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Happy Eid-ul-Mawlid from Crown Agents Bank ☪

Morning Minute 13/09: ECB cuts interest rates by 0.25% Headlines: The European Central Bank (ECB) cut its deposit rate at yesterday’s meeting by 25 basis points to 3.5%, as expected by markets | This is the second cut this year, as inflation comes closer towards the 2% target and concerns grow about the sluggish pace of economic growth in the eurozone. Applications for unemployment benefits in the US increased for the first time in three weeks, rising by 2000 to 230,000 last week | The subdued increase seems to show that the labour market is slowing down, but not collapsing. The Danish central bank, Nationalbanken, cut rates by 25 basis points, in line with the ECB, from 3.35% to 3.1% at a meeting yesterday | The central bank usually mirrors ECB moves to maintain its currency peg to the euro. Emerging Markets: Senegal’s President Faye has dissolved parliament, with new elections scheduled to be held on 17th November. An International Monetary Fund (IMF) team is in Kenya for a review of the country’s $3.6 billion funding program, which was delayed by violent protests against proposed tax rises earlier in the summer. Peru’s central bank reduced its benchmark interest rate by 0.25% to 5.25% yesterday, in line with expectations and is the second consecutive meeting resulting in a cut. Upcoming elections: 15/09: Romania, presidential 21/09: Sri Lanka, presidential ------------------------------------------------- Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Increased Coverage 🌐 We are thrilled to announce that our clients can now trade 55 currencies overnight, from 22:30 Sunday - Friday 22:00 UK time, on our EMpowerFX trading platform. This means that trading on our EMpower FX platform allows our clients to trade with us outside of our UK working hours as we continue to serve our clients around the world, located in other geographies, especially in North America, LatAm and Asia. To learn more about our currency offering and overnight trading, get in touch via our website, usual channels, or on any trading platform using code CAFS. #FX #Trading #CrownAgentsBank

Morning Minute 11/09: Trump on defensive after debate Headlines: Kamala Harris stayed focused in yesterday’s presidential debate against Donald Trump, attacking his fitness for office, multiple lawsuits and attacks on abortion access and noting her plans to expand child tax credits and mortgage assistance to new homebuyers. Britain's economy stagnated for a second month running in July as manufacturing output dropped sharply, an inauspicious start for the new government of Prime Minister Keir Starmer who wants to accelerate the pace of growth. Australia's central bank said on Wednesday that the labour market remained tight but was moving towards balance as high interest rates work to slow demand in what should be a mild downturn. Emerging Markets: Jordan's moderate Islamist opposition made significant gains in Tuesday's parliamentary election, initial official results showed on Wednesday, boosted by anger over Israel's war in Gaza. The International Monetary Fund (IMF) has reached a deal to grant Ukraine $1.1 billion in financial assistance, following “difficult” talks and subject to approval by the IMF board. Thailand's average household debt has reached a record high due to slow economic growth, lower incomes and high living costs, and people are having trouble servicing their loans, a university survey showed on Tuesday.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

We are proud to sponsor this year's Louder Than Words - B Corp Festival, taking place in Oxford from the 10-11th of September. Join our Head of Sustainability, Charlie B., and a panel of experts as they explore the impact financial services businesses have on shaping our future. Tune in at 14:40pm on the St Anne's Theatre on the 11th, where Charlie and fellow speakers, Amy Robinson, Sebastian Elwell FPFS TEP and Amy Clarke, will take to the stage, hosted by George Roffey and Lucy Ronan. We’ll be joining 2,000 other business leaders at the first ever B Corp Festival, taking over Oxford city centre for two days to connect and take action so that all businesses can be a force for good. Reach out to Charlie Bronks and Charlie Smith to learn more. Agenda > https://lnkd.in/eWx9g8RM More info > https://lnkd.in/edTy6UVz #BCorpFestivalUK | B Lab UK

