Economic news moving markets.

Bank of Canada hikes rate 25bp to 2.5%, leaves door open to more

The Bank of Canada raised its overnight rate target by 25 basis points to 2.5% on October 28, its first increase since July 2023, citing elevated oil prices feeding through to broader inflation.

UK budget trims energy bills, raises bank surcharge to 6%, boosts defense outlay

Finance minister John Healey presented his inaugural Autumn Budget, lowering household energy costs, lifting the bank surcharge by three percentage points to 6%, and committing an extra £10 billion to Ukraine. Gilt yields dipped and bank shares climbed following the announcement.

Fed set to hold rates steady, with eyes on Warsh over December hike odds

The US Federal Reserve is widely expected to leave its policy rate unchanged on Wednesday, with markets pricing in roughly a 9% chance of a hike. Attention shifts to Fed Chair Kevin Warsh's press conference for signals on a possible December move.

Europe session: euro gains 0.30% as oil rises on Saudi refinery strike

The dollar softened and oil climbed as a Saudi refinery strike and the Bank of Canada's rate hike shaped a session also dominated by the UK budget and Israeli election jitters.

Bahri’s Q3 profit jumps tenfold to $1.36 billion on tanker rate surge

Saudi shipping company Bahri reported a net profit of $1.36 billion for the third quarter, ten times higher than a year earlier, as tanker rates spiked amid disruption near the Strait of Hormuz.

Equinor’s quarterly profit nearly triples on higher oil and gas prices

Equinor reported adjusted net income of $2.86 billion for the third quarter, up sharply from $932 million a year earlier, as stronger crude and gas prices combined with better refining margins lifted results.

US lawmakers flag legal risk for banks handling Russian diesel cargoes

A bipartisan bloc of Congress members has told major banks and port operators that processing Russian diesel shipments linked to a new Trump-Putin arrangement could breach federal sanctions law and expose firms to lawsuits.

Shekel drops 2%, Tel Aviv index falls 3% as no bloc wins Israeli majority

With about 71% of votes counted, Prime Minister Benjamin Netanyahu's right-wing bloc was projected to take 54 seats against 47 for Gadi Eisenkot's opposition, short of the 61 needed to govern. The shekel and Israeli stocks sold off sharply on the inconclusive outcome.

UK chancellor Healey sets £15 billion fiscal headroom in autumn budget

UK Chancellor Healey said the government will have £15 billion of fiscal headroom at the end of the forecast period, as he unveiled his autumn budget while ruling out broad-based tax increases.

Bank of Canada lifts rate to 2.50%, first hike since mid-2023

The Bank of Canada raised its benchmark rate by a quarter point to 2.50% on Wednesday, in line with forecasts and the first increase in more than two years. The decision has implications for USD/CAD and short-term Canadian bond yields.

Fitch lifts credit-worthiness scores for China’s ‘Big Six’ lenders

Fitch Ratings raised its internal strength assessment for China's six largest state-owned banks, pointing to stronger oversight, tighter lending standards and shrinking shadow-credit exposure.

Dollar index climbs near 102.40 as Fed decision looms

The US Dollar Index edged up toward 102.40 on Wednesday, close to a two-week high, as traders awaited the Federal Reserve's rate decision later in the day.

German GfK consumer sentiment edges down to -30.8 in November

Germany's GfK consumer climate index came in at -30.8 for November, slightly better than the -30.9 expected but below October's -30.6, pointing to continued weak household confidence.

Pound falls to 1.3290 as traders await Healey budget and Fed decision

GBP/USD slipped for a fourth straight session to around 1.3290 as markets braced for UK Finance Minister John Healey's first budget and the US Federal Reserve's rate decision, both due later Wednesday.