Market View: European economies - OPEC’s major production cut, U-turn by the UK government, Italy’s treasury forecasts

Your Way Home with Hongbin Jeong · Oct 6, 2022 · 9m

European economies are on our agenda today. In the UK, the British Prime Minister Liz Truss and Finance Minister Kwasi Kwarteng was forced to abandon a move to cut the top rate of tax from 45% to 40% for its top earners, in what’s seen as an embarrassing U-turn 10 days after announcing the new government’s growth plan to stimulate its economy. Elsewhere, the latest treasury forecasts showed Italy’s economy probably shrank in the third quarter, adding more uncertainties to the mix. Not to mention, the OPEC and non-OPEC Ministerial meeting on oil production - and the possible impact on oil…