The UK contemplates a substantial support package as Europe battles the energy crisis. Britain’s new prime minister is working on what looks set to be Europe’s biggest energy crisis support package so far as countries scramble to protect households and businesses from soaring bills and shore up struggling suppliers. Liz Truss, who took over from Boris Johnson on Tuesday, is planning to freeze household energy bills at the current level for this winter and next, paid for by government-backed loans to suppliers, the BBC reported, adding the scheme could cost 100-130 billion pounds ($116-151 billion).
Wall Street’s main indexes fell on Tuesday as a stronger-than-expected reading on services sector activity fed into expectations that the Federal Reserve will keep raising interest rates to bring down surging inflation. The tech-heavy Nasdaq was set for its seventh consecutive day of losses in what could be the longest such losing streak since November 2016.
The U.S. services industry picked up again in August for the second straight month amid stronger order growth and employment, while supply bottlenecks and price pressures eased, reinforcing the view that the economy was not in recession despite output sinking in the first half of the year. The Institute for Supply Management said its non-manufacturing PMI edged up to a reading of 56.9 last month from 56.7 in July, the second consecutive monthly increase after three months of declines.
The 6M Euribor increased with 1 basis point to 1.30% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.55% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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