of Japan, Thomson Locations: Frankfurt, Germany, SINTRA, Portugal, Sintra

☆ ECB President Christine Lagarde: Not seeing enough evidence underlying inflation is coming down
▼ + stars: | 2023-06-28 | 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 EmailECB President Christine Lagarde: Not seeing enough evidence underlying inflation is coming downCNBC's Sara Eisen speaks with ECB President Christine Lagarde and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Lagarde at the event, presented by the European Central Bank, are Federal Reserve Chairman Jerome Powell, Bank of Japan Governor Kazuo Ueda and Bank of England Governor Andrew Bailey.

Persons: Christine Lagarde, Sara Eisen, Lagarde, Jerome Powell, Kazuo Ueda, Andrew Bailey Organizations: European Central Bank, Federal, Bank of Japan, Bank of England Locations: Sintra , Portugal

☆ Fed's Powell on interest rate hikes: More restriction coming because of strong labor market
▼ + stars: | 2023-06-28 | 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 EmailFed's Powell on interest rate hikes: More restriction coming because of strong labor marketCNBC's Sara Eisen speaks with Federal Reserve Chairman Jerome Powell and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda.

Persons: Fed's Powell, Sara Eisen, Jerome Powell, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan Locations: Sintra , Portugal

☆ Dow Futures Hover; Nvidia Falls: Live Updates
▼ + stars: | 2023-06-28 | by ( ) www.wsj.com time to read: +1 min

U.S. stock futures pointed to declines for tech shares following the opening bell after The Wall Street Journal reported that the U.S. was considering new restrictions on AI chip exports to China. Jerome Powell is set to speak at a European Central Bank forum alongside ECB President Christine Lagarde, Bank of England Gov. Futures for the Dow Jones Industrial Average inched up 0.1%, while S&P 500 futures declined 0.1%, under pressure technology stocks. Bond yields in Italy and Australia also weakened after inflation data in both countries came in weaker than expected. Bitcoin’s rally appeared to be running out of steam, with the cryptocurrency declining 1% to $30,352.60 from its 5 p.m.

Persons: Jerome Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Bond Organizations: Street Journal, Nvidia, Devices, Intel, European Central Bank, Bank of England Gov, Bank of Japan Gov, Futures, Dow Jones, Nasdaq, Nikkei, Micron Technology Locations: U.S, China, Italy, Australia, Shanghai, Europe

☆ Powell says more 'restriction' is coming, including possibility of hikes at consecutive meetings
▼ + stars: | 2023-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Chairman Jerome Powell talked tough on inflation Wednesday, saying at a forum that he expects multiple interest rate increases ahead and possibly at an aggressive pace. "We believe there's more restriction coming," Powell said during a monetary policy session in Sintra, Portugal. Assuming a quarter point per meeting, that would mean two more hikes. Most economists think the rate increases ultimately will pull the U.S. into at least a shallow recession. "Bank credit availability and credit can move down a little bit with a bit of a lag.

Persons: Jerome Powell, Powell, CNBC's Sara Eisen, Christine Lagarde, Kazuo Ueda, Andrew Bailey, wouldn't, that'll Organizations: European Central Bank . Markets, Dow Jones, Valley Bank, Bank, " Bank of Japan, Bank of England Locations: Sintra , Portugal, The

☆ Fed Chair Jerome Powell: Inflation will be significantly about supply and demand in labor market
▼ + stars: | 2023-06-28 | 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 EmailFed Chair Jerome Powell: Inflation will be significantly about supply and demand in labor marketCNBC's Sara Eisen speaks with Federal Reserve Chairman Jerome Powell and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda.

Persons: Jerome Powell, Sara Eisen, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan Locations: Sintra , Portugal

☆ Bank of England governor defies critics, says surprise rate hike was 'justified' to tame inflation
▼ + stars: | 2023-06-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Bank of England Governor Andrew Bailey said that the bank was "justified" in its decision to raise interest rates by a surprise 50 basis points in June. Bank of England Governor Andrew Bailey said Wednesday that the bank was "justified" in its decision to raise interest rates by a surprise 50 basis points last week. Bailey said he accepted the criticism, but insisted that the Monetary Policy Committee remains committed to its task: to return inflation to 2%. Bailey was speaking on a panel alongside fellow central bank chiefs from the U.S. Federal Reserve, European Central Bank and the Bank of Japan. Fed Chair Jerome Powell said that he anticipated further interest rate hikes ahead, potentially at an aggressive pace.

Persons: Andrew Bailey, Bailey, CNBC's Sara Eisen, —, Jerome Powell Organizations: England, Bank of England, Monetary, Committee, Central, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Sintra , Portugal, Britain

☆ Watch Fed Chair Jerome Powell speak live at a policy forum in Portugal
▼ + stars: | 2023-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell and other global central bank leaders speak Wednesday at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda. The forum comes two weeks after Powell and his Fed colleagues decided to take what is expected to be a temporary respite from a series of 10 consecutive interest rate increases that began in March 2022. Fed officials at the June meeting, though, penciled in two more hikes. Read more:Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'Fed Chair Powell says smaller banks likely will be exempt from higher capital requirementsListen to the music play: Fed Chair Jerome Powell admits to being a DeadheadSubscribe to CNBC on YouTube.

