Global News
UK election – To start the week, Prime Minister Boris Johnson failed in a bid to trigger a snap general election to try and find a solution to the continuing Brexit deadlock. However, on Wednesday after a series of votes in the House of Commons, the opposition finally granted PM Johnson wish and agreed to call a general election. The British public now have the chance to change the course of the withdrawal agreement, in the election vote which is to be held on the 12th December, which will be the third time in four and a half years.
Federal reserve – Jerome Powell, the Chairman of the US Federal Reserve, delivered the third interest rate cut of the year on Wednesday, while also hinting that this may be the last one of the year. The cut was very much expected by investors and the markets took it in their stride.
Hong Kong recession – Hong Kong’s economy slipped into recession this week for the first time since the financial crisis, as the months of anti-government protests took their toll. The territory’s GDP figure fell by 3.2% in the three months to September, which was only forecast to fall by 0.6%. Economists are now predicting that the downturn is due to worsen in 2020.
