British economy contracts in October; Entain CEO leaves his post

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Stocks in London are set to open slightly higher on Wednesday, despite shocking data on the UK economy and ahead of interest rate jitters.

All eyes will be on the latest interest rate decision from the US Federal Reserve. The final interest rate decision will be announced at 1900 GMT and a press conference with Fed Chairman Jerome Powell will follow half an hour later.

Expectations were strengthened after the latest US inflation data came in line with expectations on Tuesday. According to the Bureau of Labor Statistics, the country’s annual inflation rate declined to 3.1 percent in November, in line with consensus, from 3.2 percent in October.

“Today we will likely face a satisfied, calm but cautious Powell who will say that the Fed has done an excellent job in combating inflation, but that rates will remain restrictive as long as necessary. One “Dovish measures could include removing the phrase ‘additional policy firming’ from post-meeting communication,” said Ipek Ozkardeskaya of Swissquote Bank.

The European Central Bank and Bank of England will then take center stage and announce their own interest rates on Thursday.

In early economic news, UK GDP fell 0.3% month-on-month in October, after increasing 0.2% a month earlier.

On the corporate side, Entain’s chief executive resigned, a week after the company agreed to pay £615m in a deferred prosecution agreement.

This article is originally published on zonebourse.com

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