Economists are revising UK forecasts today following Rishi Sunak’s £15bn endorsement to help households during the energy crisis.
He has warned that there is now a greater risk that the Bank of England will be spurred on by higher interest rates in 2022 to offset the increase in inflation resulting from yesterday’s fiscal measures.
Retail stocks including Next and Marks & Spencer rose sharply yesterday as a reduction in the chancellor’s £400 energy bill allayed investors’ worst fears about a slowdown in household spending.
S&P 500 poised to end seven-week losing streak
Yesterday’s strong session for Wall Street stocks means major US indices should break a seven-week losing streak later today.
The S&P 500 index is up 4% this week, which means if it holds up, the major benchmark will end its worst performance since 2001. The tech-focused Nasdaq is on a similar streak, but is currently ahead more than 3%.
The Dow Jones Industrial Average has fallen for eight weeks in a row but is stronger than 4% since Monday after rising 1.5% yesterday based on reassuring updates from the retail sector.
Shares of Macy’s and discounter Dollar Tree jumped fifth after their quarterly statements, but some of this progress was offset after the closing bell when Gap cut its profit guidance.
US futures are later pointing to a stable session, while the FTSE 100 index is forecast to be down 10 points at 7554 by CMC Markets.
The top flight was pulled off yesterday by retail stocks including Next and B&M European Value Retail as a reduction in the chancellor’s £400 energy bill allayed investors’ worst fears about a slowdown in household spending.
Credit: www.standard.co.uk /