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Did you know there has been a decline of at least $500 billion in the combined value of the UK’s equity and bond markets since the appointment of Liz Truss as the country’s Prime Minister? During times of volatility, watching key market moving events is crucial.
How has the UK been faring?
British investors have been concerned over an impending recession and the energy crisis for months now. The new government’s fiscal policies added to the already existing concerns, raising inflation and borrowing worries for investors. In response, the Bank of England (BoE) announced an emergency action to buy bonds, to provide some support to the financial markets.
The BoE has also recently increased its key interest rate to 2.25% from 1.75% to continue its aggressive fight against inflation, despite the country’s economy entering recession. The latest rate hike was the seventh straight increase by the central bank, taking rates to a level last seen during the 2008 crisis. The central bank also sees the country’s economy contracting by 0.1% in the third quarter.
Which reports are due this week?
The UK will be releasing data on employment change and unemployment rate on Tuesday. The number of people employed in the UK rose by 40,000 during the three months to July 2022, recording the smallest rise in five months. The jobless rate declined to 3.6% in the three months to July.
Data on the GDP, balance of trade and industrial production will be released on Wednesday. The British economy, which expanded 0.2% from June to July, is expected to have grown 0.1% in August. Analysts expect industrial production to have dropped 1.5% in August, following a 0.3% decline in July.
These economic releases are important for the UK’s economy, which is facing tough conditions. Upbeat data could provide some support to the markets in the coming period.
Are you ready to make the most of the trading opportunities this week, before and after this week’s big economic releases in the UK?
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