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Summary The UK government has announced it will make its energy price cap less generous from April next year. That could add 3pp to inflation for much of 2023, and depending on how the changes are made, could deepen the recession we're forecasting this winter. We now expect a ...
Summary Financial markets have entered a period of head-spinning volatility. Consumer inflation remains at record highs across major developed economies. Higher yields will bring new income-generating opportunities and significant shifts in risk-return assessments. ...
Summary The Bank of England’s reaction to the UK’s fiscal U-turn will be key to determining if Gilts can rally further. They are especially nervous about quantitative tightening and the outlook for rate hikes. The European Central Bank has yet to revise its growt...
Summary Today, new UK chancellor Jeremy Hunt made a fiscal policy statement that took back most of the tax cuts announced by his predecessor. The unfunded tax cuts announced by the previous chancellor were the largest that Britain had seen since the 1970s. Today, Mr. Hunt made...
Summary We’re underweight government bonds because yields have room to move higher, and we don’t think they can be a safe haven when recession comes. Stocks were choppy and short-term U.S. Treasury yields jumped after data showed persistent U.S. core inflation. We th...
Summary Bond markets appear to be disciplining policy inconsistencies, both within sovereigns and among them. Policymaking can be inconsistent in two ways: within a sovereign, between the fiscal and monetary authorities, and among sovereigns. We see plenty of evidence that pol...
Summary Confirming New Cycle Dynamics, the Truss government’s “mini budget” has unleashed absolute mayhem. The S&P 500 dropped 1.6% (down 24.8% y-t-d), while the Dow recovered 1.2% (down 18.4%). Freddie Mac 30-year fixed mortgage rates surged 26 bps to...
Summary October's flash PMI data for the UK will be eagerly awaited, given the growing chorus of concerns regarding the country's economic health and financial market stability. The additional upward pressure on already-elevated interest rate expectations meanwhile drove a further...
Summary Both the Empire Manufacturing Survey and Philly Fed business outlook are expected to remain in contraction territory. Earnings season heats up as we hear from Bank of America, Goldman Sachs, Netflix, and Tesla. Japan may need to intervene in the FX market again as the ...
Summary For the most part, 2022 has unfolded largely on script, with inflation proving stubborn and the Federal Reserve seeking to cut off the spigot. Despite the general monetary trend toward stiff tightening on a global basis, individual countries continue to initiate moves to s...
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iShares Currency Hedged MSCI United Kingdom Company Name:
HEWU Stock Symbol:
NYSE Market:
iShares today announced its plans to close the following U.S.-listed ETFs on November 2, 2023. The funds will cease trading and no longer accept creation or redemption orders after market close on October 30, 2023. Proceeds of the liquidation are currently scheduled to be sent to shareholders...