OM DENNE EPISODE
The Bank of England held the base interest rate at 3.75% last Thursday by a six to three vote, the dissenters favouring an immediate increase, and warned that rates may need to rise if the energy shock feeds into more persistent inflation. It also slowed balance sheet reduction, giving gilt markets relief and leaving the 10-year yield five basis points lower at 5.29%. The decision followed consumer price index ("CPI") inflation of 3.1% for the year to August, up from 2.9% on higher motor fuel costs, though Core CPI (which excludes energy, food, alcohol and tobacco) held at 2.6% and CPI services at 3.4%. Unemployment held at 4.9% in the three months to July against the 5% expected....
Stocks featured:
Airtel Africa, AstraZeneca and Barratt Redrow
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