2 October 2017
Bank of England signaled that interest rate rises were very likely soon, given inflation exceeding the target rate of 2% and continued GDP expansion.
Hurricane Irma missed Miami and high insurance density areas on the eastern US panhandle and had diminished considerably by the time it hit Tampa. The US was spared the devastation caused in the Caribbean and Cuba. Shares in leading reinsurers rallied strongly in response.
US Federal Reserve plans to start monthly bond sales with the intention of reducing its bond holdings “quantitative tightening”. US chair Janet Yellen suggested the Federal funds rate would be lifted again in 2017 with further hikes in 2018.
EU chief negotiator Michel Barnier claimed the UK/EU talks had yet to make “sufficient progress” in key areas of the UK withdrawal process.
PM Theresa May ahead of the Conservative Party conference has insisted she is leading from the front on Brexit, despite public interventions by the Foreign Secretary.
Moody’s downgraded the UK from Aa1 to Aa2 citing a weakening in public finances and increased UK government spending in a number of areas.
Fintech giants, IGG Group and CMC Markets reported positive trading results. IG reported a 21% revenue jump whilst CMC said first half profits were significantly above 2016.