faisal islam at the bank of england- — year. faisal islam at the bank of england. today _ year. today has - year. faisal islam at the bank of england. today has seen i year. faisal islam at the bank. of england. today has seen the annual pre—christmas tradition in moscow, an hour—long marathon news c0 nfe re nce news conference by vladimir putin in which he takes questions from journalists, tv viewers and invited guests. president putin said he had not yet made with the serial�*s ousted president assad but does have plans to do that. he denied that asad's defeat was also a treat for russia. he said he is prepared for talks and compromises over the future of ukraine but the ukrainian authorities should also be prepared to compromise. i rush editor steve rosenberg was at the news conference and he asked the president if he thinks he has been successful as russia's leader. translation: . , ., , translation: executive 25 years a . o translation: executive 25 years auo boris translation: executive 25 years ago boris yeltsin _ translation: executive 25 years ago boris yeltsin who _ tr

we have a busy week coming with the bank of japan and england on thursday. the bank of england and the bank of japan expecting to hold interest rates. the fireworks could come from the federal reserve wednesday. the detail will be in the projections. how many cuts to they pencil in? it's interesting to note the fed is meeting amidst weakness in the treasury market. take a look at how the treasuries have traded last week because it was quite a bruising week for the treasury market. there was no clear catalyst. it was an orderly selloff but the 10 year treasury yield had its worst week of 2024, rising nearly 24 basis points on the week, speculation on what is driving this in the answer was not clear but the fed cutting amid a still strong economy with inflation still not back to target is perhaps hinting there is more weakness to come but we first have to get through the flash pmi's today with notable attention on the european pmi's. last time around, they were disappointing. we saw weakness in manufacturing spreading into services. it's notable all three of the main comp

because more carnita is um and if it's an important ally of departments, he is a former bank governor of the bank of canada and the bank of england, the prime minister has been 14 him for many, many months now. so the fact that he was shuffling his finance minister out putting your somewhere in cabinet in the, in the hopes that maybe more corny would assume this finance portfolio. right was just the, the straw that broke the camel's back. and she was like today. and of course, this is all coming in the context of your neighbor here. so their neighbor at donald trump, the seems to be president of the united states threatening terrace, which could result in serious economic issues for canada. so how has the canadian government been preparing for this at possible, at the introduction of tires as well? and they're not just small chair, suite of trunk is, is proposing 25 percent care of on all canadian exports choose united states. this would cripple the canadian economy so, so very soon after the announcement, bye bye. soon to be president. trump, of the prime minister, lead down tomorrow logo to meet with him in florida. it was said

yes there was no real expectation there was no real expectation the bank of england will follow the bank of the federal reserve and the other central banks because you mention some of the inflation data we have this week, obviously headline inflation quicker on what we saw in october, and similarly also wages data which is probably the key data point for those members of the bank of england committee are worried about core services let inflation, thatis core services let inflation, that is running north of 5% so they will still i expect when they will still i expect when they reveal their discussions talk in terms of gradual reductions going into next year. reductions going into next ear. ., ., , ., reductions going into next ear. ., ., ., year. for our viewers at home, make sense — year. for our viewers at home, make sense of _ year. for our viewers at home, make sense of the _ year. for our viewers at home, make sense of the markets - make sense of the markets because yesterday we saw the costs soaring, approaching levels not seen since the 2008 financial crisis. this makes government deb

unemployment than seen at the last meeting bringing you back it europe, we will hear from the bank of england. the bank ofngland is expected to hold rates steady today after the highest rate of inflation in the g7 exceeding the projection of 2.6% on the year. also weighing on policymakers is wages rising 3% which is way above the rate mps consist sent with the inflation target. worries over the "s" word, stagflation since the conflation it's up more than 30 basis points over the last two weeks of course, we will bring our special coverage stay with us as we bring you that later today let's discuss the outlook with the uk economist for barclays. good morning, jack there's a lot happening. no doubt less focus on the uk and the bank of england. everyone is expecting no change for now for the time being what are you expecting in terms of commentary for the central bank especially when you factor in the hawkish comment from the fed yesterday? >> i guess we had a bit of data roller coaster over the last week or so in the uk we had the weaker data on activity and signs of weakening growth we had the upshot as yo

