Overall Market Backdrop, October

• Investors have welcomed Sunak’s appointment as prime minister, with the pound reaching its highest level since mid-September.
• The annual inflation rate in the UK rose to 10.1% in September, from 9.9% in August.
• Traders await the Bank of England’s monetary policy decision, with expectations being that interest rates will rise by 75bps.
• The appointment of Rishi Sunak as the new British Prime Minister restored some market confidence.

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