Today's news headlines:
'UK economy rebounds by more than expected in October'. Data published by the Office for National Statistics revealed that the UK economy grew by 0.5% between September and October, after September output was dampened due to the bank holiday for the funeral of Queen Elizabeth II. The growth in Gross Domestic Product was greater than initially predicted by Reuters and almost completely rectifies the 0.6% drop in output seen the month previous as a result of the extra holiday. UK Chancellor Jeremy Hunt has displayed cautious optimism over the growth but warns that no country is immune to the Russian war, the aftermath of Covid-19, and soaring energy prices. (Financial Times)
'National Grid asks standby coal plants to fire up as cold grips UK'. As temperatures across the UK plunge below freezing, the UK electricity grid system operator has commanded two emergency-use coal generators to prepare for operation. The National Grid has advised the public to use energy as normal but has warmed up the coal plants to maintain public confidence in energy supplies this winter. Cold weather has cut wind power generation, causing the electricity grid to rely on imports from Europe and gas-fired electricity. (Financial Times)
UK day-ahead electricity prices spiked yesterday to attract electricity imports from Europe, and record prices are expected during peak hours today. European stocks are expected to open cautiously this morning ahead of a series of central bank meetings this week along with crucial US inflation figures.
Rightmove HPI m/m: -2.1% vs -1.1% previously
UK GDP m/m: 0.5% vs -0.6% previously
US 10-year Bond Auction: 6.01PM
BOC Governor Tiff Macklem Speaks: 8:25PM
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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.