Costs, rebates and margins
The end of QE has not been good for commodities as an asset class, as the US dollar takes off once again. Gold in particular has been hard hit, and is now within easy distance of the $1200 level.
Other than the knee-jerk reaction one can expect from financial markets, the conclusion of QE was met with reasonable acceptance.
The greatest economic experiment in central banking history was brought to a close last night by the US Federal Reserve, complete with suitably dovish rhetoric about the future path of interest rates.
The owner of British Airways posted its first-half profit in August. A third-quarter update is expected on Friday 31 October, and we will see whether the airline can maintain its course.
A Federal Reserve’s statement last night that tended towards the more hawkish end of the spectrum (or, at least, the less dovish) saw the euro and sterling drop sharply, with losses continuing this morning.
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