World stock markets hit record highs ahead of UK inflation data – business live

All the day’s economic and financial news, including new figures showing how the cost of living in Britain jumped last month

Stand by your Desks! UK inflation data is due in a few minutes #CPI #RPI

Economist Marc Brütsch of Swiss Life predicts that UK inflation spiked to 2.9% in August, from 2.6% in July.

Later today: Publication of #UK CPI data. We expect annual #inflation to rise to 2.9% (vs. consensus forecast of 2.8%)

RBC on UK inflation: Look for 2.8% Y/Y as a reflection of GBP depreciation. Exp. CPI to peak at 3.1% in October before pulling back in 2018

Expectations that Britain’s inflation rate rose in August are pushing sterling higher this morning.

The pound is up almost half a cent at $1.321 against the US dollar.

It says something about the financial markets that shares can rally on the back of a devastating storm that was only slightly less awful than feared.

“Whether that equity reaction is Panglossian complacency or a sign of wonderful underlying fundamentals remains open to question.

Even Category 5 storms can now be added to the list of things that ’Don’t Really Matter’.

Apparently the problem for markets was the media, not a hurricane the size of France.

European stock markets are pushing higher in early trading, as the momentum from Wall Street’s rally ripples back to the City.

Investors are surely feeling less concerned about the potential hurricane damage cost. This has brought back the traditional risk on trade.

The new (and watered down) sanctions on North Korea agreed by the United Nations last night are also boosting the markets today, says Matt Simpson, senior market analyst at Faraday Research.

Related: North Korea sanctions: UN security council unanimously agrees new measures

World stock markets are at record highs this morning, thanks to relief that the economic cost of hurricane Irma will probably be lower than feared.

Last night, America’s S&P 500 index finished at its highest ever level, with insurance firms surging.

Firmer European open in prospect as stock indices respond to strong rally across Wall Street. FTSE called 15 higher

Related: Florida Keys facing potential ‘humanitarian crisis’ in Irma aftermath

Tuesday’s FINANCIAL TIMES: Irma’s change of course bring relief to insurers and Wall St #tomorrowspaperstoday

The front page of today’s Tampa Bay Times:

Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.

“For road users, petrol prices are up after the respite given by lower prices over the summer.

“Driving to work cost 5% more in August and early September than last year.”

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Read the original at Economics | The Guardian.