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"The culture wars are coming to UK businesses, including the financial sector," said Andre Spicer, dean of City University's Bayes Business School. It also cited "risk factors including... controversial public statements which were felt to conflict with the bank's purpose". However, data from watchdog the Financial Ombudsman Service showed complaints about account closures represented a tiny fraction of a bank's overall customer base. Experts say other banks will now be scrambling to ensure their own policies and committees are behaving appropriately, to avoid further scandals. The CEO of Britain's biggest domestic bank Lloyds said on Wednesday the bank's own policies did not include looking at customers' political or personal beliefs.

Persons: Nigel Farage, Coutts, Andre Spicer, Howard Davies, Alison Rose, Rose, Peter Flavel, Charles Dickens, Queen Elizabeth II, Spicer, Harriet Baldwin, Bill Winters, Samuel Gregg, Banks, Gregg, University's Spicer, Rupert Younger, ", Sinead Cruise, Iain Withers, Lawrence White, Daniel Wallis Organizations: Brexit Party, NatWest, Bayes Business School, Coutts, Treasury, Bank of England, BBC, Standard Chartered, Farage, American Institute for Economic Research, Facebook, Financial, Service, Barclays, Lloyds, Centre, Oxford University's Said Business School, Thomson Locations: America

The ousting of Flavel is one of the first actions taken by NatWest's interim CEO Paul Thwaite, after the group's former CEO Alison Rose quit on Wednesday over the same matter. NatWest has faced intense scrutiny over the decision by Coutts to sever ties with Farage. An internal review obtained by the politician-turned-TV show host showed Coutts' wealth reputational risk committee had said his values did not align with the bank's own. Australian-born Flavel, who previously served as CEO of JPMorgan Private Wealth Management in Asia Pacific region, took the top job at Coutts in 2016. Mohammad Kamal Syed will step into the role of interim CEO of Coutts and NatWest's wealth businesses, Thwaite said, adding that Flavel was stepping down by "mutual consent".

Persons: Coutts, Peter Flavel, Nigel Farage's, Flavel, Paul Thwaite, Alison Rose, Rose, she'd, Farage, Howard Davies, Charles Dickens, Queen Elizabeth II, Mohammad Kamal Syed, Thwaite, Iain Withers, Sinead Cruise, Lawrence White Organizations: NatWest, BBC, Reuters, JPMorgan Private Wealth Management, Thomson Locations: Asia Pacific

Still, money market traders are split on the odds of another increase later in the year.FEDWATCH"The 25 basis point rise is a done deal. "The risk is that the Fed, looking at market bullishness, may not want to sound too dovish - they may want to keep the door open for more rate hikes." The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, was flat. In Hong Kong, the Hang Seng index (.HSI) was down 0.3% and China's blue chip CSI300 index (.CSI300) was off 0.2%. Positive sentiment had returned to China's market on Tuesday, when the CSI 300 Index snapped a six-day losing streak.

Persons: Luca Paolini, Alison Rose, Nigel Farage's, We're, David Chao, Tom Wilson, Scott Murdoch, Jamie Freed, Kim Coghill Organizations: Fed, Federal, Pictet Asset Management, NatWest, BBC, Lloyds, CSI, ECB, Brent, Thomson Locations: SYDNEY, U.S, Germany, France, Britain, CHINA, Asia, Pacific, Japan, Hong Kong, London, Sydney

☆ NatWest CEO Steps Down After Discussing Nigel Farage’s Bank Account
▼ + stars: | 2023-07-26 | by ( Matthew Thomas | Joe Wallace | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: natwest

☆ Alison Rose: NatWest bank CEO resigns over leaking Nigel Farage financial details
▼ + stars: | 2023-07-26 | by ( Robert North | ) edition.cnn.com time to read: +1 min

London CNN —The CEO of one of the biggest banks in the United Kingdom has resigned after admitting she leaked details of Brexit campaigner and political commentator Nigel Farage’s finances to BBC News. The lender was later revealed in UK media to be Coutts, a bank for the rich owned by NatWest. Mr Farage said he believed the decision to close his Coutts account was due to his political views. The BBC then reported that it had been told by a senior source at the bank that Farage’s accounts had been closed for commercial reasons. On Tuesday night, Alison Rose confirmed she had been the source for the BBC report and apologized.

