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UK inflation remained stuck at 8.7 per cent in May, higher than expectations of a drop to 8.4 per cent, marking the fourth month in a row that price rises have exceeded forecasts. With the cost of a broad range of goods and services rising sharply, the figures will reinforce expectations of multiple interest rate
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The cost of a two-year fixed-rate mortgage in the UK rose above 6 per cent on Monday and two-year gilt yields rose to their highest level for 15 years, piling more pressure on homeowners and Rishi Sunak’s government. Mortgage costs have been rising sharply over the past week, ahead of an expected increase in interest
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Beijing’s bid to persuade investors to value its giant state-owned enterprises according to their socialist credentials, rather than by conventional western capitalist measures, has flopped after a rally in their shares fizzled this month. The stocks rose after officials in November called for the creation of a “valuation system with Chinese characteristics” that departed from
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Big asset managers are buying up UK government debt again, tempted by the higher yields on offer after a much faster sell-off than in other major bond markets. Two-year gilts suffered a sharp sell-off on Tuesday, with yields surging 0.25 percentage points to 4.89 per cent, the highest level since 2008. That followed official figures
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The Kakhovka dam spanning the Dnipro river in southern Ukraine was blown up on Tuesday, flooding swaths of territory ahead of an expected Ukrainian counteroffensive and threatening crucial water supplies to a nuclear plant. Russia and Ukraine blamed each other for the attack, which Kyiv warned would have “catastrophic consequences” and affect dozens of settlements,
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CIA director Bill Burns travelled to China last month, a clandestine visit by one of President Joe Biden’s most trusted officials that signals how concerned the White House had become about deteriorating relations between Beijing and Washington. Five people familiar with the situation said Burns, a former top diplomat who is frequently entrusted with delicate
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President Joe Biden and Republican House speaker Kevin McCarthy have moved closer to a two-year deal to limit government spending and avert a US debt default, raising hopes of an end to the fiscal stand-off in the world’s largest economy. People familiar with the potential agreement said that negotiators were looking to finalise the agreement