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☆ Markets in a tailspin get a big dose of chill from the Bank of England
▼ + stars: | 2022-09-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

The global financial system is “like a pressure cooker” right now, said Chris Turner, global head of markets at ING. Once, the idea of paying sticker price at a dealership was laughable — a trap that only suckers would fall into. The South Korean company’s sedans and SUVs are selling for about 6% over their sticker price, according to data from Edmunds.com. Used car prices — which shot up to dizzying heights early in the pandemic — have finally begun falling. “Speak to any (very) large used car dealer and you will hear the same - an absolute vortex of deflation is coming to used car prices,” tweeted Ophir Gottlieb, the CEO of Capital Market Laboratories, earlier this month.

☆ Sterling higher as BoE, Treasury seek to calm markets
▼ + stars: | 2022-09-27 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017. The BoE "will not hesitate" to raise interest rates if needed to meet its 2% inflation target, governor Andrew Bailey said on Monday. "The BoE saying it won't change course has helped the recovery in sterling as it conveys a message that there's no sense of panic at the central bank," Cole added. "UK markets will now be hyper-sensitive to any communication from UK policymakers," said ING head of markets Chris Turner in a note. Pill voted with the majority to raise interest rates by 50 basis points at last week's policy meeting.

☆ Britain's sudden lurch to 'Reaganomics' gets a thumbs down from the markets
▼ + stars: | 2022-09-24 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies. Hannah Mckay | Reuterswatch nowU.K. bond markets went into a tailspin Friday as investors shunned the country's assets. And with bonds tanking, sterling was also sent into freefall after hitting 37-year lows against the dollar in recent weeks. Left-leaning The Guardian newspaper called it "a budget for the rich" on its front page Saturday, while The Times called it a "great tax gamble." The right-wing Daily Mail newspaper called it a "true Tory budget" while Kwarteng himself said it was a "very good day for the U.K.," declining to comment on the currency moves.

☆ Markets hate Liz Truss’ plan for the UK. Just look at these charts
▼ + stars: | 2022-09-23 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN Business —When the UK government, led by new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. UK stocks, as measured by the FTSE 100 (UKX) in London, hit their lowest level since March. The Bank of England on Thursday pushed its key rate to its highest level since 2008. “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market,” Summers said. “We think the market may be underpricing the chances of parity.”

☆ Sterling idles near 37-year low ahead of Fed, BoE meetings
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. At 0933 GMT, the pound was little changed against the dollar at $1.1432, just above last week's 37-year low of $1.1351. Money markets fully price in a half-point rate hike from the BoE on Thursday, with around a 75% chance of a larger 75 basis point rate rise, according to Refinitiv data. Meanwhile, economists polled by Reuters expect a 50 basis point hike this week and for the Bank Rate to end 2022 at 3%. Expectations of a hike of at least 75 basis points have been keeping the dollar index elevated near its highest level since 2002.

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