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Gold
4011.17
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59.857
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Real-time News
On November 6th, in its latest interest rate decision, five members of the Bank of England voted to keep interest rates unchanged, while four voted to cut rates. This was the first time committee members explained their rationale for their decisions in a public communication. Bailey stated that "upside risks to inflation have diminished" since August, choosing to hold rates steady and await further evidence. He added that his position was based on the interest rate path projected by the "forward-looking Taylor rule," which suggests three more rate cuts over the next year. Joining Bailey in voting to keep rates unchanged were Deputy Governor Lombardelli, Chief Economist Peale, and external members Mann and Green. For the first time since joining the committee in 2023, Deputy Governor for Financial Stability Bridenstine disagreed with Bailey, favoring a rate cut. She stated that "upside risks to inflation have diminished," while downside risks to demand were "more apparent." Deputy Governor for Markets Ramsden, along with external members Taylor and Dingela, were other members leaning towards a dovish stance.On November 6th, the Bank of England adjusted its key message regarding the interest rate outlook. In its previous statement, the Bank of England considered a "gradual and cautious approach" to interest rate cuts appropriate, but now it states: "Interest rates are likely to continue to decline gradually if the decline in inflation continues." The Bank of Englands decision to keep interest rates unchanged was not unexpected for investors. Wednesdays interest rate futures pricing suggested only a one-in-three chance of a 25 basis point cut. However, the 5-4 vote, and signs that Bailey might soon change his stance, could boost bets on a rate cut at the Bank of Englands next meeting in mid-December. Investors on Wednesday estimated a roughly 60% chance of a rate cut next month. The Bank of England also released, for the first time, summaries of the views of individual members of the Monetary Policy Committee, as part of its forecasting process reform. The bank expects economic growth of 1.5% this year, up from its previous forecast of 1.25%, and 1.2% in 2026, roughly unchanged from its August forecast.According to institutional data and Reuters calculations, Russias marine diesel exports fell 4% month-on-month in October.November 6th - Zhijie Autos year-end purchase tax subsidy has been extended. Customers who place a large order for the Zhijie R7 or Zhijie New S7 and confirm their delivery plan before 24:00 on December 1, 2025, can enjoy a year-end purchase tax subsidy of up to 15,000 yuan.Data shows that diesel shipments from the Baltic port of Primorsk in October decreased by 6% compared to September.
