Aurelia Butler

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Divorce is a fraught process at the best of times. Splitting during a cost of living crisis can add serious financial pressure to the emotional impact of a separation.Splitting couples have to contend with falling house prices, inflation and a choppy jobs market which can make settling property, pension, tax and maintenance arrangements even more challenging. That is not to mention legal fees, which can range from £25,000-£250,000, depending on how long and detailed your settlement is. If you’ve been through this, we’d like to hear from you about your experience of divorce during the cost of living crisis.Have you considered divorce, but ultimately backed off or delayed a split due to strains on your finances? Or have you jumped at the chance to buy out your partner at a time of low asset prices? Have you come to a “kitchen table agreement” to keep legal costs down? Or would you prefer to iron out the details with the help of a professional adviser?Please get in touch, in confidence, by email to [email protected]. More

The conflict has significantly impacted oil and gas markets with prices rising by approximately 9% and 34% respectively. A sustained 10% increase in oil prices could potentially shrink the Euro area real GDP by 0.2% after one year and inflate consumer prices by nearly 0.3pp. These concerns are shared by Bank of England Governor, Andrew Bailey, and the World Bank, which warned that crude oil prices could surpass $150 a barrel if the conflict continues to escalate.Despite recent stabilization in Brent crude oil prices, a global reduction in LNG exports is causing European natural gas prices to rise. However, Vashkinskaya suggests that energy cost support policies could potentially mitigate these impacts.The conflict also poses a risk to consumer confidence, as seen from its decline following Russia’s invasion of Ukraine in March 2022 and the record-high conflict-related uncertainty observed in October. Even though the Eurozone’s direct exposure to the Middle East is limited (0.4% of the euro area’s GDP from Middle East trade), indirect effects like higher interest rates could exacerbate impacts. Despite the Eurozone’s limited exposure to the Middle East, factors such as potential disruptions in oil and gas markets, high interest rates in both the Eurozone and the UK, and decreased regional trade could lead to severe impacts on the European economy.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Simultaneously, work will commence on realigning a New Jersey highway to facilitate tunnel excavation. Two large boring machines will be used to carve a path under the river into Manhattan’s bedrock. The two-track Gateway tunnel, with digging set to begin in 2025, is scheduled for a 2035 opening.The project has faced political hurdles for over 15 years and saw delays during President Trump’s term. However, it has gained traction under President Biden’s administration. Schumer has secured more than $10 billion in federal funds for the project, and Buttigieg has deemed it a national priority.The existing tunnels’ poor condition, which have not been renovated since former New Jersey Governor Chris Christie halted their renovation 13 years ago, underscores the project’s importance. President Biden himself pledged $292 million towards the concrete casing, and Schumer announced a $6.88 billion grant from the U.S. Department of Transportation for the project.New York and New Jersey have agreed to split the remaining costs equally. This agreement represents a significant step forward for a project that is essential for maintaining and improving transportation infrastructure in one of the nation’s busiest regions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The chance of a Fed rate hike by January fell to below 20% after the report, from about 30% before the report, based on prices of futures contracts that settle to the Fed policy rate. Pricing now reflects a better-than-even chance of a rate cut by May, against earlier expectations for rate cuts to start in June. Nonfarm payrolls increased by 150,000 last month, and September job gains were smaller than earlier reported, the Labor Department said Friday. The unemployment rate rose to 3.9%, from 3.8%, and wage growth slowed.The Fed this week held its policy rate steady at 5.25%-5.50%, and though Fed Chair Jerome Powell said policymakers were not yet confident that was high enough to bring inflation down to the Fed’s 2% target, traders appear are betting on it. The report “is consistent with the views of the market that the job market and the economy is decelerating and that’s going to keep the Fed on hold and will cause central banks next year to cut rates,” said Jay Hatfield, chief executive officer at Infrastructure Capital Management. More

The dollar index dropped 0.6% to 105.437. Against the yen, the dollar slid 0.7% to 149.44 yen.Data showed nonfarm payrolls increased by 150,000 jobs last month. The numbers for September were revised lower to show 297,000 jobs created instead of 336,000 as previously reported.”The strongest argument for the Fed to abandon its tightening bias is that wage growth continues to slow,” wrote Andrew Hunter, deputy chief U.S. economist, at Capital Economics, in an note after the jobs report.”Overall, we suspect the softening in labour market conditions has much further to run and still expect the Fed to be cutting interest rates again in the first half of next year.”========================================================Currency bid prices at 8:53AM (1253 GMT)Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 105.2900 106.2000 -0.84% 1.739% +106.2200 +105.2300 Euro/Dollar $1.0710 $1.0623 +0.82% -0.05% +$1.0720 +$1.0616 Dollar/Yen 149.4050 150.4700 -0.70% +13.96% +150.5150 +149.2950 Euro/Yen 160.00 159.79 +0.13% +14.04% +160.1100 +159.6100 Dollar/Swiss 0.8995 0.9060 -0.70% -2.70% +0.9074 +0.8990 Sterling/Dollar $1.2309 $1.2202 +0.88% +1.78% +$1.2317 +$1.2185 Dollar/Canadian 1.3699 1.3738 -0.28% +1.11% +1.3760 +1.3693 Aussie/Dollar $0.6495 $0.6434 +0.97% -4.69% +$0.6504 +$0.6420 Euro/Swiss 0.9632 0.9623 +0.09% -2.66% +0.9645 +0.9616 Euro/Sterling 0.8698 0.8703 -0.06% -1.65% +0.8721 +0.8701 NZ $0.5974 $0.5894 +1.35% -5.92% +$0.5983 +$0.5885 Dollar/Dollar Dollar/Norway 11.0590 11.1590 -0.93% +12.65% +11.1790 +11.0550 Euro/Norway 11.8424 11.8470 -0.04% +12.85% +11.9021 +11.8350 Dollar/Sweden 10.9502 11.1063 -0.58% +5.21% +11.1230 +10.9488 Euro/Sweden 11.7300 11.7983 -0.58% +5.21% +11.8115 +11.7291 More