Issue link: https://maltatoday.uberflip.com/i/1511621
SYMBOL LAST CHANGE % HIGH LOW DOW JONES – US 33,561.80 -56.88 -0.17% 33,656.40 33,509.70 NASDAQ – US 12,179.50 +0.00 +0.00% 12,216.10 12,174.10 S&P 500 – US 4,119.17 -18.95 -0.46% 4,130.35 4,116.65 RUSSELL 2000 – US 1,749.68 -4.79 -0.27% 1,756.09 1,737.70 S&P TSX – CANADA 20,585.70 +0.58 +0.00% 20,599.00 20,455.50 IPC – MEXICO 55,452.70 +419.61 +0.76% 55,497.80 54,899.40 FTSE – UK 7,750.80 -13.29 -0.17% 7,778.98 7,750.37 CAC 40 – FRANCE 7,373.77 -23.40 -0.32% 7,416.32 7,373.20 DAX 40 – GERMANY 15,886.20 -69.32 -0.43% 15,980.80 15,884.00 FTSE MIB – ITALY 27,325.70 -57.80 -0.21% 27,476.40 27,324.70 MICEX – RUSSIA 2,524.31 -3.28 -0.13% 2,535.03 2,483.79 NIKKEI 225 – JAPAN 29,122.20 -120.64 -0.41% 29,195.20 29,070.10 SHANGHAI COMPOSITE – CHINA 3,319.15 -38.52 -1.15% 3,349.72 3,305.25 HANG SENG – HONG KONG 19,776.90 -90.64 -0.46% 19,880.00 19,696.60 NIFTY 50 – INDIA 18,249.10 -16.90 -0.09% 18,323.20 18,211.90 KOSPI – KOREA 2,496.51 -13.55 -0.54% 2,510.13 2,488.42 16.11.2023 7 MARKETS International Markets Global Indices Trading Date: 15 November 2023 FTSE 100 Daily Price Chart DAX 40 Daily Price Chart THE sharp fall in UK inflation figures in October has re- inforced views that interest rates have peaked, with econ- omists predicting the first cuts could come as early as next spring. The drop in CPI from 6.7% to 4.6% is the largest fall in the inflation rate since April 1992, when inflation fell from 7.1% to 4.7%. James Smith at ING Economics said the print "all but rules out any more tightening this year" and is "good news for the Bank of England (BoE)". Markets are now pricing in a fall in Bank rate in the middle of next year, possibly as soon as spring, coming down to 4.75% by late summer. Samuel Tombs at Pantheon Macroeconomics felt the data should entrench expectations that the Monetary Policy Committee (MPC) will be able to start to reduce Bank rate in about six months' time. This is a view shared by Bruna Skarica at Morgan Stanley who sees the print "as supportive of our call of BoE cuts next year, from May". Martin Beck at the EY ITEM Club also thinks the BoE "will start cutting interest rates from late next spring, sooner than markets currently expect". Although he added with the big move in energy bills now reflected in the annual inflation measure, the scale of October's fall in inflation is unlikely to be repeated. Ibrahim Quadri at Goldman Sachs (NYSE:GS) thinks headline CPI will end the year at 4.2% with core infla- tion of 5.2%, below his previous expectations. ING's Smith said the BoE would be particularly pleased by the fall in services inflation, the key metric for policymakers, which came in much lower than the Bank had anticipated. "We expect services inflation to fall back to the 3.5-4% area next summer and that would be a catalyst for rate cuts to begin", he said. HSBC's Elizabeth Martins was a little more cautious on where rates are heading, telling Bloomberg that talk of 80 basis-point rate cuts next year is "excessive". She likened the battle to tame inflation to a diet, with the first few pounds the easy bit, before hitting a pla- teau, and highlighted the hawkish tone of the BoE's last meeting. Sharp fall in UK inflation boosts hopes of interest rate cuts next spring