Philip Hammond faces another £20bn hole in his deficit reduction plans, as the chancellor comes under political pressure to increase spending in the forthcoming Budget. Analysis by the influential Institute for Fiscal Studies (IFS), published today, shows that a productivity forecast downgrade from the government’s Budget watchdog may leave the total deficit as high as £36bn by 2021-22, before any extra spending commitments. The major report from the UK’s leading economic think tank shows that deep cuts have left the NHS, schools and prisons in a “fragile state”, and have merely returned public spending to pre-financial crisis levels.
There has been no crash or even a 3% correction so far in October. Halloween will be on the last day in October, the 31st. So there remain two more days for this Newsletter`s prediction of a market downturn to be realized. So far Wall Street has marked new highs in a narrowing market as tech stocks account for most of the advances. With the exception of the energy sector, earnings for the third quarter have not been spectacular, and the fundamentals already mentioned in previous Newsletters remain unchanged.
Another week, another all-time high for the world’s most popular cryptocurrency as bitcoin price peaks above $6,300. It has been 10 days since prices advanced to unprecedented levels above $6,200 and the growing adoption and appetite for bitcoin has propelled prices beyond $6,300 following another record-breaking weekend. In the late hours of Sunday (UTC), bitcoin price touched a new record high of $6,345.
Switzerland's KOF leading economic barometer rose to 109.1 points in October from a revised 106.1 points in September, the KOF Swiss Economic Institute said on Monday. A measure signaling future turning points in the Swiss economy improved for the second straight month in October to the strongest level in just over seven years. Economists had expected the index to rise to 106.5.
Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (£3.5bn) for the three months to the end of September. The result marks a huge 448% increase from $843m posted in the same period a year ago. With one-off costs and currency impacts stripped out, HSBC posted a $3.8bn leap in pre-tax profits to $4.6bn for the third quarter, as it made a one-off loss on the sale of a business in Brazil last year.
The U.S. Dollar has concluded last week a long bottoming process after confirming an interesting reversal pattern. In the chart of the Dollar Index (Figure 1) a so called inverse head-and-shoulders is visible, a technical pattern that anticipates a possible reversal of the negative trend that culminated with the 32 months low of last September at 91. After then, a progression of growing lows has reached, and exceeded last week, the key resistance of the pattern described (94.25).
The chief executive of UBS, Sergio Ermotti, says it is becoming "more and more unlikely" that the bank will move 1,000 staff from London after receiving "regulatory and political clarifications" around Brexit. The Swiss bank has previously said that around a fifth of its 5,000-strong UK staff were involved in operations dependent on passporting rights that allow financial services to operate across the bloc.
After making a breakout from the falling wedge formation, the yellow metal was expected to continue the surge at least until the clash with 200-hour SMA. However, a plunge in Euro amid the ECB meeting led to downfall of the exchange rate. As a result, it has finally slipped below the weekly S1 located at the 1,269.58 mark.
Offshore Shell Games 2017, a report by the US PIRG and the Institute on Taxation and Economic Policy, outlined the extent to which Fortune 500 companies are using offshore financial centres and as a result legitimately avoiding taxes in the US on trillions of dollars of profit. Overall, multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year. Every dollar in taxes that corporations avoid must be balanced by higher taxes on individuals, less public investments and services and more federal debt.
The fortune of Amazon founder Jeff Bezos surged by as much as $6.6bn (£5bn) in extended trading on Thursday after the retailer reported third-quarter results that topped Wall Street estimates. If the gains hold through on Friday, Mr Bezos will probably overtake Microsoft co-founder Bill Gates atop the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people. Amazon climbed 8.5 per cent to $1,055.01 at 4:30 pm in New York.
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