August 8, 2022

Review and News

Omicron in the United States: Extra states in finding COVID-19 variant circumstances

Good morning. With the Bank of England’s meeting in focus this week, there’s been a...

Good morning.
With the Bank of England’s meeting in focus this week, there’s been a further muddying of the waters.
New statistics show a record jump in employment in November, suggesting the end of the furlough scheme has done little to ease the huge shortage of workers.
The Bank has previously said it will keep a close eye on labour market figures, with the continued growth suggesting that inflationary pressures are growing.
But an interest rate increase this week is far from guaranteed. MPC members will need to weigh up the risk of inflation with the new threat to the economic recovery sparked by omicron.
5 things to start your day 
1) Europe’s biggest battery storage system to be built in Teesside  Singapore-based Sembcorp Industries is planning a new facility to help Britain manage intermittent flows of renewable power
2)  Purplebricks kept bill for paperwork bungle from auditors  Shares in online estate agent plunge by a fifth after admitting it faces a multi-million pound liability for tenancy law breaches
3)  Plan B keeps shoppers away from the high street as Dyson tells staff to keep going to work  Sir James Dyson’s company becomes the latest to push back against government advice to work from home
4) Bank of England opens the door to bigger mortgages  Threadneedle Street to launch consultation on reforming lending rules next year that may let thousands of borrowers to take out bigger loans
5) Ocado sees off legal threat from rival robot retailer  The judgement will still have to be confirmed by the US International Trade Commission over the next few months
What happened overnight 
Asian markets were broadly down in morning trade on Tuesday, as investors watched the Omicron coronavirus variant and looming central bank moves to curb rising inflation. Tokyo was down in morning trade, as were Seoul and Sydney. Taipei and Jakarta were slightly up.
Coming up today

See also  Your individual finance questions – Must we purchase a house now or wait till I am getting an everlasting place?

Corporate: Chemring (Full-year results); Begbies Traynor, Bmo Global Smaller Companies (Interims); Ocado, Joules (Trading update)
Economics: Unemployment (UK), average earnings (UK), industrial production (EU), producer prices (US)

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