November 23 2023 | Team nudge
UK Autumn Budget 2023
The UK Budget Autumn Statement is announced, find out what's changed and help your people make informed financial decisions.
5 min read
In-house nudge writer Giorgia Rose shares what you missed from our live news feeds this past month. Here is her roundup of global financial trends from September 2023:
Transport costs to rise as Saudi Arabia and Russia cut oil production
Brent crude, the oil price benchmark, rose to $94 per barrel for the first time in 10 months in September, following the decision by Saudi Arabia and Russia to cut oil production until the end of the year.
This will mean higher energy and transport costs, so it will cost more to heat homes, transport goods to stores, and operate the machinery that manufactures products.
Consumers may need to review their budgets to account for potentially increased fuel costs or consider alternatives such as public transport or cycling.
nudge can tell you more about how the price fluctuations of oil affect day-to-day living.
More than 95% of NFTs are now "worthless"
Based on data provided by NFT Scan and CoinMarketCap, dappGambl found that, out of 73,257 NFT collections, 69,795 have a market value of zero ether.
NFTs are a form of crypto asset used to certify ownership and authenticity of a digital file, such as an image, video or text. The global market in NFTs hit $22 billion in 2021 as artists and celebrities became involved.
However, dappGambl’s research found 79% of all NFT collections currently remain unsold, and the surplus of supply over demand has created a buyer’s market. It said 41% of NFTs for sale are now priced between $5 and $100.
nudge can show you what to consider when investing in cryptocurrencies and NFTs.
Should you worry about the "October Effect"?
October has been seen as one of the weakest months for the stock market over the years. Worldwide markets experienced one of their darkest days, Black Monday in 1987, followed by heavy losses this month in 1997 and 2008.
However, the “October effect” is not supported by data, and it’s seen as a more psychological expectation of investors. In fact, the broad-based global equity index MSCI World has risen more than 1% on average in October over the past 17 years.
Investors should be careful of making decisions based on calendar anomalies, especially if investing for the medium- to long-term. As always, past performance is no guarantee of future returns.
nudge can help you avoid common investing mistakes.
Watch out for the next installment, and find out the latest financial trends from October, in the monthly money global spotlights. Or get in touch and find out how to get your people full access to nudge.