‘Ugly’ jump in US inflation, driven by gasoline prices, in blow to Trump before midterm elections – as it happened

Rolling coverage of the latest economic and financial news, including the IMF meeting in Thailand, the IEA’s new oil market report, and US inflation

Full story: US inflation rose to 3.7% in September

Global financial system is failing developing countries, says Ed Miliband

UK government borrowing costs are dropping this morning, which will please John Healey and the IMF alike!

The yield, or interest rate, on UK 10-year bonds is down 3.5 basis points to 5.4%, while thirty-year bond yields are 3bps lower at 5.89%.

Chancellor John Healey is expected to pay for all new giveaways in this month’s Budget — including a cost-of-living package — with higher taxes or spending cuts rather than more borrowing.

People briefed on UK Budget preparations told the FT that the October 28 fiscal package would be “scorecard positive” in 2029-30, the final year of the parliament, meaning that all extra discretionary spending was fully funded.

China’s exports, imports, and trade surplus all comfortably beat expectations in September as the trade boom continued. Key trade ties look set to remain stable through year-end, which should keep this year’s key growth engine humming.

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