bankofengland
The UK year-on-year inflation report for March 2024 came out on Wednesday morning, clocking in at 3.2%, according to the Office for National Statistics (ONS), marking a decline from February’s 3.4%. However, it was still above analyst estimates of 3.1%, although the lowest number since September 2021. Food inflation slowing down was one of the biggest contributors to the decline, coming down to 4% from 5% in the previous month. Here's why Germany's economy remains the most distressed in Europe Regarding food and non-alcoholic beverages prices, the ONS said: “Prices have been relatively high bu...
Euronews (English)
Gold prices soared to all-time highs of $2,266.6 (€2,107.9) per troy ounce on Tuesday, before settling lower at $2,257.8 per troy ounce near the end of the trading session. This was largely due to increased interest in momentum-following funds. Rising geopolitical uncertainties, especially following the recent Israeli attack on an Iranian embassy in Syria on 1 April, has resulted in investors flocking to the deemed safe haven asset. The precious metal also received a significant boost from major central banks such as the US Federal Reserve, the Bank of England and the European Central Bank hin...
Euronews (English)
In its latest policy meeting, the Bank of England (BoE) has opted to maintain the Bank Rate at 5.25%, as widely expected, envisioning a decline in inflation and a modest rise in economic growth in the upcoming quarter. Eight members voted in favour of the decision to keep the rate unchanged. Notably, the BOE highlighted its intentions to keep monetary policies restrictive enough to ensure that inflation falls back to its 2% target in a sustainable manner over the medium term. However, there was one dissident, Swati Dhingra, who called for a rate cut of 0.25%. No board members voted to increase...
Euronews (English)
The first sterling banknotes featuring Britain's King Charles III will go into circulation in June, the Bank of England has announced. "The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs," the bank has said in a statement. The only difference in the design will be the King's image replacing that of his mother Queen Elizabeth II. The initial batches will be sold at auction to raise money for charity. "Members of the public will also be able to exchange a limited value of current or old series notes...
Euronews (English)
The UK's month-on-month sales have risen at their highest rate since April 2021, boosted by gains in every sub-sector except clothing, according to new figures. This has led to increasing hopes that the UK could potentially see its way out of its current technical recession sooner than expected. The UK's month-on-month retail sales report for January 2024 showed that January retail sales clocked in at 3.4%, a huge step up from December’s -3.3%. The figure was also more than double analyst expectations of 1.5%. Year-on-year retail sales inched up 0.7% in January, up from -2.4% in December and b...
Euronews (English)
The UK economy entered a technical recession in the fourth quarter of 2023, according to official figures from the Office for National Statistics, as UK households cut back on spending in response to soaring prices. The quarter-on-quarter gross domestic product (GDP) report for Q4 2023 clocked in at -0.3%, worse than last quarter’s -0.1%. This was also a step down from analyst forecasts of -0.1% The year-on-year GDP growth rate for Q4 2023 was -0.2%, also down from Q3’s 0.2% and below market expectations of 0.1%. This was the first decrease since 2021. For all of 2023, GDP only inched up 0.1%....
Euronews (English)
The outlook for the UK housing market seems to be a little brighter as house prices went up for a fourth consecutive month in January 2024, according to data from the Halifax House Price Index. The Index revealed that the cost of an average house in the UK last month was estimated to set buyers back by about £291,029, which is £3,900 more expensive than in December. Good news for home owners but perhaps not for buyers. The year-on-year Halifax House Price Index for January inched up 2.5% from 1.8% in December. This increase was also the most since January 2023. Meanwhile, month-on-month, house...
Euronews (English)
The British pound (GBP) lost half a percent against the U.S. dollar on Thursday after the country’s central bank decided not to raise its benchmark interest rates by 25 basis points. The GBP/USD fell nearly 0.6% on Thursday to dip below the 1.23 mark. This major currency pair has been trading in a clear downtrend in recent weeks after hitting a 15-month high back in July. The pound has lost nearly 7% in about 2 months, mostly due to the greenback’s strength. More importantly, GBP/USD now trades below important technical levels, which may invite more weakness. On the downside, the next cluster ...
ValueWalk
June saw a net retail outflow of £986 million – the first monthly outflow this year.In June, North American equity funds had a £657 million outflow, despite improved performance in the US market. This impacted on sales to tracker funds which dipped to £272 million inflows.Japan equity funds saw £227 million invested in June, the only equity region with inflows.UK gilts were the top best-selling sector for June.High Interest Rates Lead To Investors Pulling Out Funds“Investors pulled nearly £1bn out of funds in June as the macro-economic picture moved both sentiment and opportunity. Challenging ...
ValueWalk
On tomorrow’s expected Bank of England rate rise, Paula Higgins, Chief Executive of HomeOwners Alliance says, Bank of England To Raise RatesMost economists think the Bank of England will raise the base rate for the fourteenth consecutive time on Thursday, by 0.25 percentage points. Fingers crossed that a less aggressive rate rise will fuel better mortgage rates being made available to homeowners needing to remortgage. This trend has already started following better-than-expected inflation figures for June which led to some lenders reducing their fixed rate mortgages. We’d like to see more foll...
ValueWalk
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