Market Update

UK Finance Minister Kwasi Kwarteng acknowledged on Monday that the fiscal plan introduced by the government caused “a little disturbance” in markets. The GBP/USD pair preserves its bullish momentum after these comments and it was last seen rising 1.35% on the day at 1.1312.Additional takeaways“No more distractions”.“Our growth plan makes …

Oil prices jumped by nearly $4 on Monday, October 3, as the OPEC+ group considers cutting production by more than one million barrels per day, what would be the largest cut since the Corona pandemic, in an attempt to support the market. Brent crude futures rose $3.64, or 4.3%, to …

The pound rose on Monday after Britain announced a plan to scrap the country’s highest income tax rate, while the yen slipped from the 145 level against the dollar. And sterling touched $ 1,128, after media reports that the plan was reversed, the highest rate of the currency since September …

An OPEC source said that the OPEC + group of oil producers is looking at possible production cuts of more than one million barrels per day, excluding any voluntary cuts by any member country alone. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as …

Sterling rose sharply on Monday morning after reports that the UK government would back down from its planned cut to the highest income tax bracket. Sterling rose 0.9% against the dollar to $1.12, back to the level it was at before Finance Minister Kwasi Quarting unveiled a raft of tax …

British Prime Minister Liz Truss was forced on Monday to abandon plans to cut the highest income tax rate, which has sparked a rebellion within her party and turmoil in financial markets. Terrace and its finance minister, Kwasi Quarting, announced a new “growth plan” on September 23 that would cut …

European shares fell on Monday as investors awaited factory activity data for clues to the resilience of the eurozone economy after last week’s sharp inflation report boosted expectations that the European Central Bank will raise interest rates aggressively. The pan-European Stoxx 600 index fell 1.3 percent by 0713 GMT, marking …

Japan’s Nikkei rose sharply on Monday, as chip-related stocks rose and energy stocks tracked gains in oil prices. The Nikkei gained in the last hour of trading, to close 1.07 percent higher at 26,215.79 points, after falling 1.22 percent earlier in the day. The broader Topix index advanced 0.63 percent …

Official data showed on Monday that Turkey’s annual inflation jumped to a new peak representing a 24-year high of 83.45 percent in September, less than expected after the central bank surprised markets by cutting interest rates twice in the past two months despite high prices. The Turkish Statistical Institute said …

The dollar fell last week, as commodity bulls took some breathing; However, this decline was short-lived, as the dollar jumped again to its highest level in 20 years. The dollar’s rise to a high of 112 from a one-week low came, moving back towards levels not seen since May 2002, …