forjoining us- _ let's stay with the cost of borrowing — but move to the uk now — because the bank of england makes its own interest rate decision tomorrow. unlike the fed — the bankted to hold off cutting rates again — because of lingering worries about rising prices. well, we havejust had the latest inflation figure for the uk for november — it actually rose again last month to an annual rate of 2.6% — up from 2.3% in october — the bank's target is 2%. add to that — the employment data we had this time yesterday — that showed wages have risen more than expected in the three months to october, threatening to push prices up further. that has reinforced expectations that interest rates will stay on hold at 4.75% tomorrow. we're nowjoined byjane foley, who's the head of fx strategy at rabobank. that really is the feeling, in terms of what will happen with interest rates, and therefore the attention will focus on what might happen next year? that is exactly right. what has been interesting this month, the changing views about where interest rates in the uk will go next year, so at the start of this month there was an interview in the financial press where the governo

all of the central bank action we are expecting this week, the fed will kickoff the action with the rate decision tomorrow. then we are set for super thursday with the bank of japan, bank of englandnorges bank ing their decision. the cnbc bank of japan survey shows the economists expect a hold from the central bank. lin lin filed this report. >> reporter: 54% or 13 of 24 economists surveyed took this view which is much less than market pricing which stands at 80% believing the boj will stand pat. in my mind, when you look at the analyst comments we have been gathering, it boils down to two key things. is the central bank gore ing to focus on the data or the outlook. economy many economists told cnbc the boj is on target driven by wage growth. however, they noted the boj might prefer to wait another month to evaluate wage driven dynamics and donald trump's trade and tariffs policies as well. as far as the boj communications is concerned in the last couple weeks, it has been signaling patience highlighting concerns around external risks like u.s. economic policy and also saying that they see little risk in terms of inflation overshoots as well. with market pricing really moving on

of a grab bag. mike: everyone is up in the air -- and it is not just the fed. we heard the bank of japan, the bank of england say no one knows what donald trump will do and what impact that will have not only on the u.s. economy but economies around the world. a lot of this will be reflected in their currencies. . the policymakers are sort of saying, we will all wait and see what happens and see what we are going to get out of this before we lock ourselves into any pathway. scarlet: that is why a lot of people were surprised that the fed moved ahead with a rate cut because the data did not require it to cut rates yesterday if they would project you are rate cuts in 2025 anyway. mike: the criticism is if you are not going to cut, why did you cut? the fed basically feels we are still restrictive -- that is there were -- if you look at longer-term rates not directly infected by the fed, mortgages -- not directly impacted by the fed -- they have not come down. there is still restriction that holds the economy back. they want to get that down a little bit. wait and see what happens and how far they can go. they m

4.5% in terms of the policy rate and if we do see meaningful slowdown, then the fed has a lot of room to cut policy versus the ecb or the bank of england. >> interesting let's talk about the banki think about the commentary from the bank of england, it seems it is somewhere between the fed and ecb. >> that is a concern given the economic data which is showing signs of slowing i would suggest that the bank of england, as you said, s betwee the ecb and fed. they are still fighting inflation while acknowledging growth is a bit of a challenge that's a tough spot to be in the fed is acknowledging that inflation has room to go, but the economy remains okay the biggest issue with fed policy is that it remains restrictive relative to what would be considered a more neutral rate given this point in the cycle. the bank of england is caught a little bit in a ways to go, yet the economy is showing signs of slowdown. >> michael, we appreciate your time this morning. michael goosay. >>> coming up on the show, president-elect trump makes his first overseas visit since winning the election we will bring you his comments on ukraine and the nato alliance for nearly 200 years, big beverage compa

of those policies. that is what is happening in america. let's turn our attention to the uk... the bank of england makes its own interest rate decision tomorrow. unlike the fed, the bank ofting rates again because of lingering worries about rising prices. well, we havejust had the latest inflation figure for the uk for november — it actually rose again last month to an annual rate of 2.6% — up from 2.3% in october — the bank's target is 2%. add to that the employment data we had this time yesterday — that showed wages have risen more than expected in the three months to october, threatening to push prices up further. that has reinforced expectations that interest rates will stay on hold at 4.75% tomorrow. that is where they are, not expected to change when the bank announces that tomorrow. let's talk to george buckley. chief uk and euro area economist at nomura. all the figures suggest the bank is to hold off cutting rates but what would be really important tomorrow is the language we get about what might happen next year because people will be looking for rate cuts. , ., people will be looking for rate cuts. , . ., ~ cuts. they will and the market is ricin: cuts. they w

