Stocks Resume Rally, Oil Jumps on Production Curb: Markets Wrap

Investors signaled belief in a fledgling equity rally as US futures erased a Wednesday decline and an index of Asian stocks traded higher, suggesting that markets are downplaying the impact of rising oil prices.

Liz Truss’s Tax Cuts Set to Cost Millions of Workers More

As a result, by 2026 about 1.4 million more workers will be dragged into the basic rate of tax, and 1.6 million will drift into the 40% rate as their pay rises, the IFS calculated. For the 7.7 million people at that point earning over £50,270 and paying 40% on their wages, the freezes “will … Read more

OPEC+ Considers Output-Limit Cut Of As Much As Two Million Barrels A Day

The group may discuss a cut of that size, plus smaller reductions ranging from 1 million to 1.5 million barrels a day, when it meets on Wednesday, delegates said. Based on current discussions, so far curbs would use existing baselines to measure each country’s contribution, one delegate said.  

India Enters 5G Era as Debt-Laden Carriers Gird to Spend Billions

To capitalize on 5G, China has been rolling out smartphone apps and industrial projects such as super high-definition live streaming, remote manufacturing, virtual reality and robotic surgery arms. The country’s three state-owned carriers have introduced more than 25,000 such applications, according to a news article posted by the State Council on its website in August. … Read more

Fed Rate Increases to Persist Until Inflation Eases, Barkin Says

“Inflation should come down, but I don’t expect its drop to be immediate nor predictable,” said Barkin, who isn’t a voter on the rate-setting Federal Open Market Committee this year. “Significant shocks simply take time to dampen,” he said, referring to the disruptions created by the Covid-19 pandemic, supply-chain snarls, and Russia’s invasion of Ukraine.

Ten Things Elon Musk’s Texts Reveal About the Twitter Deal

10. In March, Sam Bankman-Fried, the crypto billionaire, tried to get in touch with Musk through an associate to discuss joining in a deal for Twitter. Musk appeared uninterested — and unaware of Bankman-Fried’s wealth, asking, “Does he have huge amounts of money?” 

US Redoubles Efforts to End Dependence on Russian Nuclear Fuel

“We are going to get Congressional support in a bipartisan way for us to make our own fuel cycle supply chain independent, certainly of Russia,” Granholm, 63, said in an interview at the International Atomic Energy Agency in Vienna. “We’ve got to make this happen for our own independence and national security.”

Hurricane Ian’s Damages Are Forecast to Be Worse Than 1992’s Andrew

Damages from Ian are expected to range from $60 billion to $70 billion given the latest forecasts, according to Chuck Watson, a disaster modeler with Enki Research. That would make Ian the sixth-costliest US hurricane, below Ida’s $78.7 billion in 2021, according to data from the National Oceanic and Atmospheric Administration. 

BOE Steps Back Into Bond Market to Restore Stability

The move was recommended by the Financial Policy Committee, amid fears of a “material risk” to financial stability if the dysfunction continued. “This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy,” the BOE said. It is not a monetary policy decision.