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On September 14th, the immigration issue continued to tear British society apart. On September 13th, local time, two opposing demonstrations broke out simultaneously in central London. Over 100,000 people participated in an anti-immigration rally organized by the far right, while approximately 5,000 people participated in an anti-racism demonstration. To maintain order and separate the two groups of protesters, London police deployed over 1,000 officers to create a "quarantine zone." At the scene, physical clashes broke out between the anti-immigration demonstrators and police.According to the Financial Times on September 14, Tesla Chairwoman Robyn Denholm defended her decision to award Musk $1 trillion in stock options, calling him a "unique" CEO who must have exerted extraordinary effort and achieved "seemingly impossible goals" to earn this historic award. Denholm said in an interview: "To achieve the vision and goals weve set, hes going to have to invest an extraordinary amount of time, energy, and effort. This is by no means a walk in the park. This is an extremely ambitious project... If he can pull it off, hes entitled to an unprecedented reward." Denholm also defended the boards "hands-off" approach to Musks controversial political stances, emphasizing that he enjoys freedom of speech and possesses the unique qualities Tesla needs.On September 14th, Martin Kocher, the new president of the Austrian National Bank and a member of the ECBs governing council, said in an interview that the ECB could temporarily maintain interest rates at 2% unless there were major shocks. "At this point, this interest rate cycle is over, or very close to it," Kocher said. This Thursday, the ECB held interest rates at 2% for the second consecutive meeting. Kocher said that "if there are no major changes in the data," the rationale for this months decision will to some extent "continue to hold true in future ECB meetings." When asked about his personal stance, Kocher said that he currently "inclined to remain cautious on monetary policy" and advised against taking excessive risks on inflation.Romanias Ministry of Defense said on September 14 that a drone intruded into Romanian airspace on Saturday during a Russian attack on Ukrainian infrastructure near the border, forcing the country to scramble fighter jets. Defense Minister Ionut Mosteanu said an F-16 fighter pilot narrowly missed shooting down the drone, which was flying very low and then left Romanian airspace toward Ukraine. Romania, a member of the European Union and NATO, shares a 650-kilometer (400-mile) border with Ukraine. The Romanian Ministry of Defense said in a statement that two F-16 fighter jets, and later two Eurofighter jets, were scrambled on Saturday, and warned residents of Tulcea County in the southeast, near the Danube River and the Ukrainian border, to take cover.On September 14, Penske Media, the owner of Rolling Stone and Billboard, sued Google in a federal court in Washington, D.C. on Friday, accusing the latter of using its AI summary feature without permission and cutting website traffic. This is the first time that a major American publisher has filed a lawsuit against Googles AI-generated summaries. For months, several news organizations have said that these new features will divert users and erode advertising and subscription revenue. The lawsuit stated that AI summaries are currently displayed in about 20% of Google search results linking to its website, and the proportion is expected to continue to rise. As search traffic declines, the companys associated revenue will have fallen by more than a third from its peak by the end of 2024. Google responded on Saturday that AI summaries can provide users with a better experience and bring traffic to more different types of websites.

GBP/JPY finds support close to 167.30 as focus shifts to UK inflation and BOE policy

Alina Haynes

Dec 12, 2022 15:42

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The GBP/JPY pair is gauging demand after slipping to approximately 167.30 during the early Asian session. After failing to surpass the 168.00 round-level barrier, there was selling pressure on the cross. In the interim, the GBP/USD pair has retraced ahead of the Federal Reserve's (Fed) monetary policy, suggesting a cautious market tone.

 

As the policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ) is projected to widen further in the wake of the Bank of England's (BOE) interest rate hike on December 15, the cross is forecast to recover significantly.

 

Despite the recession, the Bank of England will increase interest rates by another 50 basis points (bps) next week, boosting the cost of borrowing to 3.50 percent, according to a Reuters poll. To eliminate inflationary pressures in the United Kingdom, additional policy tightening is necessary.

 

But before that, investors will focus on the United Kingdom's inflation data on Wednesday. According to projections, the annual inflation rate for November would likely increase from 11.1% to 11.5%. The recent rise in food price inflation, caused by a labor shortage and rising input costs, has raised expectations for the headline inflation rate.

 

As a result of a decrease in Gross Domestic Product (GDP) data, the likelihood of a dip in Tokyo's inflation has increased. A decline in demand never causes the price increase index to rise. Even if salaries climb by 3%, Bank of Japan (BOJ) Governor Haruhiko Kuroda believes the BOJ would retain its current easy monetary policy until inflation reaches 2%.


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