the bank of england to hold. think back to earlier this year, there was expectations we would see more rate cuts, they haven't come.everyone will be focused on what the bank ofngland say looking forward to next year. kind of mirroring what the fed said last night. slowing of rate cuts i guess might be in the mix somewhere. an expectation it will be a unanimous vote by the bank of england which if you look at previous meetings, it has been more of a split. they are in a difficult situation where inflation is not quite to target, starting to see increases next year, but at the same time we're in a pretty weak growth position. next year the market is still pricing in a couple of cuts from the bank of england. let we will be looking at the commentary from today to see if that sticks. tom: about 50 basis points, about 225-basis point cuts priced by the markets, liver economics thinks you get more to that, you get 3.75% by the end of the year.do you think we get below 4% on the benchmark for the boe by the end of 2025? jackie: i don't think it is outside the realm of possibility but a lot of things would have to happen before the bank of england for get to that le

of the bank of england, dave ramsden. so that's a rather interesting development. and it comes because the bankll round of forecasting, that the british economy is now not growing, that it's stagnant, so that there are concerns about a weaker economy now beginning to balance off concerns that inflation would linger and stay higher for longer. so the bottom line is this that although there's been no cuts today, the banks governor, andrew bailey, has reiterated that there should be gradual cuts. and for now it looks like february could still be on. it depends. there are many uncertainties, for example, on the issue of the trump trade tariffs. and there's also the issue of the impact of the budget on both, the impact of the budget on both firms deciding whether or not they're going to increase prices or whether they're going to affect wages. so significant hold, and we await what happens next year. household water bills in england and wales will go up by an average of 86 pounds next year, with smaller hikes over the following four years. there's been anger about the increase, as water companies ha

of the reasons why the swiss franc is the main themes because we see the smb being much more activists. i think there are other central banks somewhat slower in terms of the policy easing. the bank of englands in that context. although we get to neutral by the end of next year, it is a much slower pace of easing. swiss is one of the key themes for next year. >> before i let you go, i thwart your want your thoughts on the euro. there are so many variables at this stage. >> i think we have a lower run. we have another run to 103 or 102.5. we have that level. a parity run cannot be put off the table. i think once we get to those extremes, that field is fully value correction. we have a lot of bad news priced into the euro story. i don't think the euro won't go as far. we will think the reverse scenario in terms of the fed. that will probably provide a little bit of value of 102 or 103 next year and then we can see a slow recovery with the euro in 2025. >> would you think the ecb is not going to match the market expectations in terms of cutting rates? >> i think one thing is we have a lot of negatives in the economic story. there may well be slight resilience. the other context is the politica

the blank of bank of england. in terms of what we are hearing from france, the cac 40 is marginally higher. we need to look at political turmoil. we heard from the bank of france and central bank there warned of the domestic political uncertainty will add to global volatility and downgraded the growth next year by 30 basis points to 0.9%. let's see what france is going to do in terms of their fiscal policy going forward. no doubt that is still an important market narrative as you look at the cac 40. frank. >> silvia, thank you very much. silvia amaro live in the london newsroom. >>> turning back to the u.s. markets, the s&p 500 closing yesterday below the all-time high it hit this month. the market breadth is narrowing. according to deutsche bank, that's the longest run of that type in about 40 years. the markets were driven by the mag seven without nvidia. that group rose 2% and closed at another record high. joining me now is partner at the wall street alliance group. adele, thanks for being here. we set it up. the market is actually trading at a high valuation. 22 times forward earnings. i want to ask you, how do you play the market with the narro

of living challenge. why does this matter? well, the novemberfigure is now even further above the bank of england's target for inflation. remember, the bank likes to see inflation at 2%. so it will consider this latest data when it makes its next decision on the cost of loans and mortgages. it has begun cutting interest rates this year, albeit slowly. they are now at a.75% the base rate. but this rise in inflation, together with wages rising faster than expected in recent months, means that it's now very unlikely that we'll see any further cut in the cost of borrowing this year. but we will get that decision from the bank of england tomorrow. ben boulos. now it is coming up to midday, it is wednesday and shortly it to midday, it is wednesday and shortly , ., to midday, it is wednesday and shortlj , ., ., , shortly it is going to be time for the final _ shortly it is going to be time for the final prime _ shortly it is going to be time | for the final prime minister's questions of the year. frontbenchers from the two main parties are arriving at the moment. we have women and equalities questions going on and there are going to be questions, presumably about what we have just been hearing about to do with the economy, those inflation figures higher tha

