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Higher call in light of central bank decision

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In Science and Space: Stocks in London are poised to open higher on Tuesday, as markets resume trading after a bank holiday for Queen Elizabeth II’s official burial.

According to IG, the FTSE 100 index of large-cap companies is expected to open 0.6% higher on Tuesday at 7,281.40. On Friday, the index fell 0.6% to 7,236.68.

Markets will be watching for significant central bank announcements from the US Federal Reserve on Wednesday and the Bank of England on Thursday, among other things, this week.

Sterling was quoted at USD1.1434 early Tuesday, unchanged from USD1.1431 at Friday’s London equities close.

As surging energy prices bite, Japan’s core consumer price index hit 2.8% in August, the highest level since 2014.

When similar numbers were previously seen, prices had been artificially boosted by a VAT hike. Excluding years when tax increases had an impact on the rate, August’s inflation rate was the fastest in nearly 31 years. According to data from the Ministry of Internal Affairs, electricity, gas, and gasoline were among the major contributors to increased prices.

The August figure was somewhat higher than the 2.7% average expected by analysts, and it follows a 2.4% increase in July. In China, the Shanghai Composite rose 0.1%, while the Hong Kong Hang Seng rose 1.1%.

China’s central bank kept its benchmark lending rate steady, as expected by the market. The People’s Bank of China maintained its one-year loan prime rate of 3.65%, which acts as a benchmark for corporate loans, while the five-year rate stayed at 4.3%.

Throughout the pandemic, Hong Kong has followed a variant of China’s rigorous zero-Covid policies, hammering the economy and intensifying the city’s brain drain as rival commercial centres reopen. In Sydney, the S&P/ASX 200 was up 1.3%.

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Lee, though, refused to confirm the decision or commit to a clear date. Furthermore, Hong Kong’s leader, John Lee, has stated that he will soon make a decision on further lowering coronavirus restrictions, as people and companies protest quarantine measures that have kept the finance hub isolated for more than two years.

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