Daily Markets News - 29 September
The UK chief secretary to the Treasury today attempts to reframe recent moves by stating that one of the reasons for the planned tax cuts was to alleviate the burden placed on households, and that the Bank of England intervention has had the desired affect.
30-year gilt yields dropped 105 basis points yesterday, a record move in the history of data tracking back to 1992, after the BoE announced its two-week emergency bond purchase program.
Fed official Raphael Bostic states that he backs another 75bp hike in November as Fed officials waste no time reassuring the markets it remains fully committed to fighting inflation. This comes after concerns the Bank of England "blinking" had raised hopes the Fed could also slow its pace, with statements from other officials expected in coming days.
The EU has vowed to protect its energy network after the suspected Nord Stream sabotage.
Despite the market volatility Porsche is still due to start trading today at the top end of the indicative range, as investor appetite has proven strong.
France is looking at proposals for up to two-hour power cuts for parts of the country on a rotating basis as it plans for the winter ahead.