that makes it harderfor the bank of to england do itsjob so services inflation, the red line, is stubbornly high. that makes it harderfor the bank ofarget. so while it started cutting interest rates in the summer, it is not expected to do so again tomorrow to give borrowers that pre—christmas boost. instead it is likely to wait until february because of lingering risks. it's lunchtime at david's stall in york market. he's braced for what 2025 will dish up. like many employers he faces a bigger tax bill after the national insurance hike announced in the budget kicks in. that could spell price rises. we're going to wait till we get to that point, see what other prices have gone up, like fat for us, fish for us. we're going to have to take that all into account and then possibly act on that after. yeah, yeah, card's good, yeah. such policies mean it may take longer for inflation to come back to target and so interest rate cuts are expected to be more gradual. 2024 has delivered lower inflation, but there's still some less than appetising leftovers lingering into the new year. dharshini david, bbc news. coming up... as talks continue t

the bank of japan according to present this by a 25 basis point high in japan. the bank of englandtern widely expected to hold rate study at 4.75% after cutting back in august and november gdp in the fed and how it's going to deal with growth being a priority for the incoming administration versus spending be in the priority of the prior. >> here's an area where i think president trump has been right from 2016 and before when your currency manipulation which is today carried out through central banks here we are with the united states and best credit risk in the world standing pretty high mid interest-rate target and now sending out the message never going to say hi, look at the trade partners the european union there at 3% after target interest-rate and talking about lowering using fiscal and monetary stimulus. we can expect and at a quarter percent. what president trump has said from the unfair currency depreciation advantage we have to be aware of the central bank's primary role in this and we hope we take that into consideration we want level international monetary playing fiel

the outlook for european debt? >> we have central banks there as a buyer of last resort. some said the first resort. we have seen it from the fed and the bank of englandnd ecb. since 2008, we have seen central bank policy support or central bank programs. i think the market would need that. without that, a huge amount of confidence would be lost. the market does require central bank to maintain confidence. >> we will see if they reach that point. in the meantime, thank you for joining us this morning. that was the head of fixed income research at rathbone. >>> coming up on the show, the second mandate at the helm of the eu executive arm with the team of commissioners. we will speak with carlos moedas after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >> welcome back to the show. now the german c

turn of the bank of england to make its latest interest rate call with all of this feeding into expectations they will keep them on hold at 4.75%. here's the view from one economist from the banknterest rates is because of data, just like we had today. it wasn't just the fact that inflation rose from 2.3 to 2.6, but also services inflation is still really quite high. it's running at 5%. in the euro area it's about 4%. so, the uk clearly has a services inflation problem. it's taking a long time to get rid of that. and yesterday we had some labour market data which showed that wage growth was still very strong. so the combination of strong wages and strong prices means that i think they have to be very cautious indeed when they cut interest rates. now, how does it feel to pull off a billion dollar business deal? this tiktok video went viral earlier in the year — it's dean forbes — boss of software firm forterro — at the moment he closed the deal to sell the company. what made it special for many people was the back—story. dean grew up in social housing in london and was made homeless twice. he's just made the top of the 2025 power list of influential black british people. theo l

the bank of england target of 2%. prices will be rising faster and will feel that in our pockets. the bank.75% so no respite there for mortgage holders. we are expecting fewer cuts next year, potentially two cuts from the bank. next year we are waiting to see how this policy by then. there are a lot of economic things in the budget, the national living wage is going up, we will see fewerjobs being created, wage stagnation, that kind of thing. keir starmer stand there hoping for a boost by floating these big investment projects we could get a boost for the economy. global factors are at play here. a new president in january. trade tariffs could have a big effect. also global politics, we have russia, the ukraine, the middle east. a cautiously optimistic forecast but anything could happen. people have been spending more than they would normally because of christmas pop —— christmas shopping. how are people financing that? seam; people financing that? any retailfigures? _ people financing that? any retailfigures? ritual- people financing that? my retail figures? ritual rose people financing t

