FT News Briefing Bank of England continues interest rate rise campaign
5 snips
Aug 4, 2023 Amazon surprises with strong online sales, while Apple reports profits from a booming services sector. The Bank of England raises interest rates again amid ongoing inflation challenges. In military news, Ukraine ramps up drone attacks on Moscow, showcasing psychological tactics that impact Russian public perception. The episode dives into the complexities of global market reactions following recent economic events and highlights Ukraine's strategic military developments against Russian forces.
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Amazon and Apple's Strong Performance
- Amazon exceeded Wall Street's expectations, driven by strong online sales and a rebound in cloud computing.
- Apple also beat expectations, with increased profits despite slightly lower revenue.
Bank of England's Balancing Act
- The Bank of England raised interest rates for the 14th consecutive time to combat high inflation.
- The decision wasn't unanimous, highlighting the challenge of balancing inflation control with economic stability.
US Credit Downgrade
- Fitch downgraded the US credit rating, causing confusion due to the lack of new negative economic developments.
- The bond market's muted reaction suggests a lack of serious concern about the downgrade.