Welcome! Surprisingly, inflation has decreased just as the Bank of England gears up to announce its next move on interest rates.
According to the Office for National Statistics, the consumer prices index rose to 6.7% in August, up from 6.8% the previous month.
5 captivating stories to kickstart your day
1) Sunak faces fresh inflation headache as oil price hits $95 | The price of Brent crude oil approached $96 per barrel on Tuesday, reaching its highest level since November 2022
2) City law firms buying solar power from rural homeowners to meet net zero targets | Companies are flocking to purchase electricity from rural generators as part of their efforts towards sustainability.
3) Westminster council calls for ‘overnight levy’ amidst surge in Airbnb rooms | The London authority is proposing an additional charge to assist in covering the city’s maintenance costs.
4) Global debt surges to record $307 trillion amidst borrowing binge | Both governments and financial services companies are driving a significant increase in borrowing.
5) Elon Musk’s perks at Tesla being investigated by Justice Department, report claims | US prosecutors are currently examining personal benefits that the carmaker may have provided its chief executive, including a proposed glass house.
What happened during the night
Asian shares declined as the market awaited a decision on interest rates by the Federal Reserve, scheduled for later today.
Japan’s Nikkei 225 fell 0.1% to 33,200.34, and Australia’s S&P/ASX 200 dropped 0.6% to 7,152.70
South Korea’s Kospi edged down 0.1% to 2,556.20, Hong Kong’s Hang Seng dipped 0.4% to 17,932.24, while the Shanghai Composite shed 0.3% to 3,115.10
Japan’s trade data revealed a 0.8% decline in exports last month compared to a year ago, with exports to China lagging at a decrease of 11%. On the other hand, Japan’s exports to the US rose by 5.1%, while exports to Europe surged 12.7%, driven by a 40.9% rise in motor exports and an 8.1% increase in semiconductor exports, according to data from the Finance Ministry.
Wall Street stocks retreated while bond yields rose on Tuesday. The S&P 500 slipped 9.58 points or 0.2% to 4,443.95, the Dow Jones Industrial Average dropped 106.57 points or 0.3% to 34,517.73, and the Nasdaq composite lost 32.05 points or 0.2% to 13,678.19.
In the bond market, the yield on the 10-year Treasury rose to 4.36%, nearing its highest level since 2007.
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