Closing summary
Time to wrap up….
Here’s our latest stories on yesterday’s autumn statement:
The boost to Sunderland’s car plant, expected tomorrow morning:
Plus, in other news:
In the money markets, traders have been trimming their expectations for UK interest rate cuts next year.
Today’s PMI report, showing a pick-up in price pressures, and the tax cuts announced yesterday by Jeremy Hunt are causing investors to ponder how persistent inflation may be in 2024.
Currently, the swaps market suggests the first rate cut may not come until August, rather than in May as recently expected.
Bloomberg has more details:
Traders are betting the central bank will reduce rates by around 60 basis points in 2024, according to swaps tied to monetary-policy meeting dates. That means two quarter-point reductions are fully priced in — with the first cut in September. The chance of a third is about 40%.
