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☆ Bank of England set for biggest rate hike in 33 years, but economists expect dovish tilt
▼ + stars: | 2022-11-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

New Prime Minister Rishi Sunak has scrapped the controversial tax cuts at the heart of predecessor Liz Truss' fiscal policy agenda, meaning fiscal and monetary policy are no longer pulling in opposite directions. Deutsche Bank also expects a split vote on Thursday in favor of a 75-basis-point hike, taking the key interest rate to 3%. Deutsche Bank now expects the Bank Rate to reach 4.5% by May next year, down from its previous projection of 4.75%, on account of retreating fiscal stimulus and a push toward fiscal consolidation. watch nowBank of England Deputy Governor for Monetary Policy Ben Broadbent said in a recent speech that GDP would take a "pretty material" hit from such aggressive policy tightening. The Bank's August growth forecasts, which already pointed to a five-quarter recession, were based on a much lower Bank Rate of around 3%.

☆ Fed will raise rates close to 5% in March, outpacing Europe: Goldman Sachs economist
▼ + stars: | 2022-11-01 | 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 EmailFed will raise rates close to 5% in March, outpacing Europe: Goldman Sachs economistJari Stehn, chief European economist at Goldman Sachs, says major central banks will slow to 50-basis-point rises in the next round of rate hikes, and the Fed will outpace Europe by the end of this cycle.

☆ Rishi Sunak is worth almost $850 million, making him Britain's richest prime minister. Here's why that could be a big problem.
▼ + stars: | 2022-10-30 | by ( Ryan Hogg | Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

UK Prime Minister Rishi Sunak is worth about $850 million according to the Sunday Times Rich List. With wealth that rivals King Charles III, the former finance minister is the richest UK leader ever. The 42-year-old former chancellor (finance minister) has a net worth of £730 million ($847 million) according to the Sunday Times Rich List, and was ranked 222nd in May. Queen Elizabeth II was estimated to be worth about $440 million before her death, according to the Sunday Times. The ex-finance minister has a 19th century, Grade II-listed mansion in Yorkshire as well as a London home worth millions.

☆ A recession looks increasingly likely. But Goldman Sachs says these stocks could beat the gloom
▼ + stars: | 2022-10-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Central banks are relentlessly hiking interest rates to rein in inflation — even at the expense of economic growth — prompting fears of a recession. "Concerns on sticky inflation and a tight labor market have focused investor attention on implications for rising rates and recession risk. Those stocks have high and expanding cash return on capital invested and return on equity, according to the bank. BlackRock says that's now an 'obsolete' strategy Investors keen to add growth names to their portfolio could also look to Goldman's list of high growth stocks. The bank also identified high growth names that are trading at an attractive valuation, including Watches of Switzerland and Standard Chartered .

☆ Dollar dishes the pain as selloff rumbles on
▼ + stars: | 2022-09-29 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. "The market wouldn't mind some stability, it has become a little bit unpredictable," said Barings Investment Institute's Chief European strategist, Agnes Belaisch. "We are facing difficult economic times," Truss, who only took over as UK Prime Minister this month, said on local BBC radio. U.S. GDP fell at an unrevised 0.6% annualized rate last quarter, the government said in its third estimate of GDP. read moreRecession angst combined with supply issues and the strong dollar meant oil prices see-sawed after gaining more than $3 in the prior session.

☆ Dollar dishes the pain as new selloff takes hold
▼ + stars: | 2022-09-29 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

The STOXX 600 share index (.STOXX) dropped nearly 2% from the open, while both the euro and the pound , hammered over the last week by UK debt concerns, slumped 1%. /FRXGovernment bond markets were braced for German data expected to show consumer prices rising there at the fastest rate since the 1950s. Gilt selling also resumed a day after the Bank of England dramatically intervened in the UK market to try and quell the storm around the government's spending plans. Reuters GraphicsBIT OF A MESSZooming back out, it was still about the dollar which has crushed currencies virtually everywhere this year. S&P 500 futures pointed to Wall Street falling more than 1.2% later with more Fed policymakers also due to speak.

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