Persons: Nigel Farage’s, Alison Rose, “, Nigel Farage, Donald Trump, Coutts, Mr Farage, Farage, ” Alison Rose, Paul Thwaite Organizations: London CNN, BBC News, NatWest, BBC Locations: United Kingdom, ”

☆ NatWest CEO resigns after admitting to 'serious error' over Nigel Farage leak
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +4 min

NatWest CEO Alison Rose on Wednesday stepped down with immediate effect after she admitted a "serious error of judgment" in discussing former Brexit party leader Nigel Farage's relationship with the bank with a senior BBC journalist. The board appointed Paul Thwaite to helm NatWest for an initial period of 12 months, the company said in a statement. "The board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group," Howard Davies, chairman of the board, said. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds with the bank or hold 3 million pounds in savings. Britain's Financial Conduct Authority (FCA) said it had urged the NatWest board to review the matter independently and welcomed its statement.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Howard Davies, Coutts, Rose, Farage, Peter Flavel, NatWest's Davies, Davies, Rose —, Simon Jack, Jack, Sheldon Mills, Andrew Griffith Organizations: NatWest, BBC, NatWest Group, BBC Business, Authority, Treasury, Reuters, Government Investments

☆ A Prominent Bank C.E.O. Exits Amid a Political Storm in Britain
▼ + stars: | 2023-07-26 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The departure of Ms. Rose, the first woman to lead a major British bank, who had been charged with transforming an institution marred by scandal, has been swift. Less than a month ago, Mr. Farage, the former leader of the UK Independence Party, said that his account at Coutts, the private bank owned by NatWest, had been closed because of his political views. The apology and a promise to review the bank’s policies was not enough to ease the pressure on Ms. Rose. Reports late Tuesday night that the government, which has a 39 percent stake in the bank, was “significantly concerned” about Ms. Rose’s leadership seemed to seal her fate. Before dawn, the bank announced her immediate departure.

Persons: Alison Rose, Nigel Farage, Ms, Rose, Farage, Coutts, Rose’s Organizations: NatWest, European Union, UK Independence Party, BBC Locations: British

LONDON, July 26 (Reuters) - Lloyds Banking Group (LLOY.L) reported a higher charge for troubled loans and missed first-half profit expectations as Britain's economic chills weighed on its finances and upped pressure on management to do more to help struggling savers. Lloyds shares fell 5% in early trading against a flat FTSE 100 index (.FTSE). Lloyds shares fell 5% in early trading on Wednesday, against a flat FTSE 100 index (.FTSE). The bank said it expected this to fall more slowly than previously forecast, dipping to 3.10% this year instead of 3.05%. ($1 = 0.7754 pounds)Reporting by Iain Withers and Lawrence White; editing by Sinead Cruise and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Zoe Gillespie, we’ve, Fran Boait, Charlie Nunn, Nunn, Alison Rose, Nigel Farage, Coutts, Iain Withers, Lawrence White, Sinead Cruise, Jason Neely Organizations: Lloyds Banking Group, Lloyds, . Banking, JPMorgan, Bank of, RBC Brewin Dolphin, NatWest, Thomson

☆ A Brexit Champion’s Feud With His Elite Bank Brings a C.E.O. Down
▼ + stars: | 2023-07-26 | by ( Mark Landler | More About Mark Landler | ) www.nytimes.com time to read: +1 min

When Nigel Farage campaigned for a fellow populist, Donald J. Trump, in Arizona in 2020, he seemed like a faded star seeking the spotlight abroad after it had swung past him at home. Having helped mobilize the pro-Brexit vote in 2016, Mr. Farage was marginalized in Britain, then consumed by the pandemic. No longer: For three weeks, Mr. Farage, has been back on the front pages of British papers, with an attention-grabbing claim that his exclusive private bank, Coutts, dropped him as a customer because of his polarizing politics. Early on Wednesday, after Mr. Farage’s allegations were largely vindicated, the chief executive of his bank’s parent, NatWest Group, resigned after she admitted improperly discussing his bank account with a BBC journalist. It was a striking turn of events for a political insurgent who became, for many, a reviled symbol of Brexit, and later, a culture warrior on right-wing television.

