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Bank of England Governor Andrew Bailey has urged Chancellor Rachel Reeves to avoid raising tariffs in response to anticipated US-led protectionism, warning that such actions could trigger a global trade war. In a speech at London’s Mansion House, he emphasized the importance of maintaining openness in trade despite economic security concerns.
Catherine Mann of the Bank of England cautioned against cutting interest rates, citing inflation risks linked to Donald Trump's election as U.S. president. She emphasized that global shocks often drive inflation in the UK and highlighted the potential for increased economic volatility and trade fragmentation under Trump's policies. Mann advocated for a cautious monetary policy approach until inflation pressures show signs of easing.
Central banks globally are expected to lower borrowing costs as inflation eases from recent highs, with some emerging markets already cutting rates. While inflation has decreased, the final push to reach the 2% target remains challenging, particularly as underlying price pressures persist. Energy prices, a significant inflation driver, have retreated from their peaks, but elevated inflation continues in some regions, impacting asset prices and housing markets.
Bank of England rate-setter Catherine Mann stated that monetary policy is influencing inflation more rapidly than traditional economic theories indicate. This allows policymakers to delay significant interest rate cuts, as rate decisions can immediately affect firms' pricing strategies, bypassing the usual 18 to 24-month lag.
The Bank of England is set to reduce its cash buffer against unexpected losses as it unwinds its quantitative easing bond-buying program, a decision aimed at providing better value for taxpayers. Governor Andrew Bailey and Chancellor Rachel Reeves confirmed the new arrangements in a recent correspondence, coinciding with updated projections for lifetime losses on the BOE’s asset-purchase facility, which facilitated the purchase of £895 billion in bonds during the 2008 financial crisis and the 2020 pandemic.
British wage growth excluding bonuses fell to its lowest level in over two years in the third quarter, according to official data released on Tuesday. This decline is expected to bolster the Bank of England's confidence that inflation pressures will continue to ease.
Asian markets are facing uncertainty due to potential tariffs from the U.S. and China's cautious fiscal policies aimed at stabilizing its economy. The Hang Seng Index is testing a critical support level, while the Nikkei 225 shows resilience amid an ascending wedge formation. Meanwhile, the Singapore Blue Chip Index is on an upward trend, bolstered by a strong banking sector and positive earnings.
Asian markets are starting the week cautiously amid uncertainties surrounding Trump's tariff plans, which could impact export-driven economies. China's fiscal response is expected to focus on stabilizing growth rather than aggressive stimulus, while the Hang Seng Index faces potential selling pressures below 20,000. The Nikkei 225 shows resilience with an ascending wedge formation, and the Singapore Blue Chip Index is eyeing its November 2021 high, supported by a strong banking sector.
The broader indices faced a decline, with the BSE Smallcap index dropping over 1% in the week ending November 8, amid volatility driven by weak Q2 earnings and persistent FII selling. The BSE Sensex fell 0.29% to 79,486.32, while the Nifty50 decreased by 0.64% to 24,148.20. Despite this, 35 smallcap stocks delivered double-digit returns, contrasting with the overall market trend.
UK Chancellor of the Exchequer Rachel Reeves faced challenges with her debut budget, which proposed £142 billion ($184 billion) in additional borrowing, raising concerns about inflation. However, Bank of England Governor Andrew Bailey expressed support for the plan, easing market apprehensions.
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