European natural gas prices surged by as much as 40% on Wednesday, before closing the day 27% higher, in a move that reignited fears of another potential gas-driven inflationary crisis for European households and industry.
When will interest rates go down? Money market data and guidance from the Bank of England suggest the first interest rate cut could occur towards the autumn of 2024, but there are signs the cost of borrowing is already coming down.
Markets currently see non-negligible odds of 20% that the Bank of England skips a rate hike in September, a development that could potentially result in a decent decline in the value of the Pound.
Fitch Ratings' downgrade of one of America's credit ratings was widely dismissed as either a work of irrelevance or something founded on flawed analysis Wednesday but the same couldn't be said for countries and economies borrowing in foreign currencies.
The Bank of England can be increasingly confident the impact of previous interest rate hikes are having an impact as British businesses reported in July that their expectations for inflation had fallen to an eleven-month low, while hiring intentions also fell.
Salaries being offered to new starters in London's financial services industry are down sharply, raising hopes that a wage-lead inflation spiral is unlikely.
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