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Soft inflation data encourages hopes of pre-Christmas rates cut

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Soft inflation data encourages hopes of pre-Christmas rates cut



The FTSE 100 forged ahead on Wednesday, with housebuilders in demand, as weaker-than-expected inflation figures boosted hopes for an interest rate cut before the end of the year.

The FTSE 100 index closed up 88.01 points, 0.9%, at 9,515.00.

The FTSE 250 ended 321.49 points higher, 1.5%, at 22,229.79 and the AIM All-Share advanced 2.17 points, 0.3%, at 768.03.

Consumer prices rose 3.8% year-on-year, unchanged from August and below the FXStreet-cited consensus of a 4.0% increase, according to figures from the Office for National Statistics.

Core inflation, which strips out energy, food, alcohol, and tobacco, eased to 3.5% from 3.6%.

Both readings were below Bank of England forecasts for 4.0% and 3.8%.

In addition, closely watched services inflation held steady at 4.7%, defying forecasts for a rise to 4.8%, and below the Bank’s 5.0% projection.

Kathleen Brooks, at XTB, noted rate cut bets ramped up post the inflation report bolstering the chances of an early Christmas present from the UK’s central bank.

She said there are now 17 basis points (bps) of cuts priced in for December, compared to 10 bps of cuts expected on Tuesday.

“Better UK inflation news brings a December rate cut back into play,” said James Smith, developed markets economist at ING.

While Barclays said a quarter point rate cut could come as soon as November.

“The flow of data since the September (Bank of England) meeting has been soft on the labour market, soft on activity and now soft on inflation – a compelling trinity,” the bank noted.

While Goldman Sachs said the data “increase the risks that the next (Bank of England) cut comes earlier than our February baseline.”

In response, sterling fell while bond yields fell. The yield on the UK 10-year gilt traded below 4.40% in Wednesday, after topping 4.80% a month ago.

The pound was quoted lower at 1.3366 US dollars at the time of the London equity market close on Wednesday, compared to 1.3390 dollars on Tuesday.

The euro stood at 1.1610 dollars, down slightly compared to 1.1612 dollars. Against the yen, the dollar was trading at 151.78 yen, a touch higher compared to 151.74 yen.

On the FTSE 100, rate sensitive housebuilders were buoyant, with Persimmon up 6.3%, Barratt Redrow up 5.1% and Berkeley Group up 3.8%.

On the FTSE 250, builders merchant Travis Perkins surged 6.9% and building materials firm Marshalls climbed 5.9% on hopes that rate cuts will accelerate growth in the housing market.

Banks were also in favour after well received third quarter results from lender Barclays.

The London-based bank surprised the City by bringing forward a £500 million share buyback and also raised guidance.

This came despite increasing its provision for car finance and taking a £110 million hit from the collapse of subprime lender, Tricolor.

Barclays Group finance director Anna Cross said, excluding the motor finance provision, the operational performance of the business has continued to strengthen with signs of momentum visible across the business.

She also said there are “no signs of consumer distress” in the UK ahead of November’s budget, with arrears low and stable, demand robust, and customers managing spend carefully.

Barclays rose 4.9%, while NatWest, which reports third quarter results on Friday, climbed 1.6%, and Lloyds Banking Group, which reports on Wednesday, advanced 1.0%.

The mood was less bright in Europe. The CAC 40 in Paris ended 0.6% lower, while DAX 40 in Frankfurt closed 0.7% lower.

Stocks in New York were lower at the time of the London close. The Dow Jones Industrial Average was down 0.3%, the S&P 500 was 0.6% lower, while the Nasdaq Composite declined 1.1%.

Netflix stumbled 10% after reporting weaker-than-expected earnings after Tuesday’s US market close.

The streaming service took a 619 million US dollars (£463 million) charge related to an ongoing dispute with Brazilian tax authorities.

The yield on the US 10-year Treasury was quoted at 3.96%, unchanged from Tuesday. The yield on the US 30-year Treasury stood at 4.55%, widened from 4.54% on Tuesday.

Elsewhere, British Airways owner IAG rose 2.2%, benefiting from an upgrade by Goldman Sachs to “buy” from “neutral”.

On the FTSE 250, ITV plunged 8.1% after Liberty Global sold £135 million worth of ITV shares in a placing to institutional investors, cutting its stake in the broadcaster to 5% from 10%.

The telecommunications company, based in Denver, Colorado, first took a stake in London-based television broadcaster ITV in 2014 from satellite subscription service provider Sky for £481 million and nearly doubled it the following year – to 9.9% from 6.4%.

