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Sept 30 (Reuters) - The Bank of England won't raise interest rates before its next scheduled policy announcement on Nov. 3 despite a plummet in sterling but will make big moves in November and December and Bank Rate is now seen peaking much higher, a Reuters poll found.

Nineteen of the 36 economists surveyed said the Bank would add 75 basis points in November while 13 said it would go for a super-sized 100 bps lift. Only three said it would add 50 bps as it did in its last two meetings while one opted for a mega 125 bps increase.

When asked what the BoE should do in November the median response was to add 100 basis points. But two of the 20 respondents said it should go even bigger with a whopping 150 bps move. Only two said a more modest 50 bps.

Medians showed borrowing costs reaching 3.50% by year-end, suggesting a 50 bps move in December, and the peak rate expectation has risen 125 bps since a poll published just two weeks ago.

Bank Rate was previously seen topping out at 3.00% but that has now moved to 4.25%, to be reached early next year, and the highest forecast was for it to reach 5.75%.

https://www.reuters.com/markets/europe/bank-england-wont-make-emergency-rate-hike-will-go-big-nov-3-2022-09-30/

ALIEN METALS (@AlienMetals) tweeted at 11:47 am on Fri, Sep 30, 2022:
Checking out the southeastern limb of Munni Munni.

#AlienMetals #UFO https://t.co/sS7I4tFMz9
(https://twitter.com/AlienMetals/status/1575799425313607681?t=Z0J89TBQWl9jOYONFEcinw&s=03)

Brixton

Financial expert was on radio 4 this morning no doubt governor bailey will bottle it

Money markets priced in more than 125 basis points of increases by the BOE’s next meeting in November

Overall business confidence stabilises at 16% after falling for the previous three months.

Businesses were surveyed between 1-15 September 2022.

Businesses expecting to raise prices in the coming year increases to new high of 55%.

9% of businesses expect to increase salaries by 5% in the coming year.

Economic optimism fell two points to a 19-month low of 5%.

However, retail and service sector firms see an increase in business confidence.

Business confidence stabilised in September after falling for three consecutive months between June and August. The index remains at 16%, its joint lowest level since March 2021, according to the latest Lloyds Bank Business Barometer.

While business confidence remained below the long-term average of 28%, it is above the lowest levels seen in 2020 during the first COVID-19 wave (-33% in May 2020). Since companies were surveyed before the UK government’s Fiscal Statement on 23 September the effect of the announcement on business confidence will be seen in next month’s data.

https://www.lloydsbankinggroup.com/media/press-releases/2022/lloyds-bank/september-2022-business-barometer.html

Some Conservative MPs have sent letters of no confidence in Liz Truss over fears the Prime Minister will “crash the economy”, according to a former minister

FTSE 100 set to open slightly higher at the open although markets are likely to remain volatile following the intervention by the Bank of England yesterday and ongoing concerns about the strength of the UK’s finances.

Spread betting companies are calling the lead index up by around 18 points.

The UK is already in a recession that is likely to be intensified by turmoil in financial markets, new forecasts published today reveal.

Surging inflation – running at a 40-year high of 9.9 per cent – has squeezed households and businesses, forcing them to cut spending and likely steering the economy into reverse in the current quarter, according to consultancy KPMG.

https://www.cityam.com/uk-already-in-recession-but-market-chaos-will-make-it-worse-kpmg-forecasts/

The Bank of England has just announced that it will buy government bonds to "restore orderly market conditions".

This intervention is the Bank’s latest attempt to calm the markets after the pound fell and the cost of government borrowing spiked following last week’s mini-budget.

The Bank says "the purchases will be carried out on whatever scale is necessary to effect this outcome".

It warns that if market volatility continues there is a "material risk to UK financial stability".

Government bond yields (the effective cost of government borrowing), especially at longer borrowing durations, have spiked in the past few days as investors continue to worry about the UK economy.

The Bank says the operation will be fully indemnified by HM Treasury and that the purchases would be "time limited".

AC777 agree with you there with Rishi

ALIEN METALS (@AlienMetals) tweeted at 10:15 am on Wed, Sep 28, 2022:
Exploration at Elizabeth Hill.

#AlienMetals #UFO https://t.co/iLu1GLMCob
(https://twitter.com/AlienMetals/status/1575051616469667840?t=K9Q9G2weLj647cYIto77iA&s=03)

Sept 27 (Reuters) - Germany's Commerzbank said on Tuesday it would take a 490 million euro ($471 million) hit to its third-quarter operating profit after its Polish mBank unit booked additional provisions for its Swiss franc loans.

The German lender said it nevertheless still expected to reach its net profit target of more than 1 billion euros for the full year.

Frankfurt-listed shares of Commerzbank, which is in the midst of a costly restructuring that involves cutting 10,000 jobs and closing branches, were down 5.5% after the news.

https://www.reuters.com/business/finance/commerzbank-q3-take-490-million-euro-hit-mbanks-swiss-franc-loans-2022-09-27/

Looks like Lloyds is heading back to the 30p price range the outlook for the economy isn't looking good

"When has the IMF ever helped the poor"

The poor people have food banks nowadays

FOOD inflation surged to its highest rate on record since the index started in 2005, according to freshly published data.

According to the British Retail Consortium (BRC) and NielsenIQ shop price index, food inflation hit 10.6 per cent in September, up from 9.3 per cent in August.

Truss and Kwarteng had row over sterling crisis response, say Whitehall sources

https://www.google.com/amp/s/amp.theguardian.com/politics/2022/sep/27/no-10-denies-row-between-truss-and-kwarteng-over-sterling-crisis-response

British Airways customers will soon be able to collect Avios towards their travels when ordering exclusively from a new online wine retailer.

The airline has announced details of The Wine Flyer, which will launch on 4 October 2022 in partnership with IAG Loyalty. This dedicated online retailer will allow members of the British Airways’ Executive Club loyalty programme to collect up to 10 Avios per £1 spent on more than 140 varieties of wine

https://www.google.com/amp/s/www.aviation24.be/airlines/international-airlines-group-iag/british-airways/british-airways-announces-partnership-to-launch-dedicated-online-wine-business/amp/

FTSE 100 set to be marked down at the open following losses in the US overnight and as the IMF put further pressure on chancellor Kwasi Kwarteng criticising his recent fiscal statement.

Spread betting companies are calling the lead index down by around 43 points

The International Monetary Fund has hit out at Liz Truss and Kwasi Kwarteng’s tax cuts for the rich, warning that “large and untargeted fiscal packages” would “likely increase inequality” in Britain.

In a rare intervention, the IMF took aim at the British government after the UK chancellor’s mini-Budget on Friday caused sterling and bonds to plummet and gilt yields to soar, reflecting the cost of borrowing

https://www.google.com/amp/s/www.independent.co.uk/news/uk/politics/pound-today-imf-uk-tax-cuts-kwarteng-truss-b2176889.html%3famp

The International Monetary Fund (IMF) has criticised the UK government's mini-budget, saying the plans for tax cuts and spending will increase inequality and counteract the Bank of England's monetary policy