Reuters: Britain’s consumer confidence index falls to a record low
British households are highly irritated by a sharp rise in the cost of living, pushing the consumer confidence index to its lowest point since at least 1974.
The consumer confidence index calculated by GfK research company fell to -44 points in August from -41 in July. That’s the lowest index value in the history of the study. Economists polled by Reuters had expected the index to fall to -42.
The sub-indices, which measure consumers’ assessment of their own finances and the state of the economy over the past year and in 12 months, also fell.
“All of the indicators fell, reflecting strong concerns about skyrocketing costs of living,” commented GfK’s Joe Staton on the data. – The main reason for this result was a sense of irritation with the state of the British economy.”
The GfK consumer confidence index has been falling steadily for a year now, amid a rapid acceleration of inflation, which in July exceeded 10% for the first time since 1982.
So far, the effects have not been too painful for consumer-oriented businesses. but the Bank of England expects that further price increases could trigger a recession in the British economy later this year.
Food prices are rising at the fastest pace since 2008, and household energy bills have already doubled. Analysts believe those bills could rise further, to more than 4,000 British pounds ($4,816.80) a year by January.
Earlier we reported that the Rough gas storage facility in the UK would be mothballed.
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Investors gravitate toward bear market after Fed decision
The consensus among investors is that the U.S. Federal Reserve will raise rates again before the end of the year and will not loosen its monetary policy until 2024, which is a bearish outlook for the stock market. So it’s important to be prepared for a drop in the S&P 500 and other indices.
That’s the prevailing view of about 350 respondents to the Instant MLIV Pulse survey after Wednesday’s Federal Open Market Committee meeting.
The findings contrast with the interest rate swap market, which is still struggling to gauge a rate cut this year. More than 70% of MLIV Pulse respondents said the Fed is not done raising rates yet. More than half said they expect the central bank to wait with its policy easing until next year.
The survey results are in line with Fed officials, but go against traders who estimated this year’s rate cut has led to lower Treasury yields.
Swap markets expect the Fed rate to peak at around 4.95% in May and then fall to about 4.2% in December.
Earlier we reported that the U.S. Department of Justice has begun investigating the collapse of Silicon Valley Bank.
Startups under threat worldwide after Silicon Valley Bank collapse
High-tech startups have been hit. Companies around the world are facing a fight for survival after the collapse of a major US investment bank, Silicon Valley Bank (SVB). There was a “huge disruption” in the industry globally, Bloomberg reported, citing market participants. The entire stock market, and the S&P 500 in particular, plummeted.
Startups under threat
The bankruptcy of the lending institution, in particular, affected the co-founder of startup Birdly Inc. Quang Hoang. The entrepreneur invested about $10 million in SVB and is still unable to repay the money four days after the bank was shut down by the California Department of Financial Protection and Innovation. However, the entrepreneur is far from the only one who has faced similar problems, the article specifies.
“Hoang was one of thousands of founders around the world this week trying to track down their money after days of chaos and who are completely rethinking the way they run their own businesses. Startups from Silicon Valley to London to Tel Aviv to tech hubs across Africa have depended on SVB as a one-stop store for everything from storing their fortunes to personal mortgages,” the story says.
Now investors and technology companies are predicting a complicated financial future for themselves, even if the bankrupt bank begins to attract deposits from customers under a new name. Many market participants faced a “financial payback” for their overreliance on the credit institution’s risky investment assets, the memo said.
On March 11, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, a large investment bank based in Santa Clara County. All insured deposits from SVB were transferred to Deposit Insurance National Bank of Santa Clara. Depositors were expected to have access to their accounts by March 13.
Earlier we reported that the U.S. Department of Justice has begun an investigation into the circumstances of the collapse of Silicon Valley Bank.
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