Funding & Business
Reeves’ Limited Budget Options Raise UK Growth Fears
Chancellor of the Exchequer Rachel Reeves says growth is the solution to Britain’s economic problems, but she has been boxed in by an £8 billion ($11 billion) increase in borrowing costs since her last fiscal statement in March. In her Nov. 26 budget, Reeves plans to introduce growth measures such as transport links and planning reforms, but her options are limited and she may have to rely on spending restraint and tax rises to address the economic problems. Bloomberg’s Kit Rees has more.
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The Institute for Supply Management’s index of services rose 1.9 points to 52. The figure topped all but one estimate in a Bloomberg survey of economists. Mike McKee reports on “Bloomberg Open Interest.”
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US stocks opened slightly in the green on Thursday as data signaled a softening labor market, supporting interest-rate cuts. Tech stocks climbed, even after a string of disappointing earnings, with yields on 10-year Treasuries falling to the lowest since early May.
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Citigroup is entrusting BlackRock with tens and billions of dollars of clients’ investments in a move that will outsource more of its wealth unit’s offerings. Citi doesn’t have an in-house asset management platform and is now doubling down on the advisory side of its business, reports Bloomberg’s Todd Gillespie. (Source: Bloomberg)
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