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Top News Topics for Today: Fed Holds Interest Rates, UK Inflation Data, Delivery Hero Negotiations, French Apple Store Strike, Royal Visit, and Economic Data Releases

Here are the noteworthy news topics to keep an eye on today:

1. Fed Maintains Interest Rates: The Federal Reserve’s Monetary Policy Committee (FOMC) announced its decision to keep short-term interest rates steady at 5.25-5.50%, marking the highest level in over two decades. This move was in line with market expectations, following a series of 11 interest rate hikes initiated by the Fed since March 2022.

2. UK Inflation Data: The UK’s Office for National Statistics (ONS) revealed that the Consumer Price Index (CPI) showed a slowdown in inflation, with a rate of 6.7% in August. This was contrary to analyst expectations of a rebound to 7.0% from July’s 6.8%. Core CPI, which excludes food and energy, also registered a decrease to 6.2% in August, below analysts’ forecasts.

3. Delivery Hero Negotiations: The share price of Delivery Hero, a German online food delivery company, surged by 13.5% on the German stock exchange amid reports of advanced negotiations to sell its operations in Asia. Sources suggest that Delivery Hero is considering selling its Foodpanda business in several Asian countries, with Singapore’s Grab potentially being the acquirer for more than 1 billion euros.

4. French Apple Store Strike: Employees at a French Apple Store have announced a strike on September 22-23, coinciding with the launch of the iPhone 15 series. Their demands include a pay increase and improved working conditions. Apple management in France has previously resisted raising wages beyond 4.5%, while the unions are pushing for a 7% wage increase to combat rising inflation.

5. Royal Visit to France: King Charles III, the Head of State of the United Kingdom, and Queen Camilla visited France, with President Emmanuel Macron extending a warm welcome. The visit marks King Charles III’s return to France, this time as king, after visiting as Crown Prince. The visit includes ceremonies at the Arc de Triomphe and an official dinner at the Palace of Versailles.

6. US Crude Oil Inventory Data: The US Energy Information Administration (EIA) reported a 2.1 million barrel decrease in US crude oil inventories, surpassing analysts’ expectations. Crude stocks at Cushing, Oklahoma, a key delivery point for US crude futures, also fell by 2.1 million barrels. Additionally, gasoline stocks and refined oil stocks recorded fluctuations compared to analyst forecasts.

7. Economic Data Releases: Economic data releases for today include the Bank of England’s (BOE) decision on interest rates, the United States’ weekly jobless claims, the current account balance for the second quarter of 2023, the September manufacturing index from the Philadelphia Fed, sales of second-hand homes in August, and the leading economic index for August from the Conference Board.

Stay tuned for further updates and analysis on these key developments shaping the global economic landscape.

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