Market Update

Following its August policy meeting, the Bank of England announced that it raised the policy rate by 50 basis points to 1.75% as expected. The policy statement revealed that Monetary Policy Committee (MPC) member Silvana Tenreyro voted to hike the rate by 0.25 basis points.

Oil prices held largely steady on Thursday as the market balanced tight supplies with demand concerns, after an increase in US crude and gasoline inventories pushed prices to multi-month lows in the previous session. By 0925 GMT, Brent crude futures rose 36 cents, or 0.37 percent, to $97.14 a barrel, …

The dollar held onto recent gains against other major currencies on Thursday, as comments from Federal Reserve officials reinforced the US central bank’s determination to tackle the highest inflation rate in decades with massive interest rate hikes. Meanwhile, the Bank of England is widely expected to raise interest rates by …

European shares rose on Thursday following strong results for several companies, while the focus is on the Bank of England, which is expected to raise interest rates by the most since 1995. The pan-European Stoxx 600 index rose 0.1 percent, following the path of Asian stocks, which rose 0.4 percent, …

Gold prices rose on Thursday, supported by lower US Treasury yields, as cautious investors awaited the US non-farm payrolls report due this week for more clues on the Federal Reserve’s stance on raising interest rates. By 0628 GMT, spot gold rose 0.3 percent to $1,769.74 an ounce. US futures also …

The People’s Republic of China decided to impose trade sanctions against Taiwan – as it had done against Australia – and targeted the island’s industrial sector, which enjoys political independence despite being a part of China. The General Administration of Customs of China suddenly announced the suspension of imports of …

US indexes surged, capping the safe-haven dollar’s demand, partially helped by strong Q2 corporate earnings reports and encouraging local data.Commodity-linked currencies, on the other hand, benefited from Wall Street’s strength. AUD/USD trades around 0.6950 while USD/CAD is marginally lower at 1.2840.The EUR/USD pair trades around 1.0160, as tepid European data …

Michael Saylor’s bet on Bitcoin has failed and he lost. The MicroStrategy CEO, also one of the biggest bitcoin bull, has decided to step down. When cryptocurrency lending platform Celsius froze user accounts amid a drop in valuations, waves across the industry raised questions about what could happen to user …

Fed’s Neel Kashkari has said that the Fed moved too slowly in 2021 in tackling high inflation. He also added that US wages are climbing and there is a risk that this goes into a wage-driven inflation story and that the US central bank is laser-focused on getting inflation down.Kashkari …

On Thursday, the Bank of England is broadly expected to hike interest rates by 50 basis points, its largest single increase since 1995. This move would take borrowing costs to 1.75% as the central bank encounters rising inflation and would be the first half-point hike since it was made independent …