Friday 12th May 2023

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The BoE has raised rates (not a unanimous decision), but they are also expecting a bit more growth in the economy. We’ll see how that’s tracking with UK GDP numbers out today. NAB’s Gavin Friend says this could be the last one from the BoE, but it really depends on the UK inflation number later in the month. Meanwhile, further signs of softness in the US – where jobless claims rose more than expected – and China, where loans are well below expectations. Banks continue to add to the uncertainty.

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