- Recap of the Bank of England to lend against a wider range of assets
- Fitch says the actual OPEC+ oil output fall will be less than the cuts
- The ECB and PBoC have extended their currency swap deal for a further three years
- China COVID update - Shanghai requires arrivals to take 3 covid tests within 3 days
- UK to publish medium term fiscal plan OBR forecast on October 31
- German gas commission expert Russwurm says we are heading towards recession
- ECB's Centeno says normalisation of monetary policy is absolutely needed and desired
- ECB's Knot - expects significant moves by ECB will be needed in 2023 to get inflation down
- China COVID update - highest number of locally transmitted cases reported since August 20
- Reminder - it's a Canada and US (sorta) holiday today, Monday, 10 October 2022
- Swiss sight deposits of domestic banks fell for the week ended October 7
- More on the French central bank cutting its economic growth forecast
- What is Market Volatility and Why You Need to Consider it in Your Trading
- China, HK stock markets plunged Monday, 10 October 2022 - US chip restrictions cited
- More on the BoE operation to calm gilt, GBP market - ready to increase daily purchases
- Bitcoin technical analysis
- More on Russian missile strikes into major Ukraine cities - targeting civilians
- ECB's Villeroy says the ECB is working to bring down inflation to 2% in 2 to 3 years
- France's central bank has cut its Q3 French GDP forecast to 0.25% (from 0.3% previously)
- Bank of England says launching temporary expanded collateral repo facility
- 2 Shanghai districts have closed all venues due to COVID restrictions imposed Monday
- FX option expiries for 10 October 2022 at the 10am New York cut
- Explosion in Kyiv, reports of cloud of black smoke rising from buildings in city's centre
- Dutch central bank says high inflation could persist longer than models now predict
- G20 finance ministers meeting 12 & 13 October - co-ordinated USD intervention speculation
- El-Erian: Fed made 2 big mistakes that'll go in history books, spur a damaging recession
- Trade ideas thread - Monday, 10 October 2022
- Forexlive Asia-pacific FX news wrap: Moderate negative tone kicks off the new week
It was a significant session for news items.
Russia sent missiles into Ukrainian cities, terrorising communities during morning rush hour in apparent retaliation for the loss of its bridge linking Russia to Crimea. Markets responded in a ‘risk off’ fashion. As I post Nasdaq futures on Globex are down around half a percent, S&P500 futures are down around 0.4%. Major FX has fallen against the US dollar.
From the UK we had the news that Chancellor Kwarteng will announce his fiscal strategy and economic forecasts on October 31, bringing the plans forward by more than three weeks. Kwarteng is seeking to calm volatile UK by bringing the date forward. He had been insisting it was vital to have the date in November (the 23rd) to allow the OBR to make a proper assessment, Guess not after all. GBP has managed to bounce somewhat on the news.
The Swiss National Bank cut overnight deposits by 30bn CHF.
Chinese and Hong Kong stocks slumped today; ongoing renewed COVID restrictions and US chip bans cited (see bullets above).