of living challenge. why does this matter? well, the novemberfigure is now even further above the bank of england's target for inflation. remember, the bank likes to see inflation at 2%. so it will consider this latest data when it makes its next decision on the cost ofgh interest rates. of course, that affects the cost of loans and mortgages. it has begun cutting interest rates this year, albeit slowly. they are now at 4.75% the base rate. but this rise in inflation, together with wages rising faster than expected in recent months, means that it's now very unlikely that we'll see any further cut in the cost of borrowing this year. but we will get that decision from the bank of england tomorrow. a magistrate has ruled that devon and cornwall police can seize more than two million pounds from the social media influencer, andrew tate, and his brother tristan. westminster magistrates court heard that they had failed to pay a penny in tax on £21 million of revenue from their online businesses between 2014 and 2022. syria is not stable enough for a large—scale return of refugees, according to a warning by the head of the un's international organisation for migration. speaking after a visit to damascus, amy pope said about a 100,000 people had already retu

christian: the bank of england has held interest rate to 4.5% today, the three members of the monetary committee voted to reduce it. the banko hold the red was because of uncertainty about how the members had announced in the autumn budget and how that was affecting growth. not an ideal backdrop for prime minister sitting down in front of the parliamentary liaison committee, often described as a super comedic because it brings together shares of other committees. it was around a variety of policy areas, but the toughest questions were ongoing and the commands the labour party made in the election campaign, namely the pledge to restore growth. let's speak to the labor mp for voxel and camo green. thank you for being with us. i did watch some of it today i can't yo-- caught your question. you asked about the housing crisis and why the government had frozen the local housing alliance. that is a means-tested benefit intended to help people of low income pay for their commission. you satisfied with the answer you got? >> we were waiting to hear from the prime minister in terms of the 1.5 million pounds. what we were keen to hear

the two-day policy meeting tomorrow. markets are expecting a quarter-point rate cut although there is hand wringing of inflation. they seem dead set. the bank of england and bankjapan have monetary decisions on thursday. for economic data, we have quite a bit this week. tomorrow, november retail sales. on wednesday, housing starts. on thursday, jobless claims and third quarter gdp revisions and then on friday, we get personal income and spending numbers which include the fed's favorite inflation gauge core pce. joining us now is sylvia jablonski. defiance ceo and cio. that is quite a bit to digest. gives us something to think about, something to worry about, something to look forward to. which describes your feelings for the data? what's most important? >> good morning, joe. i think neutral is my answer. the biggest number of the week is what the fed actually does. i think there's a 96% expectation we get another fed cut. it is interesting to hear what he is thinking for 2025 and if this is the last rate cut for a while and how the commentary leans. does it lean hawkish or dovish if the data is no t in line? i don't think there will be a huge market reaction e

