S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Deutsche Bank’s Chief UK Economist Sanjay Raja notes that the Bank of England kept Bank Rate at 3.75%, matching their expectations. He highlights a more divided MPC on paper but a stronger consensus to hold rates, citing improved data, lower wage and price inflation, and an Iran/US deal. Raja expects Bank Rate to stay on hold through 2024, with cuts resuming from spring 2025.
MPC maintains hawkish bias and flexibility
“As expected, the Bank of England kept Bank Rate steady at 3.75% – in line with our call and market expectations.”
“First, the MPC may, on paper, be more divided than in April – but there is a stronger consensus to keep Bank Rate on hold for now.”
“Second, for the MPC, recent data outturns combined with an Iran/US deal has meant that the risks around second-round effects have receded.”
“Third, the MPC has retained full optionality heading into summer.”
“We expect Bank Rate to remain on hold through the remainder of the year.”
Profit
Everyone's racing to cut costs. We're racing to create profit.
Start Selling through Service
