Daily Alert – Thursday 27th October 2022: UK Chancellor delays statement, saves GBP15 billion
There will be no video today. My internet is not playing ball.
Risk sentiment was indecisive yesterday.
In the UK, Chancellor Hunt delayed the fiscal statement to 17th November from the original date of 31st October. The Resolution Foundation said this delay will improve the government’s finances by GBP15 billion, as it will allow falling, post-Truss interest rates to be factored in, lessening the need for tax hikes and spending cuts. God, I love spreadsheets.
Facebook’s shared declined by 20 percent due to faltering revenue and soaring costs as CEO Zuckerberg continues to bet the farm on his vision of a nightmare virtual reality hellscape. In my opinion.
A hesitant Japan225 and a strong JPY tempted me to short the index via a pending order. It is currently just in the money.
The European Central Bank has just increased interest rates by 75 basis-points to 2.00 percent as per the expectation.
Have a great weekend when it comes. I’ll be back on Monday.
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