Early UK Interest Rate Rise Seen More Likely; Nobel Prize In Economics Awarded %EF%BF%BD%EF%BF%BD%EF%BF%BD As It Happened

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Time to wrap up:

The odds of a UK interest rate rise before the end of the year are increasing, as rising inflation puts more pressure on the Bank of England.

Bank of America predicted the BoE would raise interest rates in December, to show that it is taking inflationary pressures seriously. UK gilt yields hit their highest level since May 2019, as the City braced for higher borrowing costs.

The pound hit a two-month high against the euro, before worries over the latest Brexit row pulled sterling back.

A

Deutsche Bank survey found that inflation, and rising bond yields, are the top risk... with many investors fearing that the Bank of England will raise interest rates too soon.

Bank official warns of early interest rate rise as Kraft Heinz puts up prices Read more

Oil prices rallied again, with Brent crude hitting a three-year high of $84 per barrel, as the energy crunch intensified -- helping to push aluminium to a 13-year high.

Javier Blas (@JavierBlas)

OIL MARKET: Brent price moving higher, trading now above $84 a barrel. Roofing refining margins, supported by strong diesel and fuel-oil markets, helping a lot. Plus lots of money flowing into time-spreads (below chart is rolling Dec-Dec Brent spread, breaching $8 a barrel) #OOTT pic.twitter.com/lvMLJCgIFU

October 11, 2021 Javier Blas (@JavierBlas)

METALS MARKET: Benchmark LME 3-month aluminium prices hit a fresh 13-year high of nearly $3,050 per tonne (as the power crunch in China is set to reduce smelting production) #METL #ChinaEnergyCrunch

October 11, 2021

The UK’s supply chain crisis continued to hurt the economy. Consumer confidence hit a five-month low, while business output growth slowed as rising prices, empty shelves and haulage delays hit companies and worried households.

The government announced a deal with US fertiliser group CF industries to maintain carbon dioxide supplies...

...but was warned that key industries are on the brink of crisis due to record high energy costs. UK Steel urged Boris Johnson to bang ministers’ heads together to reach a solution.

UK firms reach deal over CO2 supply chain shortages Read more

The supply chain has also hit fast fashion chain ASOS, which warned on profits and announced the departure of its CEO today.

Asos chief Nick Beighton resigns as it warns over supply chain pressures Read more

The Nobel prize for economics has been awarded to >David Card,

Joshua Angrist and

Guido Imbens

for their work on using natural experiments to examine economic systems such as labour markets.

Card’s work included a crucial research paper which showed that higher minimum wages needn’t lead to higher unemployment.

The Nobel Prize (@NobelPrize)

In one example David Card – awarded the 2021 prize in economic sciences – and Alan Krueger (now deceased) used a natural experiment to investigate how increased minimum wages affect employment.#NobelPrize pic.twitter.com/k9lk1684AI

October 11, 2021 Nobel economics prize jointly awarded to labour market expert David Card Read more

The World Bank warned that the Covid-19 pandemic has led to a “tragic reversal” in development and pushed debt in poor countries to record levels.

Covid pandemic has pushed poor countries to record debt levels – World Bank Read more

Struggling giant Evergrande looked set to miss a fresh round of debt repayments worth $148m, and another Chinese property developer pleaded for more time to repay what it owes.

Evergrande faces fresh debt deadline as property market woes widen Read more

Transport campaigners called for domestic flights should be banned and long-distance train fares subsidised.

Ban UK domestic flights and subsidise rail travel, urges transport charity Read more

NHS test-and-trace units run by G4S have cut the pay of some workers by up to 5% in the wake of a new contract from the government that specifies they should receive the real living wage.

G4S cuts pay for some NHS test-and-trace staff after living wage order Read more

And former chancellor Philip Hammond has added another job to the dozen or so he has taken on since leaving the Treasury in 2019, this time as an adviser to a Mayfair-based cryptocurrency trading firm.

Philip Hammond adds cryptocurrency role to post-Treasury jobs list Read more

Goodnight.

GW

Source : https://www.theguardian.com/business/live/2021/oct/11/uk-supply-chain-crisis-business-growth-consumer-confidence-oil-pound-nobel-prize-economics-business-live

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