The Bank of England's MPC voted 5-4 to keep Bank Rate at 4% at its November 5 meeting, in line with expectations. Four members favored a 25 bps cut to 3.75%, reflecting growing support for easing. Policymakers noted that CPI inflation has peaked and underlying disinflation is developing, aided by still-restrictive policy, lower wage growth, and easing services inflation. A sluggish economy and increasing labor market slack are also strengthening disinflation. The MPC said the risks to achieving the 2% target are now more balanced: inflation persistence has become less of a concern, while...
Iran's foreign minister Abbas Araqchi indicated on Friday that Tehran may reject any request by the head of UN nuclear watchdog the IAEA for visits to Iranian nuclear sites. "(IAEA head Rafael Grossi's) insistence on visiting the bombed sites under the pretext of safeguards is meaningless and possibly even malign in intent," Araqchi wrote in a post on X. "Iran reserves the right to take any steps in defense of its interests, its people, and its sovereignty." The IAEA earlier said in a statement: "(Grossi) emphasised the need for IAEA inspectors to continue their verification activities in...
U.S. Treasury Secretary Scott Bessent said on Friday the Trump administration's various trade deals with other countries could be done by the Sept. 1 Labor Day holiday, citing talks with 18 main U.S. trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. After a week where tariffs took a back seat to the U.S. strike on Iran's nuclear facilities and the massive tax and spending bill in Congress, the Trump administration's trade negotiations have picked up. The United States sent a new proposal to the European Union on Thursday and India sent a...
The US Personal Consumption Expenditures (PCE) price index rose by 0.1% month-over-month in May 2025, the same as in April and in line with expectations. Prices for goods were up 0.1%, the same as in April and prices for services rose 0.2%, above 0.1% in the previous month. The core PCE index, which excludes volatile food and energy prices, rose 0.2%, above 0.1% in the previous two months and forecasts of 0.1%. Source: Trading Economics
A White House official said late Thursday that the United States has reached an understanding with China on how to speed up rare earth shipments to the U.S., according to the Wall Street Journal. "The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement," a White House official said. The understanding was "about how we can implement the acceleration of rare earth shipments to the U.S. again," Bloomberg quoted U.S. Commerce Secretary Howard Lutnick as saying, "They're going to ship us rare earths" and "we're going to lift our...
Prime Minister Benjamin Netanyahu said on Thursday the outcome of Israel's war with Iran presented opportunities for peace that his country should not waste. In a statement, Netanyahu said: "This victory presents an opportunity for a dramatic widening of peace agreements. We are working on this with enthusiasm. "Alongside the freeing of hostages and defeat of Hamas, there is a window of opportunity that must not be missed. We cannot waste even a single day." Earlier in the day, Israel Hayom newspaper, quoting an unnamed source, said Netanyahu and U.S. President Donald Trump agreed in a...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned, but it also raises the potential for further...