Markets up after Bank of England bond-buying pledge
29-09-2022, 09:31

Font size: [ A+ ] / [ A- ]

Stock markets in Asia and the US have risen after the Bank of England said it would buy £65bn of UK government bonds.

The announcement came after Friday's mini-budget sparked financial market turmoil and the pound plunged.

Investors also demanded higher returns on government bonds, or "gilts," causing some to slide in value.

Speaking in New York on Wednesday, new UK trade secretary Kemi Badenoch defended the government's economic policies.

Hong Kong's benchmark Hang Seng index was 1.3% higher, while Australia's ASX 200 rose by 1.8% and South Korea's Kospi gained 1.4%.

That came after New York's main stock indexes rebounded from a six-day losing streak to end Wednesday's trading day around 2% higher.

In morning Asia trade, the pound was 0.8% lower at $1.08, after earlier making strong gains on the Bank of England's bond-buying announcement.

The currency hit a record low on Monday after chancellor Kwasi Kwarteng unveiled plans to tax cuts, funded by borrowing, in a push to boost economic growth.

Analysts said the Bank's pledge to buy government bonds at an "urgent pace" to help restore "orderly market conditions" had helped to calm market volatility.

 

"The Bank of England's intervention has supported market optimism," Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney, told the BBC.

"It reversed a previous view of the UK going into a hard landing and debt spiralling out of control," she said.

Yeap Jun Rong, market strategist at online trading platform IG, said the move had "provided some much-needed relief to recent market jitters."

In New York, the UK's international trade secretary used her first visit to the US since taking the role to try to shore up investor confidence.

"You would by now have heard the Bank of England is taking short-term measures to provide stability, as is their job," Ms Badenoch said.

"And we must look at all of this in the context of the fundamentals, which are that the UK economy is strong and we have a plan, a growth plan to cut taxes, promote enterprise, and cut red tape for business," she added.

BBC

Comments: 442
#422   Coleman
      
References:


Aussie pokies bpay BPay online pokies
Australia
18 October 2026 15:44
#421   Catalina
      
References:


New bpay pokie sites australia https://molchanovonews.ru/
18 October 2026 14:00
#420   Mikayla
      
References:


Bpay pokies withdrawal gitlab.keysmith.bz
18 October 2026 13:35
#419   Malorie
      
18 October 2026 00:06
#418   Jacklyn
      
References:


Osko accepted pokies Osko
PayID pokies
17 October 2026 23:24
#417   Rosaline
      
References:


How to deposit with osko at a casino best Osko pokies Australia
17 October 2026 15:16
#416   Adeline
      
References:


New payid pokies australia https://xtuml.org/author/selectsex24/
17 October 2026 14:22
#415   Stewart
      
References:


Live blackjack idebit idebit roulette casino
17 October 2026 05:11
#414   Glenda
      
References:


Australian licensed wire transfer casino https://roadwiki.site/
16 October 2026 08:50
#413   Louie
      
References:


International wire transfer casino australia bank transfer
mobile pokies australia
16 October 2026 08:46
#412   Ben
      
References:


Osko supported pokies https://undrtone.com/
16 October 2026 07:37
#411   Numbers
      
References:


Best apple pay casino sites uk https://www.creswicknorthps.vic.edu.au
16 October 2026 00:40
#410   Katharina
      
References:


Best pay id pokies https://rentry.co
15 October 2026 01:59
#409   Kali
      
References:


Instant withdrawal payid pokies md.coredump.ch
14 October 2026 23:53
#408   Leandro
      
14 October 2026 23:15
#407   Ciara
      
References:


Australian pokies that accept payid dewkaren5.werite.net
14 October 2026 22:43
#405   Chana
      
References:


Same day payout pokies payid pshunv.com
14 October 2026 21:58
#404   Kristy
      
References:


Payid pokies sites https://md.coredump.ch/_uhGWetlTc-wSA0oIamTGw
14 October 2026 16:59
#403   Jurgen
      
References:


Online pokies payid australia minimum deposit payid pokies
14 October 2026 15:54
Add Comments

Name:*
E-Mail:
  Geo Keyboard  
 

Dear reader, guardian.ge welcomes your comments. Please express your views on topic and be respectful of others.

bold italic underline strike | align left centered align right | Ensert smilies insert linkInsert protected URL Choice the color | hidden text insert quote Convert selected text from transliteration to Cyrillic alphabet Insert spoiler

Code: *


Back1 2 3 4 5 6 7 8 9 10 ... 23Next