Thursday,04 August 2022 17:12:17

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Thursday,04 August 2022 at 16:13

The Bank of England announced its biggest rate hike on Thursday since 1995 in the face of surging inflation, as it warned of a long recession.

The Bank lifted rates by 50 basis points to 1.75%. This marked the sixth increase in a row and was in line with economists’ expectations.

The Monetary Policy Committed voted 8-1 for the rate rise.

The Bank of England also warned the UK economy would enter recession in the October to December quarter.

UK & European stocks closed slightly higher as uncertainty returned following gains in the previous session.

U.S. stocks priced lower.

Oil prices dipped as the market weighed tight supply against fears of a demand slowdown.

Gold neared a one-month high as a pullback in the dollar and U.S. Treasury yields provided support.

Markets

At the close

FTSE 100 7,448 +0.03%

FTSE 250 20,155 +0.68%

DAX 13,662 +0.55%

At 16:45

Dow Jones 32,734 (-0.24%)

S&P 500 4,149 (-0.11%)

NASDAQ 12,667 (-0.01%)

Fixed Income

UK 10-YR YIELD 1.888

Exchange Rates

GBP/USD 1.214

GBP/EUR 1.187

Commodities

Gold $1,788 +1.40%

Brent $93.59 (-3.55%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.