Global growth edges higher at start of fourth quarter

Global economic growth ticked higher in October, with robust expansions in the US, UK, eurozone and Japan accompanied by an improved performance in China. However, whereas the recent data flow has resulted in the US Fed talking up the chance of rates rising by the year-end and Japan keeping policy on hold, a gloomy Bank of England downplayed the scope for a UK rate hike and the ECB raised the prospect of more stimulus.