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...He also warned that the US’s yawning budget deficit — which the Congressional Budget Office estimates will rise by almost two-thirds over the next decade to $2.6tn — would likely push up long-dated Treasury...
...Barclays expects Italy’s total bond issuance will be €360bn this year, up from €340bn last year, with sales net of redeeming bonds at €93bn, up from €87bn in 2023....
...Traders are betting the BoE will deliver at least two quarter point rate cuts by the end of the year....
...The robust performance comes despite forecasts from the IMF that economic growth across emerging markets will be slightly lower this year than last....
...But he added: “It’s likely that we will need to cut bank rates over the coming quarters . . . possibly more so than currently priced into market rates.”...
...“If anyone has a baby or someone’s relative dies, I will be writing a card . . ....
...The ECB is widely expected to hold its deposit rate at 4 per cent when it meets on Thursday but investors will be on watch for clues to see how independent of the Federal Reserve narrative the ECB can be...
...Traders in swaps markets are now betting that the Bank of England will deliver only two quarter-point cuts to the interest rate by the end of this year from a current level of 5.25 per cent, down from an...
...Market expectations for BoE interest rate cuts in 2024 have retreated, pushing back the prospect of the start of a rate-cutting cycle that Hunt believes will shift public sentiment on the economy....
...About £140bn of gilts will need to be rolled over in 2023-24 as gilts issued in response to the coronavirus pandemic mature, up from £117bn this year....
...The UK will issue £265.3bn of gilts in 2024-25, according to budget documents, higher than £258.4bn expected by banks ahead of the announcement. Gilts sold off following the release of the numbers....
...Investors will be looking out for any dovish changes in the vote split and policy guidance....
...Mary McDougall...
...“But we’re going to need to see data like [inflation] next week that will corroborate the pushback to [a June cut].”...
...“If investors feel mistreated they will cry foul, and the government will respond by putting a laser focus on the business.”...
...Pressure on the euro increased because of growing expectations that eurozone interest rates will fall ahead of those in the US....
...costs will settle....
...Retail investors will be given the average price of the auction and will not have to pay any dealing fees, unlike for gilts bought through platforms in the secondary market....
...“Once the momentum stops there will be profit-taking.” Some believe the gold market’s rally is a symptom of investors running ahead of themselves on bets on rate cuts....
...Sterling slid against the dollar after wage growth in the UK slowed slightly more than expected, supporting expectations that the Bank of England will deliver multiple interest rate cuts this year....
...“That will provide excellent cover for the MPC to pivot and start cutting interest rates.”...
...It’s easier to know what annualised yield you will receive from new gilts, because the price will be close to £100 and your yield will be similar to the coupon rate....
...Tory officials are still hopeful that UK inflation will fall below the BoE’s 2 per cent target soon — probably in May — and that next month’s growth data will confirm that Britain has exited the mild recession...
...Total OECD sovereign debt will rise 4 per cent this year to $56tn, according to the report....
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