Once up as much as 8%, the main U.K. stock-market index turned negative for the year on Friday, just a day after the Bank of England made a surprise half-point rate hike that some say will drag the economy into a recession.
Investors... Once up as much as 8%, the main U.K. stock-market index turned negative for the year on Friday, just a day after the Bank of England made a surprise half-point rate hike that some say will drag the economy into a recession. Investors have been spooked by data this week showing that inflation remained at 8.7% year-over-year in May, which was followed on Thursday by the Bank of England raising interest rates by a half point, to 5%. Economists now say the central bank will hike rates by another half point in August, and another quarter point hike in September.
Economists at Goldman Sachs pointed out it wasn’t just the inflation data that worried the Bank of England, but also labor market data, including gains in employment and rising wages.
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