ECONOMY

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A major policy change, the Bank of England has lowered its base rate of interest by 0.25 percentage points to 4.5%, its lowest since June 2023. This decision, on 6 February 2025, takes place against the backdrop of the Bank cutting in half its 2025 economic growth projection from 1.5% to 0.75% due to subdued business and household morale and anemic productivity growth.

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U.S. hiring surged in September, exceeding expectations and pushing unemployment down, providing a boost for policymakers ahead of the November election.

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The IMF announced on Tuesday that global growth is anticipated to slow modestly to 3.2 percent this year, maintaining that rate through 2025. However, they cautioned that these stable figures conceal "significant" changes occurring at regional and sectoral levels.

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US consumer inflation eased a bit more than anticipated last month, based on government data released Thursday. This trend offers additional signs that price pressures are subsiding as the November presidential election approaches.

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Stock markets worldwide plummeted on Monday as weak U.S. economic data fueled concerns of a looming recession in the world's largest economy. The selloff, which began in Asia and spread to Europe, is expected to hit Wall Street hard when trading opens.