Latest Banking
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30th May 2023
Market Report-Hargreaves Lansdown
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Susannah Streeter, head of money and markets, Hargreaves Lansdown, comments:
"A deal may have been struck on the US debt ceiling, but it’s not fully calmed nervousness on financial markets. Limits on spending are being imposed just as America looks set to head towards recession, which could make it harder for growth to snap back.
Clamour from dissenting voices on both sides of the political divide are rising, ahead of a crucial Congressional vote later today. Nevertheless, the US does appear to be inching towards Budget agreement, although it’s likely to take a good deal of wrangling this week before it’s passed. Although the debt ceiling will be lifted for two years, Republicans won some of their demands for limits on federal spending but not enough to assuage some Conservatives on the right of the party. The uncertainty has kept a lid on oil prices, with Brent Crude tripping up following strides it made soon after President Joe Biden and Republican Speaker Kevin McCarthy reached the deal.
The FTSE 100 has opened lower and European bourses also put in a lacklustre early performance as investors assess pitfalls ahead for the global economy, with concerns about high inflation still weighing on minds. The gult between price growth in the UK and Eurozone nations appears to be widening, with prices in Britain proving much more stubborn.
The snapshot from the British Retail Consortium showed that shop price inflation increased to 9% in May up from 8.8% in April but the latest reading through from Spain showed that consumer price inflation had dropped to 3.2% in May from 4.1% in April, a sharper fall than expected.
Hargreaves Lansdown Trends(153 articles)
