The infoshot to help kick-start your week
Last Week
- On Thursday afternoon, UK Prime Minister Liz Truss resigned as Prime Minister and Leader of the Conservative party, kickstarting a contest to find her replacement. Hopeful candidates, including Sunak and Mordaunt, will need the backing of 100 MP’s by Monday afternoon. Should there be two candidates, the Conservative membership will vote, and the winner would be decided by Friday, but could be as early as Monday.
- The inflation rate in the UK rose to a 40-year high of 10.1% in September, a number that exceeded economists’ expectations, rising from 9.9 per cent in August. Significant contributors to inflation included food and drink, with price rises at a multi-decade high of 14.6%. The September inflation figures are also particularly important because they are normally used for increasing benefits and pensions. Prime Minister Liz Truss confirmed state pensions would rise in line with inflation but made no commitment to non-pensioner benefits.
China delayed the release of several key economic indicators on Tuesday, including third quarter GDP figures. A new date for the release of the figures has yet to be scheduled. This announcement comes in the same week as the Chinese congress meeting, an event which is held every 5 years.
Market Pulse
Coming Up
- The Conservative party holds their leadership contest, with the new UK Prime Minister expected to be decided by Friday.
- European Central Bank press conference on Thursday, including determination of the main refinancing rate.
Notice:
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
