What had looked like a straightforward decision a few weeks ago now appears far more finely balanced for the Bank of England’s Monetary Policy Committee (MPC). 

A majority of analysts polled expect policymakers to keep the Bank Rate unchanged at 4.00% when the decision is announced at midday on Thursday. However, a growing number of experts now see scope for a rate cut. 

Most observers believe the MPC will prefer to wait until after the Autumn Budget at the end of the month before making its next move. Chancellor Rachel Reeves is expected to announce tax rises when she presents her fiscal roadmap on 26 November. (LS – Continue Reading) 

Japan’s underlying wage growth remained steady in September, keeping the Bank of Japan on its policy tightening path as markets look for triggers for the bank’s next move.

Nominal wages rose 1.9% from a year earlier, accelerating from August, the labor ministry reported Thursday. It came in line with economist expectations. Base salaries increased at the same pace, while a more stable measure, which avoids sampling issues and excludes bonuses and overtime, climbed 2.2% for regular workers, slowing slightly from the previous month. (BBG – Continue Reading) 

Australia’s trade balance grew in line with expectations in September, as exports rebounded sharply on the back of strong overseas demand for the country’s key commodities.

Australia’s trade balance rose to a A$3.94 billion surplus ($2.56 billion) in September from a downwardly revised A$1.1 billion surplus in the previous month, data from the Australian Bureau of Statistics showed on Thursday. The print met expectations for a surplus of A$3.93 billion. 

Exports jumped 7.9% month-on-month in September, reversing a 7.8% slide in the prior month, supported chiefly by commodities such as metal ores, coal, mineral fuels, and metals, which are Australia’s top exports. (Inv – Continue Reading) 

President Trump’s global tariffs ran headlong into a skeptical Supreme Court on Wednesday, with justices across the spectrum expressing doubt that a 1970s emergency-powers law could be read to provide the president unilateral authority to remake the international economy and collect billions of dollars in import taxes without explicit congressional approval. 

But even if the court strikes down the tariffs Trump initiated on his self-declared Liberation Day last April, the justices gave little indication how they might unwind the president’s signature economic policy and favorite diplomatic tool. That left unclear whether previously paid duties would be refunded or whether Congress could be invited to step in, perhaps by ratifying the levies retroactively. (WSJ – Continue Reading)