bank of england is leaving the policy rating at 4.75% after an eight-month high in november. three members voted to cut rates and that thwarted expectations of a hold. that was the big surprise from the bank of england yesterday. meanwhile, the changes to the ftse come into effect today with the workshop joining the blue chip ftse 100. richard stone is the ceo of the company of the trade association. richard, good morning. good to have you on the show >> good morning. >> perhaps explain to us how important the reshuffle happening today is >> the ftse reshuffle does it every quarter to represent the largest in the index it is important for those who track and follow funds in the top 100 companies. it is perhaps indicative of the nature of the uk market and which companies are doing well and where the size of companies is it's really good to see another investment company going into the top 100. that makes five in total. >> that is actually a record. >> it is >> explain the response of that. >> the response of that for investors is that an investment company gives them exposure to a basket of investments. it's a diversified portfolio managed by an active fund manager. for the sector as a whole, clearly, it he creates additional demand for investment companies and brings them to the floor in terms of the investor attention. >> let's look at the less positive news going on with the london stock market. the reshuffle happening today is coming at a time when we have seen the numbers showing a large itch from you the london stock market i wonder really what is the outlook here is there anything to change the narrative? >> if you look at the market as a whole, a lot made of the number of companies that left london or uk a number of companies on the market has shrunk since 2008 and the crisis the government is taking steps to change the existing rules and making it easier to list and raise capital. they are trying to do things to invigorate the market. the lse is opening up access to private companies as well. one of the great things with investment companies, they are able to invest in listed companies and unlisted they have exposure to the private assets things investors can get through to the public markets. they are bridge the gap with the public market and private assets >> is there a london specific problem? however, there is clearly a lot more attractiveness in the u.s.? higher valuations and higher capital options. what i like to understand whether is the measures you highlighted will be enough and will come into place quickly enough to make london more attractive and more competitive with wall street >> it's going to make it more competitive. let's wait and see i think a lot is made of the u.s. market, but returns are heavily concentrated in the magnificent seven. the last few is one or two that sucked a lot of capital into the u.s. markets. yeah, i think london still has a great future and good prospects. >> we have also heard the government saying they don't want to -- they want to regulate for growth that was the tag line. what do you think that will actually mean? >> i think it's interesting when you look at the new government coming in there was quite a lot of optimismcreation. what you have seen is relatively anemic growth the bankf england was warning about yesterday. i think when you look at the public finances, you look at what the bank is saying. it is clear the public can't purse all of this. the government needs private capital to deliver its ambitions whether that's in the net zero or infrastructure or whatever it might be to that extent, they've got to support the markets, they've got to support the crowding in of capital from pension funds and retail investors into those investments in order to deliver on what they want from a growth perspective. they can't do it all themselves. >> right i was wondering also whether you see a potential risk here from deregulating ultimately that's what we're talking b. when you think about the global financial crisis in terms of regulation, is it actually the right approach given everything we've been through? >> i think these things are like pendulums, aren't they i think the pendulum has gone slightly too far in that direction and one of the things that's talked about

the bank of england has held interest rates at 4.75% today. however, the bank seriously considered cutting interest rates in december as it forecast that the uk economy failed to grow at the end ofs year. while the bank voted to keep rates unchanged, three out of its current nine members wanted to reduce the rate to 4.5%. the split opens the door to a rate cut as soon as february when the bank next meets. joining me now is jackie bowie, managing partner at chatham financial. always good to have you here. no surprise in the outcome. some surprise about the split. the vote was not unanimous. that it's right. earlier this morning, a lot of the market economists were out, expecting it to be 9—0 or eight one, very much more of the members voting in favour of the whole position, so the 6—3 was certainly a surprise. when you see the comings the bank of england made after the announcement, it was clear there is this real pool between there is this real pool between the fact economic activity has slowed down, concern about economic growth versus things are still sticky, hence the reason to hold things up 4.75. when we get statements like this and decisions, it is all in the detail, what

the bank of england not expected to get below 4% for november. my stash markets pricing in just around 70 basis points of cuts between now and november of next year from the banko what extent does the weight story and on and rick -- unemployment rates tie into a. weekly earnings over at three months will have increased to 4.3 when the data drops from 4% to 3%. unemployment at 4.3%. if you get those numbers presumably for the hawks. npc and boe saying and urging for caution. germany in terms of data. gains around expectations with political and lack germany will be consequential. just bear that in mind in terms of the people business sentiment survey, is there any bottoming out or do we need to wait until after the elections february 23, even then you could have weeks, if not months of wrangling if you are looking at a rank -- a coalition scenario in germany. we will be speaking with the president of germany's institute on its latest business climate survey. tune in for that 9:00 a.m. 8:45 u.k. time on the opening trade, we will be speaking exclusively with the president of the paris region, valerie, at that conference day perry -- paris. live at the conference

notes sitting at just about 4.530%, and then check out the british pound because the bank of america just -- bank of englandolding interest rates steady that was expected. the vote was not unanimous three voted for a quarter-point cut. steve liesman is here at the table after what was a busy one for you. >> it was an interesting day not a good day, obviously. did you want to read the intro, becky or do you want me just to ad lib myself? >> let's get to the debate of the day, what the fed said, and why it spooked the market so much we have had some conversations around this already this morning, steve, but what jay powell said probably didn't come to a shock for anybody who was following the fed closely, but for some reason, it came as a surprise. >> we talked about the idea of a hawkish pause, and i said yesterday it wasn't ready for the hawkish pause and it was debating whether the cut was dovish we're going to debate today what the fed said, and why it spooked the markets, maybe more important was the market just a knee-jerk reaction or were equities and bonds settling in the fed cutting rates as expected