Persons: Nigel Farage, Donald J, Trump, Farage, Coutts, Alison Rose Organizations: NatWest Group, BBC Locations: Arizona, Britain

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

☆ UK's FTSE 100 slips on dour earnings; NatWest falls
▼ + stars: | 2023-07-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The FTSE 100 index (.FTSE) lost 0.2%, while the more domestically focussed FTSE 250 midcap index (.FTMC) was flat. UK earnings season picked up pace with Lloyds Banking Group(LLOY.L), Britain's biggest mortgage lender, posting a pre-tax first-half profit below analysts' forecast compiled by the bank. The lender fell 2.7%, while the UK banks index (.FTNMX301010) slipped 0.9%. Rolls-Royce (RR.L) soared 19.3%, to hit its highest level in over three years after the aero-engineering company raised its full-year operating profit forecast. Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Royce, Aston Martin, Alison Rose, Nigel Farage, Georgina Cooper, Aston, Shashwat Chauhan, Eileen Soreng, Sohini Organizations: HY, U.S, Fed, Lloyds, NatWest, NatWest Group, BBC, Lloyds Banking Group, BNY, Equity, Rio Tinto, Royce, Dunhill, Tobacco, Aston Martin Lagonda Global Holdings, U.S . Federal Reserve, Thomson Locations: Rio Tinto, London, Rio, Bengaluru

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

☆ A CEO quits and the BBC apologizes to Trump ally Nigel Farage. A banking scandal erupts in Britain
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. Farage was offered an alternative account at regular main street bank NatWest, but declined. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria.

Persons: Jonathan Bachman, Alison Rose, Nigel, Coutts, Rose, Danni Hewson, AJ Bell, Farage, Coutts —, Chancellor Jeremy Hunt, James Manning, Rishi Sunak, Nigel Farage, —, DANIEL LEAL, Donald Trump, Vladimir Putin, Frances Coppola, Coppola, Dave Rushen Organizations: Getty, LONDON, NatWest, BBC, UBS, Conservative, Brexit Party, Independence Party Leader, U.K, Independence Party, UKIP, Sky News, NatWest Group, Company Locations: London, U.K, inclusivity, Leicester, British

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ Asia shares brace for trio of rate meetings, China steps
▼ + stars: | 2023-07-24 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China's Politburo meeting this week could see more stimulus announced, though investors have so far been underwhelmed by Beijing's actions. S&P 500 futures and Nasdaq futures were little changed ahead of a wave of earnings this week. The U.S. dollar eased a touch to 141.37 yen , having jumped 1.3% on Friday following the report on the BOJ. The rise in the dollar pulled gold back to $1,961 an ounce and away from last week's peak of $1,987. Oil prices ran into profit-taking early on Monday having climbed for four straight weeks amid tightening supplies.

Persons: Jerome Powell, Christine Lagarde, Powell, John Briggs, Goldman Sachs, Brent, Wayne Cole, Shri Navaratnam, Christopher Cushing Organizations: Nikkei, Fed, ECB, SYDNEY, U.S . Federal Reserve, European Central Bank, NatWest Markets, Bank of Japan, Reuters, Japan's Nikkei, HK, Nasdaq, Intel, Microsoft, GE, Boeing, Exxon Mobil, Coca Cola, Ford, Google, U.S, Thomson Locations: Europe, United States, Asia, Pacific, Japan, Coca, Spain

☆ NatWest goof is a boon for sketchy bank clients
▼ + stars: | 2023-07-21 | by ( Liam Proud | ) www.reuters.com time to read: +5 min

LONDON, July 21 (Reuters Breakingviews) - A row between right-wing talking head Nigel Farage and UK bank NatWest (NWG.L) could have much broader consequences. Last November, a reputational risk committee of NatWest’s exclusive private bank Coutts decided to ditch Farage by summer 2023. After closing the Coutts wealth account, NatWest offered Farage a standard one at the parent group instead, for example. But for now the biggest winners from the Farage-Coutts row seem to be sketchy UK bank customers. Briefing papers presented to Coutts’ wealth reputational risk committee said Farage was “considered by many to be a disingenuous grifter”.

