Thank you for joining me as I present new data indicating that the British economy experienced growth in the second quarter of the year. According to the Office for National Statistics, the gross domestic product expanded by 0.2% during this period.
5 Things to Kickstart Your Day
1) M&S Executive Claims Oxford Street’s Decline Fuels Surge in Crime: An executive from Marks & Spencer highlights the recent chaos in Oxford Street as evidence of the district’s decline.
2) Sunak’s Stealth Tax Raid sees a 40% Soar in Burden on British Households: A freeze on thresholds has led to an £84bn increase in tax payments on income and wealth, significantly impacting households.
3) Fears of an Exodus to Wall Street as UK Stocks Trade at a Record Discount: Due to London’s equity market trading lower than the rest of the world, it has become more expensive to raise capital in the city, fueling concerns of a potential exodus to Wall Street.
4) Heathrow and Gatwick Experience Decline in Luxury Watch Sales Due to Sunak’s Tourist Tax: A Rolex dealer states that visitors to Britain have no incentive to spend money here, negatively affecting sales of luxury watches.
5) Mortgage Costs Increase by a Fifth as Bank of England Implements Rate Rises: Landlords face a bleak outlook as many fall behind on repayments, leading to a surge in mortgage costs.
What Happened Overnight
Asian stocks reached a one-month low and experienced a weekly loss, while the dollar gained over the course of a month due to steady US inflation. The higher yields resulting from soft demand at a 30-year Treasury auction and a significant increase in the US budget deficit contributed to the rise in the dollar’s value, particularly against the yen, which is influenced by yield control in Japan.
In the early trading session, the yen weakened to a six-week low of 144.89 per dollar. However, trading volumes were limited due to a public holiday in Japan, with closed stock markets and untraded Treasuries in the Asia session.
MSCI’s broadest index of Asia-Pacific shares outside Japan saw a 0.7% decline, with Hong Kong and China being the major contributors to this decrease. For the week, the index experienced a 1.6% drop.
Despite facing volatility throughout the session, Wall Street stocks managed to close slightly higher on Thursday. The S&P 500 increased by less than 0.1% to 4,468.83, while the Dow Jones Industrial Average saw a 0.2% rise to close at 35,176.15. The Nasdaq Composite finished up 0.1% at 13,737.99.
The yield on the 10-year Treasury rose from 4.01% to 4.09%, while the two-year Treasury yield, which is influenced by expectations for the Federal Reserve, increased from 4.80% to 4.81%.
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