Persons: Jerome Powell, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan, ECB, CNBC, YouTube Locations: Sintra , Portugal

☆ UK showing signs of persistent inflation, BoE's Bailey says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

SINTRA, Portugal, June 28 (Reuters) - Bank of England Governor Andrew Bailey said last week's rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. "The cumulative data - both particularly on the labour market and on the inflation release we had, which to us showed clear signs of persistence - caused us to conclude that we had to make really quite a strong move," Bailey said at a European Central Bank forum in Sintra, Portugal. Bailey added that in his view the unexpected half-point rate rise was preferable to two consecutive quarter-point moves. Reporting by Balazs Koranyi and Francesco Canepa; writing by David Milliken; editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Bailey, BoE, Bailey, Balazs Koranyi, Francesco Canepa, David Milliken, William Schomberg Organizations: Bank of England, European Central Bank, Thomson Locations: SINTRA, Portugal, Sintra , Portugal

☆ Bank of England Governor Andrew Bailey: UK economy has turned out to be much more resilient
▼ + stars: | 2023-06-28 | 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 Governor Andrew Bailey: UK economy has turned out to be much more resilientCNBC's Sara Eisen speaks with Bank of England Governor Andrew Bailey and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Bailey at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Federal Reserve Chairman Jerome Powell and Bank of Japan Governor Kazuo Ueda.

Persons: Andrew Bailey, Sara Eisen, Bailey, Christine Lagarde, Jerome Powell, Kazuo Ueda Organizations: Email Bank of England, Bank of England, European Central Bank, Federal, Bank of Japan Locations: Sintra , Portugal

☆ FOREX Dollar weaker after data burst, euro rises on ECB comments
▼ + stars: | 2023-06-27 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Additional data on single-family new home sales in May and home prices in April also indicated the housing market has been able to weather rising interest rates from the U.S. Federal Reserve. Morgan Stanley said on Tuesday it was now expecting the Fed to hike its key interest rate by 25 basis points in July, from an earlier estimate of a pause, raising its terminal rate forecast to 5.375%. The euro was up 0.49% to $1.0957 after climbing to $1.0976, the highest since June 22, after comments from ECB officials. Other ECB policymakers weren't anticipating clear evidenceinflation is easing enough that would enable the central bank to pause their interest rate hikes. The euro rose 0.84% against the yen at 157.830.

Persons: Christine Lagarde, Joseph Trevisani, Morgan Stanley, Shunichi Suzuki, Lagarde, Sterling, Jerome Powell, Andrew Bailey, Kazuo Ueda, Yevgeny Prigozhin, Vladimir Putin, Chuck Mikolajczak, David Evans, Alex Richardson Organizations: YORK, European Central Bank, greenback, U.S, Conference Board, U.S . Federal, Bank of Japan, Japan's Finance, ECB, Federal, Bank of England, Thomson Locations: U.S, Russian, Belarus

Finance Minister Shunichi Suzuki said on Tuesday: "We will closely watch currency market moves with a strong sense of urgency and will respond appropriately if the moves become excessive." Japan intervened to boost the yen last year when it weakened past the 145 per dollar level. "Euro-dollar is a bit stronger this morning, we had probably a bit of help from hawkish ECB (European Central Bank) comments this morning," said ING's Pesole. Latvian central bank governor and ECB official Martins Kazaks said in Portugal on Tuesday that the central bank will likely keep hiking interest rates after July. China's central bank set its daily yuan fixing stronger than market expectations for a second day in a row on Tuesday.

Persons: paring, Shunichi Suzuki, Francesco Pesole, ING's Pesole, Martins Kazaks, Kazaks, Christine Lagarde, Jerome Powell, Andrew Bailey, Kazuo Ueda, Lagarde, Vladimir Putin, Wagner, Sterling, Harry Robertson, Rocky Swift, Barbara Lewis, Conor Humphries, Chizu Organizations: Central, . Finance, Bank of Japan, ING, hawkish ECB, European Central Bank, ECB, Federal, Bank of England, Wednesday, Thomson Locations: TOKYO, Japan, Sintra, Portugal, Latvian, Russian, China, China's, London, Tokyo

☆ S&P 500 futures inch lower after Tuesday's tech-fueled rally: Live updates
▼ + stars: | 2023-06-27 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

U.S. S&P 500 futures inched lower on Tuesday night. S&P 500 futures and Nasdaq 100 futures dipped 0.16% and 0.37%, respectively. Meanwhile, the S&P 500 and the Nasdaq Composite jumped more than 1% each, buoyed by a resurgence in tech stocks after last week's selloff. Federal Reserve Chairman Jerome Powell speaks Wednesday morning before a policy panel at the European Central Bank Forum on Central Banking in Sintra, Portugal. Powell will be joined by Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde and Bank of Japan Governor Kazuo Ueda.

