Record High Interest Rates Announced by ECB: What This Means for You

Thank you for joining me. John Lewis attributes the two-year delay to its five-year turnaround plan to “inflationary pressures.”

Additionally, the retailer has reported another loss for the first six months of its financial year.

Start Your Day with These 5 Things

1) BP board facing questions over handling of Bernard Looney’s relationships with staff | The shock resignation of the oil giant boss prompts an investigation into company culture.

2) Arm valued at $52bn in New York stock market listing | British microchip maker set for the biggest float of 2023.

3) US data giant to help build a new fleet of Royal Navy warships | Palantir, founded by Trump backer Peter Thiel, signs a deal with Babcock to develop Type 31 frigates.

4) How Lord Browne’s ‘turtles’ gained a stranglehold over BP | Bernard Looney’s abrupt departure marks the end of the Sun King’s legacy.

5) China’s great wall of debt driving ‘unsustainable’ increase in borrowing, IMF warns | Debt in the world’s second largest economy rose by 7.3 percentage points to 272% of gross domestic product (GDP) in 2022.

Overnight Recap

Shares in Asia were mostly higher on Thursday following the release of a highly anticipated report showing a slight acceleration in US inflation for August.

The modest increase in prices alleviated concerns about the possibility of another interest rate hike by the Federal Reserve, leading to a 1.2% surge in Tokyo’s Nikkei 225 to 33,104.79.

In Hong Kong, the Hang Seng index slipped 0.2% to 17,969.38 due to renewed concerns about China’s property sector. Shares of major real estate developer Country Garden sank 4.6% ahead of a bond repayment deadline.

The Shanghai Composite index remained flat at 3,124.43, while Seoul’s Kospi gained 0.9% to 2,556.60. In Australia, the S&P/ASX 200 advanced 0.5% to 7,189.70.

On Wall Street, there was a mixed performance on Wednesday as fresh data revealed a slight acceleration in inflation last month, though not exceeding expectations by much.

The S&P 500 saw a 0.1% increase to 4,467.44, fluctuating between small gains and losses throughout the day. Meanwhile, the Dow Jones Industrial Average dropped 0.2% to 34,575.53, and the Nasdaq composite climbed 0.3% to 13,813.59.

In the bond market, the benchmark yield on the 10-year Treasury decreased from 4.27% to 4.26% following the release of the inflation report, after reaching as high as 4.34%.


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