News updates from August 1: Apple sales rise with services boost; BoE cuts rates for first time since 2020

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Financial Times 2d ago

News updates from August 1: Apple sales rise with services boost; BoE cuts rates for first time since 2020 - Financial Times

Quick Summary:

The Bank of England has cut interest rates to 5 per cent in a “finely balanced decision” but needs to “be careful not to cut rates too much or too quickly”, governor Andrew Bailey said at the start of a press conference on the Monetary Policy Committee’s decision.

After a series of rockier quarters for SocGen’s French business under chief executive Slawomir Krupa, appointed a year ago, net interest income, or earnings on loans minus deposits, picked up again and grew by 10.6 per cent.

Katharine Neiss at PGIM Fixed Income said the BoE’s forecast that inflation would rise close to 3 per cent later in the year “suggests a further rate cut may not be on the cards for September — in contrast to other major central banks” but that one more cut could transpire in 2024 if there were “no fiscal bazookas” in the October Budget.