Also on the FTSE 250, Softcat climbed 4.6% after posting double-digit annual growth in both profit and revenue.

The IT infrastructure provider reported a 12% rise in pre-tax profit to £178.2 million on revenue up 52% to £1.46 billion, driven by an “exceptionally strong” second half and large project wins.

Gold continued to track lower after its record-breaking run. The metal traded at 4,028.64 dollars an ounce on Wednesday, down from 4,131.30 dollars on Tuesday.

Joshua Mahony at Rostro said gold traders are desperately trying to gauge whether Tuesday’s historic collapse was indicative of a new period of weakness or simply a case of “blowing off steam” after a dramatic surge into record highs.

He said: “Ongoing themes around geopolitics, trade tensions, debt, dollar strength and haven demand means that there is always likely to be a concoction of factors for traders to consider.

“However, with the Trump-Putin meeting called off, and scepticism over the likeliness of a wide-reaching US and China trade agreement, there will likely be calls for gold to regain its upward momentum soon enough.”

Brent oil traded at 62.61 dollars a barrel, up from 61.26 dollars late on Tuesday.

The biggest risers on the FTSE 100 were: Persimmon, up 74p at 1,253p; Howden Joinery, up 51p at 863.5p; Barratt Redrow, up 19.5p at 405.9p; Barclays, up 17.75p at 382p; and Entain, up 37.8p at 824p.

The biggest fallers on the FTSE 100 were: Rolls Royce, down 32p at 1,102.5p; Fresnillo, down 34p at 2,080p; Polar Capital Technology Trust, down 7p at 433p; Melrose, down 8.8p at 625.2p; and Glencore, down 4.2p at 340.2p.

Thursday’s global economic diary has retail sales figures in Canada and a eurozone consumer confidence report.

Thursday’s UK corporate calendar has third quarter results from lender Lloyds Banking Group; exchange operator and data provider London Stock Exchange; pest control firm Rentokil; consumer goods company Unilever; and miner Antofagasta.

Contributed by Alliance News



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NHL strikes first-ever deal with prediction markets Kalshi and Polymarket

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NHL strikes first-ever deal with prediction markets Kalshi and Polymarket


The National Hockey League said Wednesday it’s reached a multi-year licensing agreement with prediction markets Kalshi and Polymarket. More sports leagues may be coming soon.

Tarek Mansour, Kalsh’si co-founder and CEO, told CNBC’s “Squawk Box” the deal marked a “seminal moment” for prediction markets and the company.

“A league like the NHL partnering with us is a strong sign that prediction markets are here to stay,” Mansour said.

As part of the NHL deal, Kalshi and Polymarket will gain access to the league’s proprietary data and rights to use NHL marks and logos. In return, Mansour said, the hockey league will get a suite of customer protections. The NHL said both companies will receive brand exposure during broadcasts.

Mansour said the NHL deal could be replicated across other leagues: “Be on the lookout for more announcements soon,” he told CNBC.

Representatives for the NBA and NFL did not immediately respond to requests for comment. MLB declined to comment.

In August, the NFL expressed its concern about prediction markets, which allow customers to trade on the outcomes of events across entertainment and culture like election results or the length of the ongoing government shutdown.

Kalshi and other event trading platforms are regulated by the Commodity Futures Trading Commission. Yet many states, regulators and tribes are pushing back on prediction markets, arguing they amount to unregulated gambling. Multiple state and federal lawsuits are in progress over the alleged risks.

The American Gaming Association said in a statement Wednesday that the NHL deal “sends a troubling message.”

“The platforms in question fail to comply with essential standards,” the AGA said. “Worse, they are currently offering sports wagers in all 50 states to anyone 18 years of age—some of which have not authorized any form of legal sports betting and those that have largely define 21 as the prevailing legal age for wagering.”

Keith Wachtel, president of NHL Business, told CNBC he feels comfortable with Kalshi and Polymarket from a regulatory and integrity standpoint, noting that sportsbooks like FanDuel and DraftKings have also struck partnerships with prediction platforms.

He said the league’s interest in prediction markets lies in the opportunity to reach new fans.

“What’s great about prediction markets is it goes beyond sport,” he said. “It gives opportunity to watch a different audience grow significantly.”

Mansour said criticism of the market is par for the course for a disruptor and that he feels confident in Kalshi’s regulatory setup. He said Kalshi has spent years working with the federal government to create a regulated prediction markets.

“When we think about the announcement today, the NHL deal is really about that. It’s essentially a validation of the fact that we have established the right set of customer protection and the right set of market integrity measures to protect our markets, but also the game,” he said.



