Biden boost: US unemployment falls as 531,000 jobs added in October Biden boost: US unemployment falls as 531,000 jobs added in October US employment increased more than expected last month as the headwind from the surge in Covid-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum in a boost for Joe biden. Nonfarm payrolls increased by 531,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data [...]
City rejects looming interest rate rise: ‘Old Lady should adopt Maradona theory’ Markets are increasingly betting that the Bank of England will raise interest rates before Christmas to contain spiralling inflation. The shift came after two of the Old Lady’s most senior officials gave the strongest signal yet that the central bank is ready to choke off inflation. Strengthening predictions over a looming rate hike triggered a [...]
West watches on as Bank of Korea raises interest rates The Bank of Korea is raising interest rates in a shift away from pandemic era monetary policy as the country faces spiralling public debt. The interest rate climbed 25 basis points from a rate of 0.5 per cent to 0.75 per cent following a 10 per cent increase in household debt and a 14.3 per [...]
Exclusive: CEO of deVere Group on why Bitcoin bashers have got it all wrong June 24, 2021 Bitcoin and other cryptocurrencies have experienced a major sell-off this week following China’s crackdown on the sector. Around $400bn in value has been wiped from the total digital currency market since Friday, when a major Bitcoin mining hub ordered miners to shut down operations. It followed reports saying that China’s central bank had a meeting [...]
Today’s Fed meeting: Those who eat get fat, those who don’t regret June 16, 2021 According to an old Turkish saying ‘those who eat get fat, those who don’t regret.’ Traders would pick this up as taking a long equity position as investors continue to navigate an environment of low to negative yields on less risky holdings, with all eyes on the Federal Reserve later today. “It’s the Turkish way [...]
City A.M. TV: A Market Snapshot June 7, 2021 US non-farm payrolls once again demonstrated their ability to move markets.
Janet Yellen denies predicting rate hikes after comments roil Wall Street May 5, 2021 US Treasury Secretary Janet Yellen has downplayed comments that rate hikes may be needed to stop the economy overheating as Joe Biden’s spending plans boost growth. Yellen yesterday said that she sees no inflation problem brewing, after her previous comments deepened a sell-off in tech stocks and pushed longer-dated Treasury yields higher. What has Yellen [...]
City A.M. TV: Daily Market Snapshot April 30, 2021 Its been a fascinating month for global equity markets in April. Three key themes have dominated: i) a weak US dollar (and strong currencies elsewhere); ii) a strong US company reporting season (with that replicated in other parts of the globe); & iii) a Fed meeting and a reiteration, once again, of the Fed’s super [...]
US inflation data beats expectations as Americans spend their Covid stimulus cheques April 13, 2021 US inflation rose 2.6 per cent year-on-year in March, ahead of analyst expectations of a 2.5 per cent rise, as more of Washington’s fiscal stimulus filtered down into the real economy. It’s a jump from the 1.7 per cent inflation rate measured last month. The month-on-month rate in March was a 0.6 per cent jump [...]
Biden willing to compromise on plans to hike US corporate tax April 8, 2021 US President Joe Biden said last night he is open to compromise on his $2tn (£1.45bn) infrastructure plan amid fiery criticism from businesses over a proposed $2.5tn increase in corporate taxes. Biden faced furious backlash from Republicans, large corporations and members of his own Democratic Party to elements of the proposal he laid last week including major [...]