The US Bureau of Labor Statistics will release its Consumer Price Index and many other critical events that will move the market this week!
UK records greater-than-anticipated budget deficit in October
In October, the United Kingdom recorded a greater budget deficit than anticipated, as follows from first borrowing figures, since finance minister Philip Hammond pledged an end to austerity was over there.
October’s deficit went up to 8.820 billion pounds in contrast with 7.235 billion pounds in 2017. That’s what the Office for National Statistics uncovered.
By the way, a Reuters survey of financial analysts had pointed to an outcome of nearly 6.15 billion pounds.
While tax receipts kept soaring, government spending headed north in contrast with 2017.
The ONS pointed to substantial surge in expenditure on services and products, to say nothing of social benefits. As for interest payments on government debt, they went up too.
For the first seven months of the 2018/19 financial year, Britain’s budget deficit kept to 26.7 billion pounds, diving nearly 30% on the previous year as well as the lowest at this stage of the financial year for up to 13 years.
Moreover, Hammond uncovered tax cuts for UK households as well as the easing of welfare curbs for poor families and also a big leap in spending on the health services. However, the statesman also stressed that an end to the severe spending trims endured by numerous government departments since 2010 would depend on the UK securing a Brexit pact with the European bloc.
The previous week UK Prime Minister Theresa May managed to agree a draft withdrawal pact with Brussels. However, the pact is disliked by her Conservative Party, suggesting a probable failure in parliament.
Hammond is on the verge of steadily reducing the country’s debt as a share of GDP that he ascertains is extremely high to easily back a big jump in public spending during a future recession.
In October, public debt, without public-owned financial institutions and the Bank of England's stimulus program, kept to 1.5985 trillion pounds, which amounts to 75% of GDP.
The G20 summit and the US PPI release gave us a lot of volatility to trade on. Luckily, today’s markets may be even more volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!
Good day for all traders out there! We prepared a gold analysis and a bunch of other news for you to enjoy! Here's what you should know:
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…