the federal reserve. on top of that, as you mentioned, it is very busy for european central banks today in particular, here in the uk where the bank of englandannouncing the latest decision at lunchtime expectations, however, suggest they will not move they will keep rates unchanged investors will be keen to understand what is the commentary and what is the outlook for 2025 particularly as we saw the fed downgrading their expectations in terms of rate cuts for '25 as well. >> silvia, thank you very much silvia amaro live in london. now to the asian trader jp ong standing by in singapore jp, what are you seeing? >> reporter: good morning, frank. not a great thursday for asian stocks no one taking comfort from the prospect of the fewer rate hikes. it is fitting we start in japan today because we got a bit of surprise from the central bank despite the bank of japan to hike rates, they decided to keep rates unchanged. they wanted to see the ramifications of the incoming trump administration the gap differential with the fed. 156 against the u.s. dollar today. despite the weakness in the yen, it did little to support spirits in in tokyo and the n

the banking sector. briefly, we are up $3. very important as well as we await to hear from the bank of england tomorrow. let's take a look at the different sectors. some of the dynamics this morning, at the top, we have oil and gas, media trading quite high. let me take you to the banking space as we highlighted. the big story out of unicredit. up about .4. in terms of the worst performing sectors, this is the picture at the moment. let's get a check. basic resources down .6. chemicals down similar levels. and in terms of what we are witnessing at this stage, though, investors are looking at the announcements on the banking space, no doubt. they are having to digest the news from the autosector on top of that. it's very heavy in terms of central bank policy, too. today, we're going to hear from the federal reserve. tomorrow, it's very heavy across the european continent as well on monetary policy fronts. let's see how all of that will shape throughout this week. i want to go back to our main story this morning. what i would like to understand here is the impact of the german election. because we have heard andrea in the past saying that they respect the

of growth. and if you look at where the cutting is taking place it is in europe, bank of england, ecb, and in china, china has almost closed to deflation and the one other outlier is the bank of lever up and the fed would cut and they were by and banks would be lever and we have a problem. now we have just a lot of very different things going on by country and you really have to get out and see what is going on. one of the big things and you talk about this was fedex, there is a huge movement, one of our big investment ideas is this idea of copies going from capital heavy to capital light. what did fedex tell you? they said they will make the capital structure more efficient. we have been doing lots of deals were the equity or the debt, we did something with paypal, with discover, very active right now in corporate carveouts across our private equity business. it is a different playbook. this is a market where you make your own lock. why are we so active in japan right now? because japan is cheap violations, reasonable funding costs and there is a corporate reform story going on. the other big thing our focus on is if president does not put tariffs on, which we think they wil

the figures come ahead of bank of the bank of england's latest decision on interest rates tomorrow. the ons chief economist said the rise was dfiven economist said the rise was driven by an increase in petrol prices. and there's been some football action tonight in the efl cup. arsenal beat fellow londoners crystal palace three two. newcastle won three one against brentford and southampton lost two one to premier league leaders liverpool. that's me done for the evening. those were your gb news headlines i'm joe casper. now let's get back to headliners for the very latest gb news direct to your smartphone, sign up to news alerts by scanning the qr code or go to gbnews.com/alerts. >> hello, welcome back to headliners, your first look at tomorrow's top stories with three comedians. first things first, let's have a look at what louis and nick will have to work with on thursday's front pages. so the telegraph kick us off with echr let's heroin kingpin stay in the uk daily mirror i've got the old cammy back. the metro three friends killed by laughing gas driver. the i pensions protest grows

yes, i do, i think the bank of england _ the uk? yes, i do, i think the bank ofthe| bank of england are somewhat constrained from speeding up the pace of rate cuts, i think it would be great to have more room to go faster given what has happened with some of the data in the uk, we have seen signs of business surveys that things are starting to turn down too slow a bit and some worrying signs particularly around employment. the inflation data is still looking too strong, and this morning particularly looking at services inflation, for example, which is expected to remain pretty sticky around t

