US Retail Sales drag US stocks
Strong US retail sales dragged on stocks overnight as investors weighed the prospect of further rate hikes. Despite a series of severe increases in rates, the US consumer is unperturbed. This will give the Fed no reason to pivot in the short term. US stocks closed down last night but futures ticked up through the Asian session.
Autumn Statement awaited
Investors were awaiting the Autumn Budget on Thursday morning and confirmation of Jeremy Hunt’s measures designed to bring stability to the UK economy. The FTSE 100 and pound were fairly steady ahead of the announcement.
Oil prices fall back
News the missile that landed in Poland on Tuesday was indeed fired by Ukraine forces reduced concerns of an escalation in the war. This saw the reversal of a rally in oil prices yesterday. However, the prospect of a cold winter built a floor under energy prices.
Bitcoin price hit by further industry disruption
Following the collapses of FTX, Genesis Global Trading has halted the issue of new loans adding to the turmoil in the crypocurrency ecosystem. Bitcoin had gingerly started to move higher from the post-FTX lows but again fell overnight.
International Distribution Services losses increase
International Distribution Services, formerly known as Royal Mail said revenue fell in their first half in what they called a challenging environment. Operating profits turned into a £57m loss in the period. The threat of further strike action hung over the company as Royal Mail said “Further strike action will necessitate more restructuring and job losses and make our new offer unaffordable”.