Most markets slipped back last week as investors awaited interest rate decisions from central banks returning from their summer breaks. The blue-chip S&P 500 and technology focused Nasdaq indices fell 0.8% and 1.5% respectively. The European Central Bank raised its deposit rate by another 0.25% to an all-time high of 4% on Thursday in a bid to counter stubborn inflation. The bank revised its inflation forecasts higher for this year and next, reflecting higher wage pressures in a tight labour market, and a majority of members on the Governing Council felt it was necessary to tighten policy further.
However, in a nod to dissenting members on the council, President Christine Lagarde acknowledged that higher interest rates could weigh further on the economy, the ECB lowered next year’s growth forecast from 1.5% to 1%, and suggested the bank is now ready to pause after hiking interest rates for a 10th consecutive time.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.
