Turkish lira tumbles after rate cut; 2022 to be ‘a year of two halves’ – as it happened

Rolling coverage of the latest economic and financial news, as latest Turkish rate cut leaves central bank credibility in tatters'

• Latest: UBS sees year of two halves' in new normal of 2022
• Turkey cuts interest rates; lira tumbles again
• Brent crude falls through $80/barrel
• U.S. asks Japan, China, others to consider tapping oil reserves
• National Grid profits boosted by energy boom
• Yesterday, energy prices pushed UK inflation to 10-year high

The global semiconductor shortage has pushed European car sales to a record October low.

New car registrations in the European Union tumbled by over 30% in October, the European Automobile Manufacturers' Association reports.

Despite the recent drop in sales due to the ongoing impact of the semiconductor supply crisis, substantial gains earlier in the year helped to keep cumulative volumes in positive territory.

Likewise, demand remained positive in three out of the four key EU markets: Italy (+12.7%), Spain (+5.6%) and France (+3.1%). By contrast, Germany's year-to-date performance has worsened compared to one year ago (-5.2%).