High inflation troubling UK?
Kwasi Kwarteng, Business Secretary of United Kingdom, has reiterated today that he believes that the inflation is troubling. Yet, he also stated that he trusts that the Bank of England will do a good job in maintaining it at an adequate level. He also said that higher wages might be solution to increasing inflation.
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In November, the US economy surprised everyone by adding 263K jobs, more than the anticipated 200K jobs. It’s the lowest job gain since April 2021, which shows that the job market is returning to normal after COVID. Still, it’s a sign of a healthy market, since it’s more than the average of 150K–200K jobs created per month before the recession.
The federal appeals court in the United States denied Biden’s $400 billion request to reinstate his student debt relief plan. Around 26 million Americans have requested loan forgiveness, and the US Department of Education has already approved 16 million requests.
The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.
After going down for eight months, the EU economic sentiment indicator went up by one point in November 2022 to reach 93.7. The result slightly exceeded forecasts of 93.5, but it remained close to its lowest level in two years. Rising interest rates, high inflation, and a worsening energy crisis during the winter all put a damper on sentiment.
The Bank of Japan (BoJ) is collaborating with three unnamed major banks to try out digital yen in 2023. They will focus on any problems that could arise during deposits and withdrawals. The experiment will also test if the CBDC can operate during natural disasters and in areas without internet access.
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Wheat futures continue to tumble to $7, reaching levels not seen since September 2021. This is the direct result of strong supply from the world’s top producers and signs of smaller demand. Wheat is down 45% from its peak since Ukraine started exporting the commodity again after a long shutdown.
The Financial Conduct Authority (FCA) consultation implies reducing the number of firms with marketing communications approval authority. Once the Financial Services and Markets Bill is enacted into law, only businesses with FCA permission will be able to approve crypto advertising material.
After falling 7% for the day, GitLab surged almost 20% to $45 after hours when they posted quarterly results. Analysts had forecasted a loss of $0.15 per share on revenue of $106 million. GitLab racked up $113 million in revenue instead, with a $0.10 loss per share.
The Reserve Bank of Australia raised the interest rate by 25 bps to 3.1%, in line with market expectations. This was the eighth rate hike in a row, bringing borrowing costs to a level not seen since late 2012. The board has said that there will be more rate hikes in the future because inflation in Australia is still high.
Circle, the company that created one of the most prominent stablecoins, USDC, has canceled its plans to go public. Circle had publicly announced plans for an IPO in July 2021, with a market valuation of $4.5 billion through SPAC.
Coca-Cola and Crypto.com have joined hands to release 10,000 FIFA World Cup NFTs. A digital artist, GMUK, will make the NFTs and host them on the NFT platform on Crypto.com. The NFTs were made by tracking the movements of players in FIFA World Cup matches.