bankofengland
European stock markets saw an uptick on Friday, buoyed by stronger-than-expected UK growth figures and growing optimism that the U.S. Federal Reserve may implement rate cuts. Germany’s DAX index rose by 0.4%, France’s CAC 40 increased by 0.5%, and the UK’s FTSE 100 also climbed by 0.4%. UK economy exits recession, spurring investor confidenceAdding to the positive market sentiment, the UK announced that its economy grew by 0.6% in the first quarter of 2024, surpassing the anticipated 0.4% and effectively pulling out of a recession that began in the latter half of the previous year. Additionall...
Invezz
This morning, the United Kingdom Office for National Statistics (ONS) released better-than-expected GDP figures for the UK’s first quarterly estimate from January to March 2024. The results showed quarterly growth of 0.6% for the nation’s GDP, and year-on-year growth of 0.2%, according to the ONS: UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023. Compared with the same quarter a year ago, GDP is estimated to have increased by 0.2% in Quarter 1 202...
Invezz
The Bank of England (BoE) has opted to maintain the bank rate at 5.25% in its May meeting, as expected, underscoring its commitment to maintain a restrictive monetary policy, aimed at anchoring inflation back to its 2% target over the medium term. In a split decision, Monetary Policy Committee members Swati Dhingra and Dave Ramsden advocated for a reduction of the rate by 0.25 percentage points to 5%, diverging from the majority of seven members. This represents a shift from previous meetings, where typically only one member dissented. With this decision the cost of borrowing in the United Kin...
Euronews (English)
Last week, global markets ended mixed amid various company earnings results and macro developments. As we move into this week, market focus is keenly directed towards the upcoming interest rate decision from the Bank of England. Additionally, anticipation mounts for insights into the European Central Bank (ECB)'s deliberations during its April policy meeting, as it prepares to unveil crucial details. Meanwhile, earnings season continues on both sides of the Atlantic, adding further depth to market dynamics. EuropeThis week, all eyes are on the Bank of England's monetary policy meeting, which i...
Euronews (English)
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)
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