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GM plans to launch eyes-off driving, Google AI and other new in-vehicle tech by 2028

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GM plans to launch eyes-off driving, Google AI and other new in-vehicle tech by 2028


Mary Barra speaks onstage during WSJ’s Future of Everything 2025 at The Glasshouse on May 28, 2025 in New York City.

Dia Dipasupil | Getty Images

NEW YORK — General Motors is targeting a suite of new software initiatives for its vehicles over the next three years, including an in-vehicle artificial intelligence assistant from Google and a driver-assistance system that can largely control the vehicle without human interaction or monitoring.

GM said the conversational Google Gemini AI will begin launching in its vehicles next year, followed by the new driver-assistance system, which will allow drivers to be hands-free and take their eyes off the road under certain circumstances, in 2028.

GM CEO Mary Barra and other executives made the announcements Wednesday as part of a “GM Forward” software event that also showcased other initiatives designed to “transform the car from a mode of transportation into an intelligent assistant,” the automaker said.

The company also announced that it is working on a new centralized computing platform, which is planned to roll out starting with the Escalade IQ in 2028; increased use of collaborative robots, also known as cobots, that can work alongside humans; and expanding availability of products from its GM Energy business.

GM displays its plans for a new centralized computing platform during the automaker’s “GM Forward” event on Oct. 22, 2025, in New York City.

Michael Wayland | CNBC

“Today we’ll share our vision for our vehicles, our industry and how we’re driving the future of transportation forward,” Barra said to kick off the event in lower Manhattan.

‘New era of mobility’

GM said the announcements are meant to usher in a “new era of mobility” for the company, which has struggled to achieve such initiatives in the past. Its previous efforts at moving forward include announcing plans in 2021 to double revenue by 2030, led by many now-defunct growth businesses, as well as growing annual software and services revenue to between $20 billion and $25 billion.

In recent years, it also killed an “Ultra Cruise” system meant to be able to drive in 95% of circumstances that was initially due to come out in 2023 and folded its Cruise robotaxi business.

GM executives on Wednesday declined to discuss revenue potential of the new announcements. CFO Paul Jacobson has previously walked back the doubling revenue goal, but has noted the company’s growing revenue, up 9.1% last year to $187.44 billion.

GM graphic of the automaker’s upcoming centralized computing design that’s set to debut in the Cadillac Escalade IQ in 2028.

GM

GM President Mark Reuss on Wednesday said the company’s revenue plans are “pretty much on track … maybe a year or two different” as it plans to continue to grow revenue, especially with the technologies announced Wednesday. He also said these initiatives are “very different” than prior announcements, as they’re tangible products that are entering the market shortly.

As of the third quarter of this year, GM recognized $2 billion from software services. That’s up from 2021, when the plans were announced and it took the full year to hit that mark. It also cited $5 billion in deferred revenue, up 90% from a year earlier, to end the third quarter.

The event comes a day after GM reported standout third-quarter earnings and upped its guidance, pushing the stock to have its second-best day on record since the automaker’s 2009 emergence from bankruptcy.

GM stock on Wednesday was trading relatively flat.

AI

GM said the artificial intelligence system from Google, which its infotainment system is developed on, will make “it possible to talk to your car as naturally as you would to a fellow passenger.”

“Our vision is to create a car that knows you, that looks out for you, and just meets your needs, even before you say,” Sterling Anderson, GM chief product officer, said during the event.

Anderson called the centralized computing a “foundational piece” of the company’s plans in increasing the capabilities of its vehicles.

GM Chief Product Officer Sterling Anderson during the automaker’s “GM Forward” event on Oct. 22, 2025 in New York City.

Michael Wayland / CNBC

The Detroit automaker said it expects to update select vehicles from the 2016 model year to all new models in the U.S. beginning next year with the AI tech.

GM also said it plans to develop its own “AI, custom-built” technology in the years to come but did not provide an exact time frame.

“In the future, we will introduce our own AI fine-tuned to your vehicle,” said David Richardson, a former Apple executive who is now GM vice president of software and services engineering. “Think of this as an assistant. It’s going to anticipate your needs, offer timely help and make every journey more personable and more enjoyable.”

Hands-free, ‘eyes-off’

GM said it plans for its upgraded advanced driver-assistance system, also known as ADAS, to feature hands-free, “eyes-off” driving technology, beginning on the Cadillac Escalade IQ EV, which currently starts around $127,500, in 2028.

The automaker then expects to expand the availability of the tech to other models, company executives said.

“Autonomy will make our roads safer. They’ll give customers back their most valuable asset: time. It’ll be a cornerstone of GM product portfolio going forward,” Anderson said.