Morning Minute 10/09: British pay group slows alongside joblessness Headlines: British pay growth hit a two year low in the three months to July, hitting 5.1% vs a year earlier, and the jobless rate fell to 4.1% with the number of people working growing by 265,000. Chinese exports grew at the fastest pace in over two years last month, up 9% from last year to around $309 billion, suggesting manufacturers are rushing out orders to avoid expected tariff impositions from trade partners. Norway’s inflation rate declined for the tenth consecutive month in August, slowing to 3.2%, the lowest level in two years and below the Norges Bank projection of 3.6% | The decline was driven mostly by a fall in childcare costs, without which the rate would have been at 3.5%. Emerging Markets: Jordanian polling stations opened today for the country’s parliamentary election, the first vote since reforms in 2022 increased the number of seats in the house, reserving more for women and decreasing the minimum age for candidates. Egyptian inflation broke a five month streak of decelerating, as price rises sped up in August, increasing to 26.2% vs 25.7% in July, driven largely by a 29% increase in the price of food and beverages. Mexico’s inflation dropped back in August, having sped up in the preceding five months | Prices rose 4.99% last month, having been as high as 5.57% in July, reinforcing expectations for a rate cut from the Bank of Mexico (Banxico) when it meets later this month.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Looking to expand your access to Emerging Markets? Join our Head of eFX, Lewis Samuels, at the TradeTech FX panel in Amsterdam on the 18 September at 11:10am CET. Lewis will be joined by experts Dmitri Galinov, Stéphane XAVIER, Telmo Simoes, and Roderick N. providing valuable insights into the latest trends in liquidity, on-shore settlement, electronification, and NDF. Agenda -> https://lnkd.in/eeveNjpU

Morning Minute 09/09: Japanese GDP growth revised lower Headlines: Japan’s economy grew at a slightly slower rate than initially thought in the second quarter, expanding at 2.9% compared with an initial estimate of 3.1% | Downward revisions in both corporate and household spending are not expected to deter the Bank of Japan’s plan to raise interest rates later this year. Chinese inflation sped up last month to the highest level in six months, but this was due to higher food costs rather than a recovery in domestic demand. After experiencing its worst day in over a year on Friday and worst weekly performance since October last year, the pan-European STOXX 600 was up 0.5% this morning, partly driven by an advance in tech stocks. Emerging Markets: Algerian President Abdelmadjid Tebboune won a second term at the weekend, in an election that critics say was brought forward from December in order to sideline any other challengers. The Venezuelan presidential opposition candidate Edmundo Gonzalez, arrived in Spain on Sunday seeking asylum after the Maduro regime issued an arrest warrant for him on various charges, including forging a public document, incitement to disobedience of laws, conspiracy and sabotage. Vietnam was battered over the weekend by typhoon Yagi, the most powerful storm in Asia this year, leaving at least 35 people dead and more missing, mostly because of flooding and landslides.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 06/09: Market awaits US job data Headlines: Markets will be watching the US today, where the Labour Department is expected to release an employment report, which is expected to show that job growth in the US sped up, with unemployment dropping to 4.2%. Emmanuel Macron appointed Michel Barnier, the former Brexit negotiator for the EU, as prime minister yesterday, in a tentative first step to end months of political uncertainty. No one party has enough support in the National Assembly to govern alone following inconclusive elections earlier in the summer. The British economy needs an additional one trillion pounds of investment over the next ten years to achieve Prime Minister Keir Starmer’s target of an annual 2.5% growth, according to a report released today. Emerging Markets: The Egyptian central bank held its overnight interest rates at 28.25% for the lending rate and 27.25% for the deposit rate for the third consecutive meeting since a hike of 6% in March, when a $6 billion agreement was made with the International Monetary Fund. Both sides in the ongoing Sudanese civil war have committed widespread abuses which could amount to war crimes or crimes against humanity, according to a report by a UN fact finding mission, which also recommended an arms embargo and a peacekeeping force to protect civilians. The World Bank and French Development Agency (AFD) have given Uganda $600 million in funding for the development of infrastructure and waste management in Kampala.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication.

David Pitts, our Senior Advisor, for International Development Organisations is celebrating 50 years in Banking and 25 years working within the Humanitarian and development sector. Reach out to David, to hear about his experience and how collaboration with partners such as Paycode is helping to solve last mile challenges. If you're an NGO/ Development organisation and are interested in collaborating, then connect with us and with our mission in moving money where it's needed. #ngos #lastmile #payments