Eurozone interest rates have been hiked again to a record high by the European Central Bank (ECB). The bank raised its key rate for the 10th time in a row, to 4% from 3.75%, as it warned inflation was expected to remain too high for too long. The latest increaseRead More →
India hosting the G20 summit The G20 summit will be held in New Delhi on 9th and 10th September 2023. This is the first time that India has hosted such a prestigious event, which brings together the leaders of the world’s 20 major economies with the exception of Russia. IndiaRead More →
With second-quarter earnings season now largely behind the U.S. market, stock investors have been focusing on the latest economic data and for the most part been reacting positively to bad economic news, or any data that may point to an economic slowdown. It’s been almost nine months since the trendRead More →
‘Is this the end of the line’? Yet more strike action continues to create chaos for travellers Much of the UK will have no train services on Friday 1st Septemebr 2023 as the latest major strike action takes place. Members of Aslef, the train drivers’ union, who work at moreRead More →
The Nationwide Building Society says house prices are 5.3% lower compared to August last year, in the biggest annual decline since 2009. Nationwide said the drop represented a fall of £14,600 on a typical home in the UK since house prices peaked in August 2022. It also said higher borrowingRead More →
Slow-Growing UK Faces Over £2.6 Trillion Debt Pile £2,600,000,000,000 in debt The amount the UK owes exceeds GDP for first time since 1961. Inflation-linked bonds mean the UK is paying more than its peers. From the financial crisis to Russia’s invasion of Ukraine, the UK has borrowed and spent itsRead More →
The latest U.S. mortgage rates are the highest they have been in decades. The average 30-year fixed-rate mortgage rose to 7.23% in the week ending 25th August 2023, up from 7.09% the week before, according to latest bank reports from U.S. This is the highest level since June 2001, when it wasRead More →
One-year loan rate to 3.45% from 3.55% China’s central bank has cut one of its key interest rates for the second time in three months as the world’s second-largest economy struggles to bounce back from the pandemic. The country’s post-Covid recovery has been hit by a property crisis, falling exportsRead More →
The 89 threats to life in the UK are listed in a recent report called the National Risk Register (NRR), which was published by the Deputy Prime Minister Oliver Dowden on 3rd August 2023. The NRR is an assessment of the risks facing the UK that would have a significantRead More →
August typically a rocky month The U.S. stock market has experienced a 5.6% slide for the S&P 500 index over 15 trading sessions through 17th August 2023 and levelling off in the last trading day of that week. This is about as bad as August typically gets, as August is aRead More →
Wages grew at a record annual pace between April and June 2023, according to new figures from the Office for National Statistics (ONS). Regular pay grew by 7.8%, the highest annual growth rate since comparable records began in 2001.Inflation, which measures the pace at which prices are rising, has easedRead More →
Interest rate pushed to 12% Russia’s central bank has announced a surprise hike in its key lending rate by 3.5%, from 8.5% to 12%, as the country’s economic recovery loses steam amid a resurgence of COVID-19 cases and weak domestic demand. The decision was announced after an emergency meeting ofRead More →
U.K. economy beat expectations with 0.2% growth in the second quarter, boosted by household consumption and manufacturing output, the Office for National Statistics said Friday. Economists had expected U.K. GDP to level off in the second quarter, after a surprise increase of 0.1% in the first quarter, as the BankRead More →
Problem? Americans are using their credit cards more than ever, pushing the total balance to over $1 trillion for the first time in history, according to a report from the New York Federal Reserve. The report, released August 2023, showed that credit card balances rose by $45 billion to $1.03Read More →
Deflation or inflation? China’s consumer price index (CPI) fell by 0.3% in August from a year ago, while the producer price index (PPI) fell by 4.4% last month. This is the first time since February 2021 that the CPI has fallen, and the 10th consecutive month that the PPI has contracted. This indicates that China isRead More →
China’s exports plunge According to latest figures the country’s trade fell more sharply than expected in July 2023, as both global and domestic demand receded amid the pandemic and ongoing tensions with the United States. China’s exports fell by 14.5% in July 2023 from a year ago, the biggest dropRead More →
According to the chancellor Jeremy Hunt, the UK economy is caught in a trap The UK and other advanced economies are facing a low-growth trap that is hard to escape. This means that the potential growth of the economy, which depends on factors such as productivity, innovation, investment, and labour force, isRead More →
15 year high… and counting The Bank of England (BoE) announced another increase in its base rate, from 5% to 5.25%, the highest level in over 15 years as of 3rd August 2023. This is the 14th consecutive rise since December 2021, when the BoE started to tighten monetary policyRead More →
UK house prices dropped at their fastest annual pace for 14 years in July 2023, according to Nationwide. The building society said house prices dropped by 3.8%, which is the biggest decline since July 2009. Nationwide said mortgage interest rates remain high, making affordability a difficult for house-buyers. Mortgage costsRead More →
UK house prices have defied expectations by increasing slightly in June 2023 but annual prices fell at the fastest rate since 2009 as soaring mortgage costs took a toll on the market, according to Nationwide Building Society. The surprise monthly rise of 0.1% reversed a 0.1% fall in May 2023 and surprisedRead More →
UK Interest rate 5% and rising The current interest rate in the UK is 5% as of June 2023. This is the Bank Rate set by the Bank of England (BoE), which influences the interest rates that other banks charge borrowers and pay savers. The BoE has raised the Bank Rate 13 times in a rowRead More →