Bank of England delays policy meeting after Queen’s death
The Bank of England announced on Friday that it would postpone the meeting of its September monetary policy committee for a week after the death of Queen Elizabeth II.
The UK is in a period of national mourning following the death of the Queen, Britain’s oldest monarch, who died at Balmoral Castle on Thursday.
The Committee’s decision will now be announced at 12 p.m. local time on September 22.
— Karen Gilchrist
The British pound rises to $1.16
The pound rose against the dollar on Friday, regaining strength amid a tumultuous week in which the pound hit a 37-year low, Britain appointed a new prime minister and Queen Elizabeth II is dead.
The pound rose more than 1% to trade at $1.1646, its highest level this month, while the greenback slipped on comments from the US Federal Reserve. It was last seen at $1.606.
Movements in the pound against the euro were more subdued, with the single currency slightly lower at 86.77 pence.
— Karen Gilchrist
Uniper up 9.6%; Bridgepoint plunges 18.5%
Shares in the German energy giant Unite jumped to the top of the Stoxx 600 on Friday, up 9.6%, amid a broader rise in oil and gas stocks.
UK private equity firm bridge stitchmeanwhile, plunged 18.5% to hit the bottom of the European benchmark after announcing plans to take a majority stake in UK-based adtech firm MiQ.
— Karen Gilchrist
European markets are rising in the open; Euro Stoxx 600 up 0.6%
European markets rose at the open. Here’s how they trade now:
CNBC Pro: Uranium is “on a tear” right now. Here are two ETFs to play with
One niche in the commodities market – uranium – has been a beacon of hope over the past month, with its performance outpacing even that of the broader energy sector.
Two ETFs have surged in recent weeks as the West strives to reduce its dependence on Russian energy.
Pro subscribers can learn more here.
—Weizhen Tan
Asian markets up on Friday
European markets set to open higher: here are the calls
CNBC Pro: Citi Just Upgraded Eight Chinese Stocks
China’s “economic recovery appears to be slower than market expectations,” Citi stock analysts said in a Sept. 2 report.
They downgraded 12 Chinese stocks – but improved eight. Here are three actions of their updated list of top Chinese stocks traded in Hong Kong and the mainland to buy.
Pro subscribers can find out more here.
— Evelyn Cheng
European Central Bank raises rates by 75 basis points to tackle soaring inflation
The European Central Bank on Thursday announced a 75 basis point hike in interest rates, taking its benchmark deposit rate to 0.75%.
“This major step precipitates the transition from the current very accommodative level of policy rates to levels that will ensure the rapid return of inflation to the ECB’s medium-term target of 2%,” he said in a statement. communicated.
He added that he “expects to raise interest rates further as inflation remains far too high and is expected to remain above target for an extended period.”
Read the whole story here: European Central Bank raises rates by 75 basis points to tackle soaring inflation
— Jenni Reid