Welcome to Taking Stock on Tuesday 19th September 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
What is you favourite stocks & why?
Tomorrow UK inflation Data is out - these are what are expected...
Core CPI (YoY) (Aug)
Forecast: 6.8%
Previous: 6.9%
Core CPI (MoM) (Aug)
Forecast: 0.7%
Previous: 0.3%
MOST FOLLOWED
MOST READ RNS
RISERS
SpaceandPeople - Extension of Agreement with Network Rail
Scancell - Positive data from Phase 2 SCOPE trial with SCIB1
Trustpilot Group - Results for the six months ended 30 June 2023
FALLERS
Northcoders Group - Interim Results
Quiz PLC - Trading Update
REQUESTS
Ocado Group - Trading Statement
Hargreaves Lansdown - Final Results
TOP BUSINESS STORIES
Global oil prices surge to 10-month high
Global oil prices have surged to the highest level in more than 10 months amid predictions of shorter supplies.
Brent crude, a benchmark for prices, breached $95 (£77) a barrel on Tuesday.
It came as the International Energy Agency (IEA) said a decision by Saudi Arabia and Russia to cut production could cause a "significant supply shortfall" by the end of this year.
The RAC motoring group warned higher oil prices meant drivers were "in for a hard time" at the fuel pumps.
Latest figures show UK drivers are now paying £1.55 on average per litre, with diesel at £1.59. That is up from around £1.44 and £1.53 back in May.
Following Russia's invasion of Ukraine in February 2022, oil prices soared, hitting more than $120 a barrel in June last year.
UK forecast to have the highest inflation rate among G7 nations
The UK economy will have the highest inflation rate among the world's richest nations this year, according to new forecasts.
The Paris-based Organisation for Economic Co-operation and Development (OECD) said in its interim economic outlook report that it expected the UK's inflation rate to average 7.2% during 2023.
That was a rise on its previous forecast in June of 6.9% and was the fastest rate across the so-called G7 richest nations and third fastest across the wider G20.
It released its latest forecasts for member countries as economists tip the headline rate of inflation in the UK to accelerate this week.
A poll for the Reuters news agency saw the consumer prices index (CPI) measure rising to an annual rate of 7% in August from 6.8% in July due to a surge in global oil prices.
Bank of England readies what may be its final rate hike
The Bank of England is likely to hike interest rates once again this week, possibly the last hurrah for one the great tightening cycles of the last 100 years as a cooling economy begins to worry policymakers.
All but one of 65 economists polled by Reuters in recent days predicted the BoE will raise Bank Rate to 5.5% on Thursday from 5.25%, which would mark its highest level since 2007.
Financial markets are less certain than economists - with rate futures on Friday showing a 25% chance of a pause - but both are coming to the view that the streak of rises in borrowing costs since December 2021 is in its last days.
Goldman Sachs and Citi also expect Thursday's decision will be the BoE's last rate hike.