SQUAWK BOX, TUESDAY 27TH SEPTEMBER, 2022

09/27/22 • 31 min

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We are live at Threadneedle Street as sterling claws back some of yesterday’s record losses versus the dollar. The BoE and the Treasury have moved to calm jittery investors amid a brutal gilt sell-off. In the U.S., the Dow enters bear market territory while the S&P 500 posts its lowest close this year. Chatham House senior advisor Jim O’Neill says that assets are following messaging from the Fed. The World Bank slashes its China growth forecast, saying that it will lag behind regional peers for the first time in more than 30 years. Industrial profits continue to be impacted by Covid restrictions.

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SQUAWK BOX, MONDAY 26TH SEPTEMBER, 2022

We are live in Rome where the centre-right coalition have won a clear majority with 43 per cent of the vote. Fratelli d’Italia leader Giorgia Meloni is now set to be Italy’s next prime minister. The opposition Democratic Party has conceded defeat with the fractured centre-left bloc struggling in the polls. In forex news, sterling falls to its lowest level against the dollar since 1971 as investors fear Chancellor Kwasi Kwarteng’s tax cuts cluster will increase the UK’s debt burden. The Dow has hit its lowest point this year as the global sell-off continues.

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SQUAWK BOX, WEDNESDAY 28TH SEPTEMBER, 2022

The IMF slams the UK’s government’s budget plans cuts and say they will serve to impact the BoE’s rate hikes. The central bank’s Huw Pill says a strong monetary response will be needed to tackle soaring inflation. The S&P 500 sinks further into bear market territory. Asia equities fall to their lowest ever level in two and a half years. Stateside, Minneapolis Fed Chair Neel Kashkari says the central bank will continue to hike rates appropriately. St Louis Fed Chairman James Bullard is adamant that recession remains a risk but Ark Invest’s Cathie Wood believes deflation is around the corner in the next six months. European authorities launch probes into 3 gas leaks coming from the Nord Stream 1 and 2 pipelines in the Baltic Sea. Poland’s Prime Minister Mateusz Morawiecki and Denmark’s Mette Frederiksen believe sabotage cannot be ruled out.

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