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☆ VIEW Bank of England raises rates to 3.5%, says inflation has peaked
  + stars: | 2022-12-15 | by ( ) www.reuters.com   time to read: +7 min
LONDON, Dec 15 (Reuters) - The Bank of England on Thursday raised interest rates by a widely expected 50 basis points (bps) to 3.50%, in its ninth straight increase - and its eighth this year. UK rates began rising in December 2021, making the BoE the first of the world's major central banks to kick off a monetary policy-tightening cycle. MONEY MARKETS: Interest rate swaps showed investors expected rates to peak at 4.46% by next August, compared with an anticipated terminal rate of 4.53% just before the decision. Their own numbers have been pointing to a recession for a little while, and they've still materially hiked interest rates. EDWARD HUTCHINGS, HEAD OF RATES, AVIVA INVESTORS, LONDON:"The Bank of England duly delivered on financial markets expectations of a 0.50% hike.
☆ Oil rebounds from 2022 lows on China demand hopes, tanker delays
  + stars: | 2022-12-08 | by ( Alex Lawler | ) www.reuters.com   time to read: +2 min
China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia's Black Sea ports. Western officials were in talks with Turkish counterparts to resolve the tanker queues, a British Treasury official said on Wednesday, after the G7 and European Union rolled out new the restrictions on Dec. 5 aimed at Russian oil exports. The queues suggest that "available supply from the Black Sea is already affected by the punitive measure," said Tamas Varga of oil broker PVM. Concerns of economic slowdown, weakening fuel demand and the prospect of more interest rate hikes in the United States weighed. While U.S. crude inventories fell last week, gasoline and distillate inventories surged, adding to concern about easing demand.
☆ Oil rises as Saudi comments outweigh recession concerns
  + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com   time to read: +2 min
"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Dollar sinks as U.S. nonfarm payrolls show mixed picture
  + stars: | 2022-11-04 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com   time to read: +2 min
Nonfarm payrolls increased 261,000 last month, data showed on Friday. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported. However, the unemployment rate rose to 3.7% from September's 3.5%. "However, the devil is in (the) detail(s) and that is the unemployment rate has ticked higher and this may keep a lid on the dollar rally. The Fed's terminal rate, or the level at which rates peak slipped to 5.16% after payrolls, from about 5.2% just before.
☆ Pakistani journalist crushed by Imran Khan's truck during coverage
  + stars: | 2022-10-30 | by ( Mubasher Bukhari | ) www.reuters.com   time to read: +2 min
The incident prompted Khan to halt the "long march" that he is leading towards Islamabad to pressure the federal government into calling snap elections. His convoy started from the eastern city of Lahore, and is expected to reach Islamabad on Friday. PTI leader Mussarat Jamshed Cheema confirmed that Naeem was run over by Khan's vehicle. The incident occurred as Khan's convoy was near the city of Gujranwala, 220 km (136 miles) from Islamabad. Reporting by Mubasher Bukhari in Lahore, Pakistan; Writing by Gibran Peshimam; editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.
☆ Oil falls on recession fears and China COVID worries
  + stars: | 2022-10-11 | by ( Alex Lawler | ) www.reuters.com   time to read: +2 min
World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Those worries aside, fears of a further hit to demand in China also weighed. read moreOil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.
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