INSIGHTS
Bank of England’s 50 bps rate hike threatens an economic downturn in the UK
The Bank of England raised- as widely expected- its key interest rate by another 50 basis points to 4% on Thursday, the highest it’s been since the 2008 financial crisis, to fight the inflation which is still running above the 10% level (10.5% CPI in December).
Nasdaq Composite jumps 2% after Fed’s 25 bps rate hike decision
Tech-heavy Nasdaq Composite added 2% to close at 11,816 on Wednesday, its highest level since mid-September 2022, followed by 1% gains in S&P 500, while the Dow Jones index rose only 0.02% after sliding more than 500 points at the day’s lows, following a rate hike by the Federal Reserve.
Bitcoin soars over 40% in January on improved risk sentiment and Fed expectations
The first trading month of the year -January- came with a sharp rally in digital coins across the board despite general worries that a hawkish Federal Reserve will plunge the U.S. economy into recession, coupled with the surging dollar and the negative sentiment after last year’s bankrupts in the crypto ecosystem.
Brent oil falls to $83/b on Russian exports and rate hikes
Crude oil prices trade in negative territory for a third consecutive trading session in a row, with Brent and WTI prices falling as low as $83/b and $76.50/b respectively on Tuesday morning on growing worries for more supplies from Russia, and further interest rate hikes by major central banks ahead in the week.
Federal Reserve, ECB, and BoE will hike rates in the week ahead
Three of the world’s largest central banks, the Federal Reserve, European Central Bank, and Bank of England will hold policy meetings in the week ahead to fight a 40-year record high inflation.
U.S. & EU natural gas crushed on mild weather and robust supplies
The U.S.-based Henry hub natural gas prices broke below the much-advertised $3/mmBtu support level, while the European natural gas price of Dutch TTF extended recent losses toward the $55/MWh level, amid a combination of actors such as milder-than-normal weather, lower demand, record-high production, Freeport online, and plenty of LNG supplies.
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