UBS expect anther Bank of England rate cut in November

August 18, 2024
-FCHFX

August 18, 2024 at 11:04PM
Data last week showed UK core inflation softening a touch:

UK July CPI +2.2% vs +2.3% y/y expected

Traders now see BOE decision in September to be a coin flip

UBS on what they expect from the Bank of England ahead, in summary:

the latest UK inflation print shows the rate is still near the BoE’s 2 per cent target.

we expect another 25 bps cut in November with more to come in 2025

UBS say that further rate cuts should be good for UK equities at the margin, should help boost equity valuations and earnings. UBS rate UK equities as “most preferred”, citing:

support from accelerating domestic growth

UBS hold a positive view on oil and industrial metals prices, and relatively attractive valuations

This article was written by Eamonn Sheridan at www.forexlive.com.

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