Higher wages lifts the pound
UK wages rose 5.7% in the year to September, sparking a rally in the pound. Higher wages could further stoke inflation and lead to additional rate hikes by the Bank of England. GBP/USD was 0.9% higher at 1.1862 at the time of writing.
US futures gain on Fed hopes
US futures extended gains on continued hopes the Federal Reserve could be about to slow the pace of their rate hikes. A weaker than expected US CPI read last week has raised the prospect of a Fed ‘pivot’ sooner rather than later.
Windfall tax on UK electricity generators
UK energy generators such as Centrica and SSE saw their shares jump on reports the UK government was planning a new windfall tax. Jeremy Hunt is expected to unveil a 40% windfall tax on generators this Thursday in his Autumn Statement.
China/US optimism lifts Chinese stocks
Chinese H-shares rose overnight on optimism China/US relations could be set to improve after leaders of both of countries met at the G20.
Vodafone shares sink
Vodafone shares sunk after the telecoms group posted tepid sales figures and warned costs would impact profits.
