Newscasts - Europe Today: UK inflation rises more than expected

FDJ United

20/11/2024 11:00

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_lj2qrku8&referenceId=1_lj2qrku8&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: CPI jumped back above the Bank of England's 2% target last month
- rising from 1.7% to 2.3%. The pound immediately strengthened on the release,
as investors bet the rise would lead the Bank of England to slow the pace of
cuts to interest rates.
Short Link: https://refini.tv/4eK06oO

Video Transcript:

UK inflation rises more than expected. Welcome to Europe Today. I'm Ramzan
Karmali. Well, CPI jump back above the Bank of England's 2% target last month,
rising from 1.7% to 2.3%. It was driven up by higher energy costs as the
energy price cap rose 10% in October. The key services inflation reading also
rose from 4.9% to 5%. The Pound immediately strengthened on the release as
investors bet the rise would lead the Bank of England to slow the pace of cuts
to interest rates. Germany's producer prices declined further in October,
though at a slightly slower pace compared to September. The annual decline of
1.1% was again driven by a fall in energy prices. Meanwhile, capital, consumer
and intermediate goods were more expensive. Well, let's check in on how that's
all impacting on the equity markets. And Europe's main STOXX index opened
higher on Wednesday after a three-session decline, as construction and bank
stocks led an overall market recovery. With most safe haven bids taking a back
seat amid easing geopolitical concerns. Software firm Sage Group reported a
better than expected 21% rise in full year operating profit. The company,
whose accountancy software is used by millions of small businesses, also
announced a GBP400 million share buyback. Its shares at one point rose over
20% in early trade. But moving in the other direction this morning Is La
Française des Jeux. The lottery operator shares fell over 5.5% in early
trade after lender Credit Agricole said it was selling over four million of
the group's shares at a 7% discount to Tuesday's closing price. Zara owner
Inditex has sharply increased its use of air freights to bring clothes from
factories in India to its logistics hub in Spain to avoid shipping delays.
That's according to trade data industry experts and investors. The share of
air freight in Inditex shipments from India increased to 70% in the first
eight months of this year from 44% last year. The shift raises questions about
how the world's biggest listed fast fashion retailer is progressing towards
cutting emissions. Chinese President Xi Jinping told German Chancellor Olaf
Scholz on Tuesday that he wants Germany to help the EU and China resolve the
issue of tariffs on Chinese electric vehicles as quickly as possible. In talks
on the sidelines of the G20 summit in Rio, Xi said China was ready to work
with Germany to “consolidate and overall strategic partnership.” And
on to the oil markets now, and prices were broadly stable for a second day on
Wednesday, as concerns about escalating hostilities in the Ukraine war
potentially disrupting oil supply from Russia, and signs of growing Chinese
crude imports offset data showing US crude stocks rising. And that's it from
Europe Today