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Royal Bank of Scotland joined the dovish club against Bank of England (BOE) rate hike after Citi last week pushed their expectations for rate hike further to end of next year and one hike in 2016, instead of previous expected two.
According to RBS -
- US Federal Reserve inaction, global economic outlook and recent sub-trend in UK domestic data is prompting the bank to cut back on its rate hike forecast. RBA is pushing first rate hike forecast from February 2016 to August 2016.
- However RBA has maintained its forecast for subsequent hike of 75 basis points per annum and terminal rate of 2%.
Global financial community remains concerned over prospect of sharp slowdown in China, which might lead to recession in world's second largest economy by next year.
Commodities are taking heavy beating with Copper dropping more than 2.5% and Zinc falling to lowest in five years.
Miners are taking the beating as well. Glencore share price has fallen below £1 for first time in history. Anglo gold has plunged more than 15% today to its 16 year low.
Pound has also taken a beating with rising risk aversion. Pound is currently trading at 1.537 against Dollar, down -0.85%.
