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Interest rate futures indicate that the Bank of England will raise interest rates by about 52 basis points by December, compared to about 60 basis points on Tuesday.The Nikkei 225 index closed down 746.18 points, or 1.23%, at 59,804.41 on Wednesday, May 20.Bharat Oil Corporation of India: The company is purchasing Russian oil from entities that have never been subject to sanctions.On May 20th, official data showed that the UKs April CPI annual rate slowed to 2.8% from 3.3% in March, lower than the market expectation of 3.0%, mainly due to the fading base effect of the sharp rise in water and electricity prices last April. Before the US-Israel conflict with Iran, the Bank of England had projected April inflation to be close to its 2% target, but the energy shock caused by the war led to a significant upward revision of its forecast, with inflation potentially reaching 6.2% by early next year in the worst-case scenario. UK Chancellor of the Exchequer Reeves is expected to announce further measures on Thursday to help reduce the cost of living, including the possible cancellation of the fuel tax increase scheduled for September. The UK Treasury has also urged supermarkets to introduce voluntary price limits on key food items in exchange for relaxed regulations. The key question facing the Bank of England now is whether rising overall inflation will evolve into long-term price pressures. Officials say a weak labor market may dampen workers demands for wage increases and businesses ability to pass on costs. Tax data shows that both payroll employment and wage growth have slowed significantly. Financial markets are betting that the Bank of England will raise interest rates twice this year (25 basis points each), and possibly a third time, while a Reuters poll shows that most economists expect rates to remain unchanged in 2026.Japanese Prime Minister Sanae Takaichi: The possible additional budget is mainly aimed at dealing with the situation in the Middle East.