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Compass on market data
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2
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Daily Markets News - 11 October

Written by
OvalX team
Published on
October 11, 2022

The Bank of England announces it has consulted with the debt management office and intends to purchase index-linked gilts as a backstop to restore orderly market conditions. Each operation will be worth up to £5bn. The bank remains ready to purchase up to £10 billion of gilts each day.

A former chief economist of the IMF has stated the Bank of England should push through an emergency rate hike to restore global confidence.

The Nasdaq posted its lowest level since the summer of 2020, dragged down by chips stocks affected by president Biden's crackdown of exports of chips to China.

JPMorgan's CEO is the latest market heavyweight to suggest the US could enter a recession in the next 6-9 months and that the S&P 500 could yet fall a further 20 percent.

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