Citigroup Inc Chief Executive Jane Fraser said on Friday that Europe is more likely to slip into recession than the United States, joining other CEOs of big banks this week in warning about the health of the global economy.
Fraser, director of the third largest bank in the US and the most focused on the global scope, said that in Europe, “the energy side was really having an impact on a lot of companies in certain sectors that are not even competitive at the moment”.
“Because of electricity and energy costs, some of them are closing operations. So Europe definitely looks more likely to go into recession than you see the US,” he added.
Fraser also said he expects US equity markets to enter a period of lower volatility and for the Chinese government to launch a new round of fiscal stimulus in the coming months as the country begins to ease Covid-related lockdowns.
In China, Fraser said she “wouldn’t be surprised to see action taken on fiscal stimulus.”
Source: CNN Brasil
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