Closing summary
Eurozone inflation has soared past forecasts to hit a fresh record high of 10.7% in October, up from 9.9% in September. The 19 nations sharing the euro eked out economic growth of 0.2% in the third quarter, down from 0.8% in the previous quarter.
UK mortgage approvals fell by 10% last month and consumer credit also declined, as people borrowed less on their credit cards amid the cost of living crisis.
A record volume of 354,500 tonnes of grain left Ukrainian ports onboard 12 ships on Monday, a spokesperson for Odessa’s military administration said, despite Russia’s decision to pull out of the Black Sea grain accord.
The Kremlin said it would be risky for Ukraine to continue grain exports via the Black Sea now that Moscow has withdrawn from the UN-brokered deal, after blasts damaged Russian ships in a Crimean port. Moscow’s decision could affect shipments and deepen the global food crisis, as well as pushing grain prices higher.
Wheat futures traded in Chicago rose as much as 7.7% to $8.93 a bushel, the highest level since mid-October.
Lloyd’s of London insurer Ascot said it was suspending writing cover for new shipments along the Ukrainian grains corridor until it has more clarity on the situation.
European stock markets have risen, led by London’s FTSE 100 index, up 1.2% at 7,130, while Wall Street has fallen. Sterling has fallen below the $1.15 level against the dollar, dropping 1% to $1.1498. This week, both the US Federal Reserve and the Bank of England are expected to hike interest rates by the same amount, 75 basis points, to combat high inflation.
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Thank you for reading. We’ll be back tomorrow, bright and early. Take care! – JK
World jobs boom halted by Ukraine war and recession risk, says ILO
The economic impact of the Ukraine war and growing risk of a global recession have sent the post-pandemic worldwide jobs boom into reverse, according to recent research.
The International Labour Organization, which is affiliated to the United Nations, said the decline in the demand for workers over the past three months came after a rise in jobs and hours worked in the developed and developing world in the wake of the Covid-19 pandemic.
https://www.theguardian.com/business/2022/oct/31/world-jobs-ukraine-war-recession-ilo-covid-pandemic
