ecb
The European Central Bank (ECB) is treading carefully on potential interest rate cuts, opting to approach its September meeting with an open mind and guided by a broad evaluation of forthcoming economic data. Essentially, it shouldn't be taken for granted that a rate cut will be delivered at the 12 September monetary policy meeting in Frankfurt, in stark contrast to market expectations, which largely anticipate a rate reduction next month. This cautious stance is detailed in the recently published account of the ECB's monetary policy meeting held on 17-18 July 2024. The document reflects a sen...
Euronews (English)
The eurozone's private sector showed stronger-than-expected growth in August, according to preliminary Purchasing Managers' Index (PMI) surveys. However, signs of underlying weaknesses persist, particularly in Germany and in the currency bloc’s manufacturing sector. The Composite PMI Index for the broader eurozone rose to 51.2 this month, up from 50.2 in July and exceeding expectations of 50.1. This marks the sixth consecutive expansion in eurozone private sector activity and the fastest in three months. However, manufacturing across the eurozone continued to contract, with the Manufacturing P...
Euronews (English)
Eurozone inflation edged up to 2.6% in July, a slight rise from 2.5% in June, matching Eurostat preliminary data and surpassing initial economist estimates of a 2.4% rate. The uptick clouded expectations for swift rate cuts by the European Central Bank, and it has boosted the euro to its highest level against the dollar since late December 2023. Core inflation, which strips out volatile energy and food prices, remained steady at 2.9%, highlighting underlying price pressures remain well above the central bank's 2% target. Inflation remains higher in servicesIn July 2024, the primary contributor...
Euronews (English)
Asian markets experienced a broad-based rally on Friday following the rebound on Wall Street. However, global benchmarks may end the week on a mixed note due to Monday’s sharp decline. Although sentiment has somewhat recovered, the significant swings in stocks suggest that volatility may not yet be over. EuropeThe market sell-offs were broad-based due to the prevailing risk-off sentiment earlier in the week. Most European stock markets remained in the red on a weekly basis, with the Euro Stoxx 600 falling by 2.65%, the CAC 40 sliding by 0.06%, and the FTSE 100 down by 0.36%, while the DAX rose...
Euronews (English)
The Bank of England cut interest rates at its August meeting for the first time since March 2020, reducing the Bank Rate by 0.25 percentage points to 5%. This decision marks the first adjustment after a year of stable rates and comes amid signs of easing inflationary pressures. Close vote split reflects divided opinionsThe rate cut decision was narrowly passed with a 5-4 vote among policymakers. The thin majority favouring the cut included Governor Andrew Bailey, along with Swati Dhingra, Dave Ramsden, Sarah Breeden, and Clare Lombardelli. Those opposing the reduction were Huw Pill, Catherine ...
Euronews (English)
Federal Reserve Chairman Jerome Powell signalled on Wednesday that a rate cut could be implemented at the September meeting, expressing optimism about recent progress on inflation. As widely expected, the US central bank opted to keep rates unchanged for the eighth consecutive meeting in July, maintaining the 23-year high range of 5.25-5.50%. Yet, Powell revealed that there was a 'real discussion' among policymakers about the possibility of a rate adjustment in July. However, the unanimity ultimately decided to postpone the decision to September. Economy in better balance, Powell opens the doo...
Euronews (English)
Inflation in the eurozone rose again in July, defying economist expectations and raising some questions about the feasibility of rapid interest rate cuts by the European Central Bank. The harmonised index of consumer prices in the eurozone increased by 2.6% year-on-year in July, slightly up from 2.5% in the previous month, according to preliminary estimates from Eurostat released on Tuesday. Notably, the July annual inflation rate exceeded predictions of a drop to 2.4%. Energy costs were a significant driver, with prices rising 1.3% on a monthly basis, a sharp increase from the 0.2% rise in Ju...
Euronews (English)
Sentiment among German companies worsened more than anticipated in July, marking the second consecutive monthly decline, the ifo Institute reported on Thursday. The monthly survey, which includes around 9,000 German firms in manufacturing, services, trade, and construction, showed the Business Climate Index dropping from 88.6 points in June to 87 in July, missing economists' forecasts of a rise to 88.9. This overall decline in business confidence was driven by deteriorations in both current conditions and business expectations for the next six months. The expectations gauge fell to 86.9 in Jul...
Euronews (English)
The European Central Bank (ECB) has kept interest rates unchanged as inflation worries in the 20-member eurozone persist. The decision by the central bank's Governing Council on Thursday had been widely expected by economists, who are forecasting a cut at the next meeting in September. The main refinancing rate holds firm at 4.25%, while the deposit rate, which banks receive for funds parked at the ECB, remains at 3.75%. "The Governing Council is determined to ensure that inflation returns to its 2 percent medium-term target in a timely manner," the ECB said. "It will keep policy rates suffici...
DPA International
The European Central Bank (ECB) has kept interest rates unchanged as inflation worries in the 20-member eurozone persist. The decision by the central bank's Governing Council on Thursday had been widely expected by economists, who are forecasting a cut at the next meeting in September. The main refinancing rate holds firm at 4.25%, while the deposit rate, which banks receive for funds parked at the ECB, remains at 3.75%. "The Governing Council is determined to ensure that inflation returns to its 2 percent medium-term target in a timely manner," the ECB said. "It will keep policy rates suffici...
DPA
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