The infoshot to help kick-start your week
- The European Central Bank (ECB) held interest rates constant at 4 per cent bringing an end to its previous run of 10 consecutive rate rises. The decision was expected by analysts with the bloc seeing the effects of high interest rates take place as inflation dropped to 4.3 per cent in September from its 10.6 per cent peak. ECB president, Christine Lagarde, noted in a press conference that a further rate increase would not be ruled out and any rate cuts are a long way away.
- US gross domestic product (GDP) grew faster than expected in the third quarter as consumer spending remained strong despite higher interest rates. The country saw a 4.9 per cent annualised increase in GDP which was higher than the 2.1 per cent figure seen in the second quarter and the highest rate of growth in nearly two years.
- The UK announced that it is scrapping a cap on bankers’ bonuses as part of a plan to boost the competitiveness of the City of London after Brexit. The rules were introduced in 2014 by the EU and prevented bonuses from being higher than double the base pay. The Bank of England’s Prudential Regulation Authority noted in a report released last Tuesday that the cap was identified as limiting labour mobility and acting as a barrier in the UK.
- EU Oct CPI data released, Tuesday 31st October, 10:00am.
- US Federal Reserve Interest Rate Decision, Wednesday 1st November, 18:00pm.
- UK Bank of England Interest Rate Decision, Thursday 2nd November, 12:00pm.
The performance of each asset class is represented by certain Exchange Traded Funds available to UK investors and expressed in GBP terms selected by Copia Capital Management to represent that asset class, as reported at previous Thursday 4:30pm UK close. Reference to a particular asset class does not represent a recommendation to seek exposure to that asset class. This information is included for comparison purposes for the period stated, but is not an indicator of potential maximum loss for other periods or in the future.Open document settingsOpen publish panel