Persons: selloff, Jeff deGraaf, deGraaf, Jerome Powell, CNBC's Sara Eisen, Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Jeff Cox Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Dow Jones, Investors, Macro, Federal, European Central Bank, Central Banking, Bank of England, Bank of Japan Locations: New York City ., Sintra , Portugal

☆ Why some central banks are rushing to hike rates now
▼ + stars: | 2023-06-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Even though inflation is slowing in many countries after more than a year of interest rate hikes, it remains above the 2% level many central banks are targeting. Raising interest rates is the primary tool central bankers have at their disposal to get inflation down. That’s why the Federal Reserve paused interest rate hikes at its June meeting after 10 consecutive hikes since last March. It’s harder for central banks to clamp down on inflation when it becomes sticky, or persistently high. That’s because research shows that inflation, if unaddressed, could become even more sticky and harder for central banks to control with rate hikes.

Persons: Andrew Bailey, Bailey, don’t, Christine Lagarde, ” Lagarde, it’s, Michael Bordo, “, ” Organizations: New, New York CNN, ” Bank of England, Federal Reserve, European Central Bank, Center for Monetary, Rutgers University, CNN Locations: New York

☆ Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. Many mortgage holders due to refinance their loans this year and next bought their homes when interest rates were much lower and mortgage rates were closer to 1% or 2%. Capital Economics is forecasting a 12% decline in house prices between their August 2022 peak and 2024. If interest rates must stay higher for longer to tame inflation, house prices could fall more sharply. “If mortgage rates were to stay at 6% for several years, a house price fall of 25% would be likely,” Wishart said.

Persons: we’ve, Andrew Bailey, ”, Jake Berry, Rishi Sunak, ” Simon Pittaway, Tom Bill, Knight Frank, Bill, Banks, ” Bill, “, There’s, Andrew Wishart, ” Wishart Organizations: London CNN —, Bank of England, ” Bank of England, ” Financial, “, Institute for Fiscal Studies, UK Finance, CNN, Savings, Capital Economics Locations: United Kingdom, United States, Europe, —

☆ Bank of England surprises with 50 basis point rate hike to tackle persistent inflation
▼ + stars: | 2023-06-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. Hollie Adams | Bloomberg | Getty ImagesLONDON — The Bank of England on Thursday surprised markets with a 50 basis point hike to interest rates, its 13th consecutive increase as policymakers grapple with persistently high inflation. The Monetary Policy Committee voted 7-2 in favor of the half percentage point increase, which takes the bank's base rate to 5%. The move defied market expectations, which had priced in around a 60% chance of a 25 basis point hike. The MPC said that the high number of fixed-rate mortgages means that the full impact of the increase in the Bank Rate so far "will not be felt for some time."

Persons: BOE, Hollie Adams, Sterling, —, we've, Andrew Bailey, Joseph Little, Little Organizations: Bank of England, City of, Bloomberg, Getty, Monetary, MPC, Bank, HSBC Asset Management Locations: City, City of London

☆ British brewers reduce alcohol in beers as inflation bites
▼ + stars: | 2023-06-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

Since, under UK law, brewers pay less tax on drinks with a lower alcohol content, the newspaper claimed that the companies had pocketed this saving rather than passing it onto customers through lower prices. Brewer Greene King has cut the alcohol content of its Old Speckled Hen pale ale to 4.8% from 5%. In January, Dutch brewer Heineken lowered the ABV content of Foster’s larger — which it sells in the UK — to 3.7% from 4%. Consumer price inflation in the UK remains stubbornly high, reaching 8.7% in April. Inflation has fallen back in recent months, but still clocks in higher than in any other country in the Group of Seven.

Persons: ” Greene King, Greene King, Shepherd Neame, Brewer Greene King, Chris Ratcliffe, Emma McClarkin, ” McClarkin, Mark Carney, Brexit, ”, Carney, revel, “ Organizations: London CNN — Brewers, CNN, Sunday, Bloomberg, Heineken, Beer and Pub Association, “ Brewers, Seven, Former Bank of England, Daily Telegraph Locations: United Kingdom, what’s

☆ UK food production costs fall for first time since 2016: Lloyds
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 20 (Reuters) - British food manufacturers reported the first drop in their production costs since 2016 in May as lower commodity and energy prices and cheaper shipping outweighed a jump in wage bills, a Lloyds Bank report showed on Tuesday. "It will still take some time before we see the benefit in terms of shelf prices," said Annabel Finlay, a managing director at Lloyds Bank. Food price inflation, as measured by Britain's Office for National Statistics, hit its highest since 1977 in April at 19.1% and only eased fractionally in May. Last week Tesco, Britain's biggest supermarket chain, said food price inflation had peaked and it and others have said they are cutting the prices of some foodstuffs and freezing others. The Lloyds Bank report is based on an analysis of S&P Purchasing Managers' Index data covering around 1,300 companies.

Persons: Annabel Finlay, Andrew Bailey, David Milliken, William Schomberg Organizations: Lloyds Bank, Manufacturers, United Nations, Britain's, National Statistics, Tesco, Bank of England, P, Thomson Locations: British

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