the cost of borrowing this year. but we will get that decision from the bank of england tomorrow.— from the bank of england tomorrow. ben bu loss. syria is not stable enough for a large—scale return of refugees, according to a warning by the head of the un's international organisation for migration. speaking after a visit to damascus, amy pope said about 100,000 people had already returned. 0ur middle east correspondent lina sinjab who's in damascus gave us the latest on the challenges for refugees getting back to syria. well, the country has suffered 13 years of war and its economy has collapsed. the assad regime was a corrupt regime and he depleted all the resources for his own benefit and the benefit of his own group of loyalists. to have the hundreds of thousands of refugees come back, that is a big challenge. most of the cities, towns and streets and homes have been destroyed by assad's bombing. we visited the outskirts of damascus, and it is completely flattened. we were told that 400,000 lived in that neighbourhood. for that to be rebuilt and inhabited again it needs a flood of international aid and money to

been hearing, the bank of england has left interest rates unchanged at 4.75%, meaning mortgage repayments will remain at that rate. rising inflation and wage growth have persuaded the bank ofgland's policymakers to keep rate cuts on pause. we'll bnng keep rate cuts on pause. we'll bring you more on that economic news soon. water bills in england and wales are to rise by an average of 36% over the next five years, water regulator ofwat has announced this morning. that's the equivalent of an extra £31 a year. the regulator said the increase would pay for a £104 billion upgrade of the water sector to deliver substantial, lasting improvements for customers and the environment. ofwat is already facing backlash, with liberal democrat environment spokesperson tim farron describing the regulator as toothless and defunct. it comes as around 58,000 homes in hampshire are without water today due to a technical issue. southern water are saying the response to that incident is being coordinated by the government, while business secretary jonathan reynolds spoke about the increase earlier on. >> look, i think everyone recognises this is another absolutely dreadful inheritance the new go

and i think if the bank of england, because you're right, it is all about the economy as well. and, you know, the bank of downgrading growth from 0.3% to zero, it's anaemic. it's it is nothing. >> it's ozempic. >> it's ozempic. >> and this is what we're going into in 2025. i do worry for this government. i worry on a personal level because i'm a nice person. i worry and sir keir starmer. i think rachel won't be in her job. rachel from won't be in herjob. rachel from accounts, i don't think she'll be there next year. >> well, she can go back to halifax. >> can i just point out that if you have a problem with people coming over in small boats, then you might want to explain the 120,000 you let in between 2018 and july of this year. >> well, it's a problem. >> well, it's a problem. >> there's no getting away from it. it's a problem, benjamin. and that's why there was the rwanda policy in place to deport these people. that's why we had these people. that's why we had the bibby stockholm, which, you know, all the lefties up in arms, you know, said that this should be scrapped because that wasn't a pleasant so

fed announcement comes a day before the bank of england is due to make its latest interest rate decision where price inflation has also been higher than the bank ofdeally like. the rate of inflation in the uk has gone up for the second month in a row, with prices rising at their fastest pace since march. fuel and clothing were among the main drivers behind the rise. analysts say the latest figures mean the bank of england almost certainly won't cut interest rates when it meets tomorrow. here is our economics editor faisal islam. the christmas market in the centre of york, the perfect place to test the temperature of a british economy that hasn't fully shaken off the cost—of—living crisis. our sort of lower—value products have been the most popular things we sell for quite a while. we do sell more premium things like desk pads and folios and things like that, which do cost a little bit more, and recently, we've started to see our sales of those increasing. so it's definitely a sign that people are a little bit more willing to spend than they were maybe this time last year. from gift stationers to the owner of a chain of chippies. costs have defini

of these problems. duncan, thank you. uk interest rates will remain at 4.75% after the bank of england voted to hold borrowing costs. it comes despite three out of nine members of the bank'sns the door to a rate cut as soon as february, though the governor andrew bailey said he could not commit to when or by how much rates would change next year. thousands of shipbuilding jobs been secured after a deal was agreed to buy belfast shipyard harland and wolff — best known for building the titanic. spanish state—owned business navantia stepped in after the northern irish company, which also has sites in scotland and england, went into administration for the second time in five years. the business and trade secretary jonathan reynolds called the deal �*a major vote of confidence in the uk'. working with the potential bidder, in this case navantia, we've been able to get to a better solution that guarantees all the yards, alljobs, delivers the fleet support ships for the ministry of defence, doesn't waste any taxpayers' money and gives us a much better solution for the long term. the labour minister, tulip siddiq, has been named in an investigation which claims herfamily embezzle