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Bank Of England Readies For Biggest Rate Rise Since 1989

LONDON, Nov 3 (Reuters) – The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years.

The BoE has faced political and financial market turmoil since its last rate rise on Sept. 22, a day before former Prime Minister Liz Truss’s government launched an unfunded 45 billion-pound ($52 billion) package of tax cuts.

Full coverage: REUTERS

Oil Falls As Fed Rate Hike Raises Fuel Demand Concerns

SINGAPORE, Nov 3 (Reuters) – Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and increased fears of a global recession that would crimp fuel demand, although losses were capped by concerns over tight supply.

Brent crude dropped 85 cnets, or 0.9%, to $95.30 a barrel at 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1.1%, to $88.99.

Both benchmarks settled up more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the Fed boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to think about pausing rate increases.

Full coverage: REUTERS

Analysis: Weary Investors See Little Respite To Fed Hike Gloom

Nov 3 (Reuters) – Investors trying to navigate this year’s relentless interest rate rises have more reasons to play it safe, after a pessimistic message from the U.S. Federal Reserve clouded the outlook for asset prices.

For the better part of last month, traders plunged into stocks and bonds on hopes that the Fed would signal a downshift in the hawkish monetary tightening that has battered asset prices all year, taking the S&P 500 (.SPX) up 8% in October.

Full coverage: REUTERS

Europe Leans On Asia For ‘Homegrown’ EV Batteries

LONDON/BERLIN, Nov 3 (Reuters) – Europe’s drive to build a homegrown electric vehicle battery industry is hitting roadblocks as investors shy away from giving startups sufficient funding to challenge the Asian companies that dominate the market.

With the notable exception of Sweden’s Northvolt, some startups hoping to build so-called gigafactories to compete with the Asian behemoths are going for smaller plants, with the aim of attracting more investment further down the line.

Full coverage: REUTERS

Morning Bid: One Central Bank Drama After Another

SYDNEY, Nov 3 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole.

So, Jerome Powell found a way to quiet the endless market chatter of a pivot even as he opened the door to smaller hikes.

Clearly the Fed chief doesn’t want the bond market to rally so much that it eases U.S. financial conditions while inflation is still running hot. Ironically, the more bonds price in a pivot, the less inclined the Fed will be to give them one.

Full coverage: REUTERS

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Industry Dynamics

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