UK inflation rises to 2.6%
Bank of England (BOE) on Monday, December 16, 2024 in the City of London, England.
Jason Alden | Bloomberg | Getty Images
As of November, UK inflation rose to 2.6%, in line with expectations but further weakening hopes for an interest rate cut by the Bank of England on Thursday.
UK annual inflation rate is 2.3% October.
As of 7:05 a.m., the UK 10-year gilt yield was little changed at 4.519%, while sterling was down 0.07% against the dollar, trading around $1.2700.
According to overnight index swap data, the market is currently widely expected to keep the key interest rate at 4.75% at the last meeting of the Monetary Policy Committee this year.
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—Chloe Taylor
Pound falls ahead of UK inflation data
Carol Sereves | Light Rocket | Getty Images
The pound fell against the dollar and euro on Wednesday morning as investors awaited the latest UK inflation data and a policy update from the Bank of England.
As of 6:35 a.m. London time, the pound was down about 0.1% against the euro and 0.06% against the dollar.
November inflation data will be released on Wednesday morning after official data showed UK wages rose Up 5.2% in the three months to Octoberthe country’s economy unexpectedly contracted that month.
On Thursday, the Bank of England will make its final monetary policy decision of the year.
—Chloe Taylor
CNBC Pro: Nvidia falls into retracement territory, these 6 stocks are rising
Among them, six stocks S&P 500 Index According to CNBC Pro’s analysis, these data have been negatively correlated with Nvidia’s stock price movements over the past month.
Five of these six stocks have also gained an average of 6.75% as Nvidia retreats from its all-time highs.
Nvidia, meanwhile, is stuck in correction territory this week, meaning the company is down more than 10% from the closing high of $148.88 it reached last month.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European Markets: Here are the opening calls
European markets are expected to open lower on Wednesday.
British FTSE 100 German stocks are expected to open 8 points lower at 8,191 German DAX Index France fell 48 points to 20,202 CAC Down 10 points to 7,353 points, Italy FTSE MIB It fell 100 points to 34,258 points, according to IG data.
The data release will include UK inflation data.
— Holly Elliot
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