Persons: Nigel Farage, Alison Rose, Farage, Coutts, didn’t, Rose, Andrew Griffith, Coutts ’, “, ” Farage, George Hay, Oliver Taslic Organizations: Reuters, NatWest, Conservative, Treasury, Financial Ombudsman Service, Twitter, UK Independence Party, Thomson

☆ NatWest apologises to Nigel Farage over account closures, reporters say
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

LONDON, July 20 (Reuters) - British bank NatWest has apologised to former Brexit party leader Nigel Farage for the handling of the closure of his accounts with its private banking arm Coutts, according to two reporters citing copies of the letter on Twitter. The letter from NatWest CEO Alison Rose comes after Farage complained publicly about his treatment by the bank and claimed his services were being cut over his political views. NatWest was not immediately available for comment. Reporting by Iain Withers; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Farage, Coutts, Alison Rose, Farage, Iain Withers, William James Our Organizations: NatWest, Twitter, Thomson

☆ UK tightens rules over bank account closures after 'debanking' criticism
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts. Under the new rules, banks will need to explain any closure and customers will be given more time - 90 days - to challenge a decision through the Financial Ombudsman Service, or find a replacement bank, the Treasury said. Reporting by William James, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Farage, Banks, Andrew Griffith, William James, Kylie MacLellan Organizations: Treasury, Financial, Authority, NatWest, Financial Ombudsman Service, Thomson Locations: Banks, Britain

☆ Asia stocks split as US-China outlooks diverge
▼ + stars: | 2023-07-19 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight the S&P 500 (.SPX) rose 0.7% to hit a three-month high, with results propelling bank shares. Morgan Stanley (MS.N), Bank of America (BAC.N) and Bank of New York Mellon (BK.N) shares rose sharply on strong results and an upbeat outlook overnight. Microsoft (MSFT.O) shares rose 4% - adding $100 billion in market value - after announcing charges for artificial intelligence features in its office software. British inflation data due at 0600 GMT is the next major calendar item and traders are expecting a fall to a still-uncomfortable 8.2% annual pace. "While annual headline inflation fell sharply, which is helpful for inflation expectations, the details suggest persistence in non-tradables inflation."

Persons: Seng, SYDNEY, Dovish, Tapas Strickland, Morgan Stanley, Klaas Knot, Brian Daingerfield, Treasuries, Brent, Lincoln Organizations: Companies, Microsoft, U.S, European Central Bank, New Zealand, Japan's Nikkei, Headline U.S, National Australia Bank, Bank of America, Bank of New York Mellon, NatWest Markets, Bank of, Fed, ECB, ANZ, Thomson Locations: China, Japan, Australia, Asia, Pacific, Hong Kong, South Korea, Sydney, Atlanta, U.S, Europe, New York, New Zealand, Bank of England

Inflation is falling, with the headline consumer price index (CPI) measure slowing to 3.0% in June from 4.0% in May. The current debate is whether more rate increases might be needed to ensure "disinflation" continues or if doing more could cause unnecessary damage to the economy. Core PCE was last reported at 3.8% for May. But none of the inflation gauges polled by Reuters - CPI, core CPI, PCE and core PCE - were expected to reach 2% until 2025 at the earliest. A slight majority of economists who answered an additional question, 14 of 23, said wage inflation would be the most sticky component of core inflation.

Persons: Jerome Powell, Jan Nevruzi, Doug Porter, Indradip Ghosh, Prerana Bhat, Maneesh Kumar, Ross Finley, Paul Simao Organizations: U.S . Federal Reserve, Reuters, Fed, NatWest Markets, PCE, CPI, BMO Capital Markets, Thomson Locations: BENGALURU, U.S

☆ Farage makes fresh allegations against UK's Coutts over account closures
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

Reuters previously reported that Coutts was closing Farage's accounts mainly for commercial reasons, citing a source familiar with the matter. The BBC previously reported Farage had fallen below the financial threshold required to be a customer of the private bank - something Farage said he had had no knowledge of. A Coutts spokesperson told Reuters that its ability to respond to Farage's fresh claims were restricted by obligations to protect client confidentiality. Farage told Reuters the issue "raises very broad questions about our banks and how deeply political they have become." Farage previously said he believed it was because he was deemed a "politically exposed person" (PEP), meaning banks have to apply additional scrutiny to accounts.

