Pound Recovers Slightly Vs Euro, US Dollar As Hunt Appointed Chancellor

tweet at 9:34am: UK PM TRUSS: I WANT TO DELIVER A LOW TAX, HIGH WAGE, HIGH GROWTH ECONOMY - Reuters via https://t.co/ymHY6x4lOb tweet at 9:34am: UK PM Truss: - I Am Not Prepared to Accept Lack of Growth for Our Country - From Day 1 I Have Been Ambitious for Growth - Since 2008 UK Potential Has Been Held Back - I Want to Deliver a Low Tax, High Wage, High Growth Economy tweet at 9:35am: Liz Truss says it is clear that parts of. Uni budget went due to re and faster than markets expected ‘We need to act now to reassure the markets of our commitment to fiscal discipline’ She confirms she will raise corporation tax from 19 per cent to 25 per cent - a huge u turn tweet at 9:36am: UK PM Truss: - Spending Will Grow Less Rapidly Than Planned - Sorry to Lose Kwarteng - Finance Minister Hunt Shares My Convtictions - Hunt Will See Through Support We Are Providing Families and Businesses - Hunt Will Deliver Medium Term Fiscal Plan

UMich headline sentiment was expected to rise very modestly in preliminary October data and did - beating expectations with a 59.8 print against 58.8 expectations. However, this was driven by a jump in current conditions offsetting a drop in future expectations... chart Continued uncertainty over the future trajectory of prices, economies, and financial markets around the world indicate a bumpy road ahead for consumers. However, what most investors were watching for was inflation expectations which unexpectedly spiked higher... The median expected year-ahead inflation rate rose to 5.1%, with increases reported across age, income, and education. Last month, long run inflation expectations fell below the narrow 2.9-3.1% range for the first time since July 2021, but since then expectations have returned to that range at 2.9%. After 3 months of expecting minimal increases in gas prices in the year ahead, both short and longer run expectations rebounded in October. tweet at 10:01am: US Univ. Of Michigan Sentiment Oct P: 59.8 (est 58.8; prev 58.6) - Current Conditions: 65.3 (est 59.6; prev 59.7) - Expectations: 56.2 (est 58.3; prev 58.0) - 1-Year Inflation: 5.1% (est 4.6%; prev 4.7%) - 5-10 Year Inflation: 2.9% (est 2.8%; prev 2.7%)