UK budget, trouble in crypto land and other world market themes for the week ahead

The long-awaited UK fiscal plan is here and after the ructions unleashed by September’s mini-budget, markets are paying close attention.

Hunt has since junked most of that plan, and signaled some 60 billion pounds in tax rises and spending cuts are coming to plug a gaping hole in the public finances. A proposed rescue deal from rival exchange Binance fell through on Wednesday, sending top cryptocurrency bitcoin below $16,000 for the first time since late 2020.

That’s among the biggest this year and follows job cuts at other tech firms including Elon Musk-owned Twitter, Microsoft, and Snap. Big banks too are starting to pare back staffing levels. September data showed a measure of underlying retail sales rising thanks to strong wage gains and savings, even as the broader number came in flat. Analysts polled by Reuters expect a 0.8% increase for October.

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