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European Open: Australian GDP beats, index futures point higher
Matt Simpson March 3, 2021 5:56 AM
Europe is set for a positive open after sentiment remained buoyant overnight, whilst the dollar could face further pressure over the coming session/s. Share:
Australia’s ASX 200 index rose by 55.7 points (0.82%) to close at 6,818
Japan’s Nikkei 225 index has fallen by 135.98 points (-0.46%) and currently trades at 29,544.27
Hong Kong’s Heng Seng index has risen by 551.12 points (1.89%) and currently trades at 29,646.98
FTSE 100:
UK’s FTSE 100 futures are currently up 35 points (0.53%), the cash market is currently estimated to open at 6648.75
European futures:
Euro STOXX 50 futures are currently up 13 points (0.35%), the cash market is currently estimated to open at 3720.72
What is the Bank of England (BoE)?
The Bank of England is the United Kingdom’s central bank. The BoE is tasked with setting monetary policy and issuing currency, as well as regulating banks and being the lender of last resort – meaning it provides loans to banks and other institutions that are in financial difficulty.
The Bank of England is just one of many central banks; other famous examples are the Federal Reserve System in the US and European Central Bank. The BoE is one of the oldest banks in the world, so it has been used as a model for central banks around the world.
| UPDATED: 22:51, Wed, Jan 13, 2021
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Negative interest rates have so far never been introduced in the UK’s history, despite their use in other countries, such as Japan and Switzerland. However, when the Bank of England took the decision to reduce its base rate to an historic low of 0.1 percent, the move was a shocking one. It led to further speculation regarding interest rates, and whether these could even be lowered further than the current rate at which they are set.