Cadillac Escalade IQ with lidar

GM

The vehicle will use lidar, or light detection and ranging, systems that allow it to better detect or “see” its surroundings. Tesla CEO Elon Musk has notably been a critic of the technology, and his company’s vehicles rely on camera-based systems and computer vision.

“Just be clear, we’re developing a self driving product,” Anderson, a former Tesla executive, told CNBC. “It’s an eyes-off, self-driving system. As it relates to use of lidar in it, your product will be better with multiple modes of sensing, period. Full stop.”

Anderson, calling it an “ocean that’s too big to boil,” said the system is expected to evolve incrementally to its full potential.

GM declined to say whether the new technology will be called “Super Cruise,” which is its current system that allows drivers to be hands-free on 600,000 miles of pre-mapped roads in North America.

The current Super Cruise system monitors a driver’s attentiveness through the use of sensors and eye-detection cameras.

GM was the first automaker to offer such a hands-free system in 2016, but it was slow to roll out the technology until recent years.

Barra said the rollout of the new system will be significantly faster than the company’s initial expansion of Super Cruise.

GM Energy

Starting in 2026, GM said it will make its “Energy Home System” — which includes bidirectional electric vehicle charging and a stationary home battery — available via leasing, compared with outright purchasing the equipment.

The leasing will begin with GM all-electric vehicles owners and later roll out to other homeowners interested in backup power and solar integration, the company said.

GM Energy launched in 2022 as one of the automaker’s growth initiatives involving EVs. It was started to rival Tesla‘s home energy systems and provide battery packs, EV chargers and software to help customers optimize charging and ride out electric grid disruptions.

GM has not disclosed the size or revenue of its GM Energy business other than a blog by Wade Sheffer, vice president of GM Energy, that said momentum for its services are growing.

“It’s really incredible to see all the great things that are right on the horizon, and I know we will deliver for our customers, and that’s what matters most,” Barra said. “This moment builds on our history and sets the course.”



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Chhath Puja Special: Indian Railways Lines Up 1500 Special Trains For Next 5 Days To Cater To Rush

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Chhath Puja Special: Indian Railways Lines Up 1500 Special Trains For Next 5 Days To Cater To Rush


NEW DELHI: As travel surges ahead of the Chhath festivities, in addition to the regular train services, 1500 special trains will be run during the next five days with an average of 300 specials per day, a press release by the Ministry of Railways said. Indian Railways is ensuring that every passenger during their rail journey during the festive season is served well. Besides regular trains, 4,493 special train trips in the last 21 Days, averaging 213 trips daily, helped the passengers reach home safely for Diwali festivities.

According to the press release, for the upcoming Chhath Puja and ongoing Diwali season this year, Indian Railways is running a robust special train schedule to manage the festive travel rush. Over a duration of 61 days, from October 1 to November 30, more than 12,000 special trains are being operated across the country.

So far, a total of 11,865 trips (916 trains) have been notified, including 9,338 reserved and 2,203 unreserved trips. This marks a significant increase from last year, when 7,724 Puja and Diwali special trains were run, reflecting Indian Railways’ continued commitment to ensuring smooth and convenient travel during the festive season.

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On October 19, Indian Railways facilitated over 36,000 passengers at Udhna Station, a 50 per cent increase from the same day in 2024. All passengers boarded trains by 4 PM, reaching home in time to celebrate Diwali with their families. To manage the surge, coordinated efforts were made to control crowds. A dedicated holding area and numerous ticket counters were set up for passenger convenience. Over the last five days, more than 1.2 lakh people travelled from Udhna.

Passengers praised Indian Railways for the better experience they felt this time. One passenger who shared his experience for cleanliness, safety, and overall upkeep of Jabalpur Railway Station, highlighted well-maintained platforms, organised premises and improved hygiene standards. A passenger travelling from Bengaluru to Kolkata praised Indian Railways for its clean coaches, courteous staff, and efficient service during the festive rush, the press release stated.

Madan Kumar Yadav praised the impressive railway system, online ticketing, and orderly queueing at the station. He also appreciated the RPF’s vigilance in ensuring passenger safety and seat allocation during the festive travel rush. At Ahmedabad Railway Station, the Railway Protection Force (RPF) provided special assistance to disabled and sick passengers, ensuring their safe and comfortable boarding onto trains.

Every year, the auspicious festival of Chhath Puja commences with an oblation to the setting sun and concludes with an oblation to the rising sun. The four-day-long festival is celebrated with fervour in the states of Bihar, parts of Uttar Pradesh and Delhi. 



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