ecb
The European Central Bank (ECB) has stated that its decision to cut interest rates in June was prompted by concerns that waiting too long for confirmation that inflation was moving towards 2% would have posed "a significant risk" of falling short of the target. In the monetary policy accounts of the 5-6 June meeting released Thursday, ECB officials indicated they made a "judgement call" in lowering rates, despite the overall data being less conclusive than desired. This move signals Frankfurt's shift towards a less restrictive monetary policy stance. This move signals Frankfurt's shift towards...
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Christine Lagarde, President of the European Central Bank (ECB), highlighted the complex journey towards achieving the ECB's 2% inflation target during her address at the ECB Forum on Central Banking in Sintra on Tuesday. Despite recent rate cuts and signs of disinflation, Lagarde emphasised the uncertainties that still loom large over the euro area’s economic landscape. Speaking at a panel also featuring Federal Reserve Chair Jerome Powell, Lagarde explained the ECB's decision to cut rates by 25 basis points in June. "We are very advanced in that disinflationary path," she stated, noting that...
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Revolut CEO and founder Nikolay Storonsky says he is confident that the fintech company will receive a UK banking licence in the near future, following the company's record pre-tax profits for 2023. He made the comments in an interview with CNBC. The fintech giant's journey to secure a UK banking licence began in January 2021 but, since then, it has faced a series of obstacles and delays. The company received a full banking licence from the European Central Bank (ECB) in 2021 together with an EU banking licence in 2018, received through Lithuania. It has been operating as a licensed bank in 30...
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Following a brief rise in May, the annual inflation rate in the eurozone eased in June, aligning with economists' expectations and bolstering hopes for potential interest rate cuts by the European Central Bank (ECB). The harmonised index of consumer prices in the eurozone rose by 2.5% year-on-year in June, a slight decline from the 2.6% recorded in the previous month, according to preliminary estimates from Eurostat released on Tuesday. On a monthly basis, inflation advanced by 0.2%, maintaining the same pace as in May. Belgian inflation soars to highest level in 10 monthsGerman inflation sees...
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The preliminary estimates for the year-on-year German inflation report for June have been released, showing a slight drop to 2.2%, down from 2.4% in May, according to the Federal Statistical Office. This was also below analyst expectations of 2.3%. June's figure remained the same as for both March and April. The June drop was mainly supported by goods inflation falling to 0.8% in June, from 1% in May, as well as energy costs dropping to -2.1% in June, down from from -1.1% on the previous month. However, food inflation grew to 1.1% in June, from 0.6% in May, while services inflation stayed most...
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Bank of America predicts that the European Central Bank (ECB) might accelerate its interest rate cuts if the French elections lead to increased market risks. "The main risk from here is whether French developments end up leading to a persistent tightening of financial conditions and a sustained uncertainty shock," Bank of America economist Ruben Segura-Cayuela wrote in a recent note. Bank of America cautions that larger shocks from the French elections could lead to weaker Euro area growth, faster disinflation, and a more rapid ECB rate-cutting cycle. Bank of America’s euro area outlookWhile t...
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Bulgaria can’t join the eurozone due to its high inflation, the European Central Bank has said in a report on Wednesday. That’s set to cause disappointment in Sofia, which is seeking to become the 21st member of the currency zone, despite popular concerns it might exacerbate price rises in the Balkan state. “Limited progress has been made by non-euro area Member States of the European Union on economic convergence with the euro area since 2022,” the ECB said in a press release. Prices in Bulgaria are rising at an annual 5.1%, 1.8 percentage points higher than they’d need to be to join the curr...
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Eurozone financial markets are bracing for weeks of heightened volatility with the upcoming French parliamentary elections. The first round is scheduled for Sunday this week, with the second and final round on 7 July. Recent polling data from Harris Interactive, Ifop, Elabe, Ipsos, Odoxa, OpinionWay, and Cluster17 indicate that Marine Le Pen's National Rally (RN) is leading with a median 35.4% of preferences, followed by the far-left New Popular Front (NFP) at 28.1%, and President Emmanuel Macron's Renaissance at 20.8%. France faces political paralysis: Four scenarios for the French electionsF...
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Despite a rate reduction by the European Central Bank, the Bank of England (BoE) is widely expected to keep the policy rate at 5.25% on Thursday, although inflation in the UK eased to the 2% target level in May. The bank is likely to maintain a cautious tone on the rate trajectory and signal that a rate cut may be on the horizon later this year, possibly in August, according to Reuter's consensus. The economic trajectory may encourage an August cutRecent economic data showed that the UK's economy has slightly improved, with first-quarter GDP growth rising to 0.6% from a 0.3% contraction in the...
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Investment sentiment soured amid political uncertainties in France, leading to significant market reactions. The French benchmark, the CAC 40, tumbled 6.23% last week, reaching a nearly five-month low and wiping off approximately €187 billion of market value. The euro also weakened against the US dollar, dropping to just above 1.07 early in the Asian session on June 17, marking its lowest level in six weeks. In contrast, safe-haven assets such as the US dollar, gold, and the Swiss Franc saw gains as investors grew increasingly concerned about potential spill-over risks from the European Union'...
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