Persons: Nigel Farage, Coutts, Farage, Donald Trump, Iain Withers, Sinead Cruise, David Evans Organizations: Brexit Party, NatWest Group, Twitter, Reuters, BBC, Farage, Britain's Daily Telegraph, Thomson Locations: Russia

☆ Stress test shows top 8 UK banks have enough capital, says Bank of England
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/3] A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. The test also measured how well the lenders would cope with a global rise in interest rates. "Major UK banks’ capital and liquidity positions remain robust and profitability has increased, which enables them both to improve their capital positions and to support their customers." The Bank said it had decided to maintain its counter-cyclical capital buffer (CCyB) for banks unchanged. Given its successful completion of the stress test, Virgin Money said it anticipated resuming its share buyback programme during this year, sending its shares 3% higher in early trading.

Persons: Simon Dawson, BoE, Virgin Money, Huw Jones, Sinead Cruise, Mark Potter Organizations: Barclays, REUTERS, Bank of England, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society, Virgin Money, The Bank, Bank, Virgin, Britain's, Nationwide, Standard, Silicon Valley Bank, Thomson Locations: London, Britain, United States, Silicon Valley, U.S

☆ Goldman picks a raft of discounted global stocks — and gives two more than 100% upside
▼ + stars: | 2023-07-12 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Analysts at Goldman Sachs have picked a number of global stocks it says are trading at a discount — and said two of its picks could rise more than 100% over the next 12 months. The analysts picked telecommunications company BT Group , giving it an estimated 130% potential upside in the next year. Goldman also gave Lloyds Bank potential upside of 78%, and said South African technology group Naspers could rise by 71% over 12 months. 'Upside risks' The stocks all appear on Goldman's list called "value buys with earnings upside potential." The bank gave Intesta Sanpaolo a 58% potential upside to its 12-month price target.

Persons: Goldman Sachs, John Sawtell, Goldman, Andrew Lee, Sanpaolo, Chris Hallam, — CNBC's Michael Bloom Organizations: Goldman, BT Group, BT, Natwest, Deutsche Bank, Lloyds Bank, Porsche Locations: African

☆ Dollar eases after strong labor market reports
▼ + stars: | 2023-07-06 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

NEW YORK, July 6 (Reuters) - The dollar eased after a brief rebound on Thursday as data showing the U.S. labor market remains strong increased chances the Federal Reserve will raise interest rates later this month. "Take it together with how equity markets have responded, that gives a clear picture of the dollar today. The dollar index , measuring the U.S. currency against six others including the euro and Japan's yen, fell 0.18% to 103.13. "The FX market is taking more of a 'one-dimensional approach' to trading the British disease," said Stephen Gallo, global FX strategist at BMO Capital Markets. The Chinese yuan last traded down slightly at 7.2575 per dollar in the offshore market , a day after falling about 0.4%.

Persons: payrolls, Brian Daingerfield, Lorie Logan, Brad Bechtel, Stephen Gallo, Gallo, Bitcoin, Herbert Lash, Samuel Indyk, Rae Wee, David Holmes, Mark Potter, Richard Chang Organizations: YORK, Reserve, Labor Department, Institute for Supply Management, NatWest Markets, Fed, Dallas, FX, Jefferies, of England, BMO Capital Markets, Thomson Locations: U.S, Stamford , Connecticut, London, Singapore

☆ UK sells government bond with highest yield since 2007
▼ + stars: | 2023-07-05 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - Britain sold a government bond at auction on Wednesday that will pay investors an annual return of 5.668% - the highest yield of any gilt sold since 2007, as markets demand extra returns in anticipation of further Bank of England rate rises. The last time the average yield at a gilt auction was higher was in June 2007, when 2.5 billion pounds of five-year gilts sold at an average yield of 5.790%. Before that, the highest yield was in September 1999 when 2.7 billion pounds of 10-year gilts were sold at an average yield of 5.694%. When the October 2025 gilt was sold at auction last month the yield was 4.874%, and at its launch in January it paid investors a yield of 3.634%. Bond strategists at NatWest last week described it as "one of the cheapest bonds on the UK fitted curve".

Persons: BoE, Andrew Bailey, gilts, David Milliken, Toby Chopra Organizations: Bank of, United, Debt Management, NatWest, Thomson Locations: Britain

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