Today's financial news

TUESDAY 19th Sep

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Inflation figures are causing angst as oil prices steadily climb again

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Canada and Eurozone kicking off inflation figures

It’s a bumper week for interest rate decisions and economic announcements. Today’s big news will be Canada and the Eurozone releasing their inflation figures for the month of August. Whilst many are hoping that the Eurozone figures will have fallen, it seems more likely that the Canadian inflation rates will have risen. As if to keep reminding central bankers of the inflation risks, and the potential need for further interest rate hikes, oil prices nudged higher again last night. 

Bank’s take on reshuffles 

It’s not been an easy year for financial services, following the collapse of some major names at the beginning of the year, including Silicon Valley Bank and Credit Suisse. As a result, markets have been closely watching the banks still standing, leaving them open to volatility. Yesterday, French bank Société Generale (EPA:GLE) saw shares plummet over 9%, having announced a stagnation in sales. A shiny new strategic plan is expected from their recent CEO, which may turn the tables. 

Evergrande faces another investigation

The thorn in China’s economy’s side has been the property industry. Evergrande (HKG:3333), a key player not just in the property industry in China, but also their economic output, defaulted on a bond payment in 2021, resulting in shock waves rippling through the economy. Having gone through various recovery procedures, Evergrande lived to see another day. Yesterday however, shares shot down by over 25%, following the announcement of members of staff being detained, and suggesting that there could be a new investigation into the company. 

Sources: Reuters, Bloomberg, IG, Financial Times, Yahoo Finance, Nasdaq

Zoe Burt