fbpx

PU Prime App

Exclusive deals on mobile

  • Market Insights  >  Weekly Outlook

3 October 2022,04:43

Weekly Outlook

Bank of English Stages Emergency Bond Buying as Pound Plunges 

3 October 2022, 04:43

Share on:
FacebookLinkedInTwitterShare
Share on:
FacebookLinkedInTwitterShare

Bank of English Stages Emergency Bond Buying as Pound Plunges 

The Bank of England, UK’s Central Bank, has announced this week a temporary gilt-buying programme to urgently respond to a “material risk to UK financial stability” after the pound went into free fall after new prime minister Liz Truss announced tax cuts and other spending measures to promote economic growth in the UK. While no number has been officially announced by the central bank, it initially plans to hold daily auctions to buy up to 5 billion pounds of gilts with a maturity of at least 20 years, between now and 14 October. This measure is expected to cost the BoE £65 billion (US$70.1 billion).

Ukraine Gets Another US$1.1 Billion in Security Assistance from US

The US has announced an additional $1.1 billion in security assistance for Ukraine, putting the US’ contribution to the war at more than $16.2 billion – in a total of 22 instances – since Russia’s invasion of the country in February. This comes shortly after a series of widely-criticised referendums held in Russia-controlled regions in Ukraine were held to decide if said regions should become part of Russia. Earlier in the week, Russian President Vladimir Putin made a veiled nuclear threat in a rare public speech, putting US officials on high alert. 

Softbank Plans Massive Staff Cut to Vision Fund

The Vision Fund, Softbank’s investment arm, has planned a cut of at least 30% of its staff after taking huge losses in a year that has been extremely poor for growth stocks. The Vision Fund primarily invests in technology companies and posted a record loss of US$21 billion for its first fiscal quarter. The company has sold part of its holdings in companies like Uber, Opendoor, and Alibaba to raise funds, although founder Masayoshi Son had hinted previously at upcoming “cost reductions”. The cut is foreseen to affect over 150 of 500 Vision Fund staff.

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1

    Register

    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2

    Fund

    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.