Britain's tax backdown bounces stocks and sterling

Newsletter Oct 4, 2022 [ International Business Times]( [Britain's tax backdown bounces stocks and sterling]( Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound. ['It's not upbeat': UK's Tory conference reels from U-turn]( Rishi Sunak, Truss's defeated rival for the party leadership, and her scandal-tainted predecessor Boris Johnson are among many senior MPs staying away from the conference in Birmingham.  [Learn more about Jeeng]( [Oil prices inch higher ahead of OPEC+ meeting to discuss supply cuts]( Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains. [About 90 heads of state confirmed for COP27 climate summit]( About 90 heads of state have confirmed attendance at November's COP27 climate negotiations in Egypt where they will address issues including energy transition and food security at opening sessions, a senior Egyptian official said on Monday. [UK economy not out of woods despite tax U-turn]( Britain's debt-fuelled economy remains threatened by recession and the pound mired by trouble despite the government of new Prime Minister Liz Truss performing a swift tax U-turn. [OPEC+ tipped to make big cut in oil output]( Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices. [UK mustn't spook investors with energy reforms, SSE says]( Britain must be careful not to spook investors with its energy reforms so it can continue attracting funds for its transition to a cleaner future, the CEO of renewables and networks company SSE said on Monday. [Swiss central bank steps up policy tightening as sight deposits drop $78 bln]( Overnight deposits held by the Swiss National Bank plunged by 77.5 billion Swiss francs ($78.32 billion) last week, their biggest ever weekly fall, the latest sign of the central bank's switch to a more restrictive monetary policy. [Euro zone eyes temporary, targeted energy support amid high inflation]( Euro zone finance ministers are likely to pledge on Monday that national financial shields against soaring energy costs will be temporary and targeted, so as not to trigger a wage-price spiral that would boost already record high inflation, officials said. [Euro zone's negative-yielding debt pile has almost disappeared]( The pile of negative-yielding euro zone government bonds is close to disappearing, Tradeweb showed on Monday, the latest sign that bond yields are firmly on an upward trajectory as major central banks ramp up rate hikes to contain inflation. [Mini-budget: lessons from the UK's long history of economic crises]( From 1925, the Bank of England had kept interest rates high to keep the pound at a fixed parity to gold [Porsche shares fall below IPO pricing]( Shares in sports car brand Porsche fell below its listing price on Monday, the third day of trading since its $72 billion listing by parent company Volkswagen. [Vodafone, Hutchison in talks to merge UK ops]( Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal. [N.Korea conducts longest-range missile test yet over Japan]( Nuclear-armed North Korea fired a ballistic missile over Japan for the first time in five years on Tuesday, prompting a warning for residents to take cover and a temporary suspension of train operations in northern Japan. [US women's soccer probe uncovers 'systemic' abuse and sexual misconduct]( The investigation began after a 2021 report by The Athletic about abusive behavior and sexual misconduct by former Portland Thorns manager Paul Riley. [Swedish geneticist wins Nobel Medicine Prize for decoding ancient DNA]( Swedish geneticist Svante Paabo won the 2022 Nobel Prize in Physiology or Medicine on Monday for discoveries that underpin our understanding of how modern day people evolved from extinct ancestors at the dawn of human history. [IMF to consider $1.3 billion in emergency funding for Ukraine on Friday]( The International Monetary Fund's (IMF) executive board will consider Ukraine's request for $1.3 billion in additional emergency funding on Friday as Russia's war against the country continues, two sources familiar with the matter said. You Might Like    [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.