europeaneconomy
June is a volatile month for the foreign exchange markets amid the jittery global economic and political dynamics. While risk-aversion sentiment caused the US dollar to strengthen against all the other G-10 currencies, the euro and the Japanese yen are the weakest pair in this group. The US dollar index, a key gauge of the dollar hit the hight level this year. The euro continued to decline amid political uncertainties, with its exchange rate against the US dollar falling to under 1.067 at a time on Wednesday, the lowest seen on 1 May. More dramatically, the Japanese Yen weakened to the lowest ...
Euronews (English)
The International Monetary Fund (IMF) has released its 2024 Concluding Statements on Common Policies for member countries, highlighting both the progress and the persistent challenges facing the euro area economy. Following the disruptions caused by the pandemic, Russia’s gas supply halt, and the ongoing war in Ukraine, the region is gradually recovering. Inflation rates are moving towards target levels, and banks have demonstrated resilience amid rising interest rates. Weekly Recap: European markets stabilise as French election approachesNonetheless, significant challenges persist, such as re...
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A new parliament is being shaped around the powerful central European People's Party group with its coalition Socialist & Democrat, green and liberal allies, but with a strengthened far right adding fresh impetus and uncertainty to the process – all of which could affect the development of financial policies over the next five years. While there is growing desire among lawmakers to focus more on enforcement and implementation before more regulation, there are widespread differences among the political groups on how to boost longer term economic growth. “One key reason for Europe’s poor economi...
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Eurostat also reported on Friday that the EU saw a 0.3% increase in its gross domestic product (GDP) quarter-on-quarter. Meanwhile, compared with the same quarter in 2023, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.5% in the EU. GDP growth by member stateMalta (+1.3%) recorded the highest increase of GDP compared to the previous quarter, followed by Cyprus (+1.2%) and Croatia (+1.0%). Decreases were observed in Denmark (-1.8%), Estonia (-0.5%) and the Netherlands (‑0.1%). Components and contributions to growthAccording to Eurostat, GDP components evolved in the first q...
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The final eurozone manufacturing PMI from Hamburg Commercial Bank (HCOB) grew to 47.3 in May, announced S&P Global on Monday. That was up from April's figure of 45.7 and just below the preliminary estimate of 47.4. The PMI figure looks at five indices to measure economic health: new orders, output, employment, suppliers' delivery times, and stocks of purchases. A reading above 50 points to expansion, whereas one below 50 signals contraction. Manufacturing PMI Output at a 14-month highThe Manufacturing PMI Output Index, a separate figure that makes up the broader Manufacturing PMI, looks at the...
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Just a year ago, a summit meeting of the leaders of Turkey and Greece would have created sensational news. But when President Recep Tayyip Erdoğan hosted Prime Minister Kyriakos Mitsotakis in Ankara this week, it was almost a routine talk between neighbours. The meeting was their fourth in 10 months as the two leaders try to put an end to decades of mutual animosity by focusing on trade, tourism, energy and repairing cultural ties, among other areas. “In the critical area of migration, the cooperation between our two countries and especially between the police and the coast guard is paying off...
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The euro, serving as the official currency for 20 members of the European Union, has experienced a notable devaluation against the US dollar, declining approximately 2.2% since the start of 2024. Despite a recent minor uptick in the euro's value, the exchange rate between the two currencies, denoted as EUR/USD, has lingered at historically low levels, hovering just below 1.08 as of 14 May. This decline in the euro's strength can be largely attributed to a pronounced discrepancy in monetary policies pursued by the European Central Bank (ECB) and the US Federal Reserve (Fed), resulting in a wide...
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European stock markets are poised for a positive weekly close with the FTSE 100 repeatedly refreshing new highs, amid growing bets for central banks to cut interest rates this year. Globally, Wall Street is on track for a three-week winning streak due to a setback in the US government bond yields. Asian stocks are mostly higher, supported by China's encouraging economic performance. EuropeOn a weekly performance, the FTSE 100 rose by 2.56%, the Euro Stoxx 600 climbed 2.47%, the DAX advanced by 4.38%, and the CAC 40 added 3.45%. The European stock market rally is broad-based, with all the secto...
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Unemployment across Europe showed little change in March, compared to February, according to Eurostat. The rate in the Eurozone remained at 6.5%, the same as in the first two months of the year and down from 6.6% in March 2023. Across the 27 countries in the EU, the rate slightly decreased to 6% from 6.1% in February. Compared to March last year, it remained unchanged. There was an estimated 13.258 million people without jobs in the EU, of whom 11.087 million in the euro area, were unemployed in March 2024. France works to find further ways to scale back on unemployment benefits UK unemploymen...
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