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The Latest Breaking News from ING

Bank of England expected to raise interest rates by 33-year high to 3%

Warnings that cuts and tax hikes could lead to deeper and longer recession

Wales Online

European Central Bank hikes interest rates, fuelling recession fears

ECB chief Christine Lagarde notes concerns but warns of further hikes to tackle soaring eurozone inflation

The Guardian - UK

Asian shares mostly lower on worries over China outlook

Shares are mostly lower in Asia as markets remain shaken over the outcome of a Communist Party congress in China, where key reformers were excluded from the highest ranks of ruling party leadership

The Independent UK

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ECB again Eyes Jumbo Rate Hike to 'Tame Inflation Beast'

The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring. Inflation in the 19-nation eurozone climbed to an all-time high of nearly 10 percent in September, five times…

Asharq Al-Awsat

Trussonomics’ true cost will be austerity and spending cuts to fill the fiscal hole

Expect also a harder downturn if market credibility is to be restored, with a 2% contraction in GDP

The Guardian - UK

Australian banks close hundreds of branches and ATMs as services move online

Since 2017, Australia has seen a 30 per cent drop in available bank branches nationally, with more than 300 closing in the past financial year.

ABC News

Pound rises and UK borrowing costs drop as Hunt scraps measures

Yield on 30-year UK government bonds plummets as chancellor reverses more of Kwarteng mini-budget

The Guardian - UK

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Odds of US recession within next year climb to 60%, survey shows

Odds now favor that the U.S. economy slipping into a recession within the next year, with economists expecting the labor market and demand will become casualties in the Federal Reserve’s inflation battle.

Tribune News Service

Osko fast payment crash blamed on Reserve Bank technical problem

A major outage of online fast inter-bank transfer system Osko leaves payments in limbo, with the Reserve Bank admitting fault.

ABC News

Gilt yields jump again on confusion over BoE intentions next week

Governor Bailey insists that the emergency buying programme will end this week

Evening Standard

Oil Falls as Investors Take Profit amid China Demand Concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last…

Asharq Al-Awsat

Hong Kong shares soar 6%, leading Asian market gains

Hong Kong's share benchmark has soared more than 6% as Asian shares track gains on Wall Street

The Independent UK

3 Safe Stocks for Seniors to Consider in 2022

Aggressive interest rate hikes and escalating recession fears are expected to keep the stock market under tremendous pressure in the near term. Hence, seniors could consider reliable stocks with a track record of increasing dividend payouts, Coca-Cola (KO), Costco (COST), and Phillips 66 (PSA), as safe investments. Continue reading….

StockNews.com

Asian stocks sink on German inflation, British tax cuts

Asian stocks have sunk again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened

The Independent UK

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Al Jazeera

South Korea’s factory output falls in warning for global economy

Asia’s fourth-largest economy sees industrial output shrink a worse-than-expected 1.8 percent in August.

Bangkok Post

Baht leads declines among weak Asian currencies

Most emerging Asian currencies weakened against a stronger US dollar on Thursday, with the Thai baht shedding more than 1% following a quarter-point rate hike that investors viewed as moderate to bring down inflation running at a 14-year high.

Evening Standard

Pound steadies as Kwarteng heads for emergency meetings with banks

Investors are demanding the kind of returns for lending to the UK usually associated with less stable nations

Benzinga

Nomura Joins Other Big-Name Financial Players To Back Blockchain Startup Fnality

Tokyo-based bank Nomura Holdings Inc. (NYSE: NMR) has invested in Fnality, a blockchain-based interbank payment and settlement network that is now sponsored by 17 major financial institutions.

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Evening Standard

Pound plummets to fresh 37-year low as markets are spooked as mini-budget unveiled

Sterling declined to a new 37 year low of $1.0899

Asharq Al-Awsat

Oil Prices Surge More than 2% as Putin Mobilizes More Troops

Oil jumped more than 2% on Wednesday after Russian President Vladimir Putin announced a partial military mobilization, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.28, or 2.5%, to $92.90 a barrel by 0707 GMT after falling $1.38 the previous…

The National (Scotland)

Sterling languishing against dollar as interest rate hike speculation builds

STERLING is continuing to languish against the dollar ahead of the new Chancellor’s first fiscal statement expected later this week.

Daily Mirror

Fears Brits face biggest interest rate hike in 30 years making mortgages pricier

The Bank of England's Monetary Policy Committee is expected to increase interest rates from 0.75% to 2.5% in what would be the single biggest hike in more than 30 years

The Independent UK

Pound sinks to new 37-year low as inflation soars

Sterling dropped below $1.14 taking it to its worst point since 1985

The Guardian - UK

Number of people in UK with long-term sickness rose to record 2.5m in July

Almost 400,000 have exited jobs market with long-term health problems since early 2020, ONS says

Evening Standard

Recession watch: Will the economy shrink this year after it grew in July? – City experts look ahead

Can the energy price cap help the stuttering UK economy avoid a full-blown recession?

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