Inflation also accelerated in Switzerland in August, under the burden of rising energy costs worldwide caused by Russia’s invasion of Ukraine. In particular, prices in Switzerland rose at an annual rate of 3.5% in August, accelerating from 3.4% in July which was already the highest level in three decades. Adjusted to the European Union’s measurement […]
Tag: International financial news
On the G7 table is the imposition of a price ceiling on Russian oil
G7 finance ministers will hold talks on whether to allow the world to buy Russian oil with a price cap, a move the US says will de-escalate pressures on the energy market while reducing revenue for Moscow. Specifically, as reported by Bloomberg citing American officials, the country’s Minister of Finance Janet Yellen and her G7 […]
The ECB sees inflation landing in 2024
By Leonidas Stergiou Two speeches and interviews by ECB officials days before the September 8 meeting put a brake on expectations of sharp interest rate hikes. The chief economist of the ECB, Philip Lane, from Spain and the Greek central banker and member of the d.s. of the ECB, Yannis Stournaras, from Austria, warned of […]
Villerois (EKT): The next rate hike must be ‘regular and predictable’
His opposition to the possibility of a giant rate hike by the ECB next week, which seems to be prevailing in recent hours in market estimates, was taken by French central banker Villeurat de Gallo, saying that the Bank’s next move should be “regular and predictable “. Eurozone inflation hit a new all-time high of […]
New ‘massive relief package’ in Germany
It was announced by Chancellor Soltz together with Minister of Finance Lindner and Minister of Economy and Energy Hambeck. Initial calculations speak of 30-40 billion euros. Wanting to send an image of unity and solidarity in the German government, which has long been marked by divergent tendencies and major disagreements in key areas related to […]
Russia: The economy shrank by just 0.4% in the first half
Russia’s economy shrank by 0.4% in the first six months of 2022, compared to the same period last year, with capital investment – one of the main drivers of economic growth – increasing by 7.8%, according to with the data announced by the country’s federal statistical agency Rosstat on Wednesday. Russia’s export-dependent economy is slowly […]
Goldman Sachs and BofA now see a giant 0.75% ECB rate hike
Goldman Sachs and Bank of America revised their forecasts for the European Central Bank’s interest rates today, estimating that a new surge in inflation will prompt its officials to respond aggressively. In particular, as Bloomberg reported, economists from both banks are now predicting that the ECB will raise interest rates by 75 basis points (0.75%) […]
US: ADP jobs data misses estimates
The U.S. private sector continued to add jobs in August, although it slowed markedly from the previous month, according to data from research institute ADP. Specifically, jobs rose by 132,000 in August after July’s rise of 270,000, missing analysts’ estimates of about 300,000 jobs. “Our data points to a shift to a more conservative pace […]
Meister (Fed): Over 4% interest rates in early 2023
Federal Reserve Bank member and Cleveland Fed President Loretta Mester said she expects rates to rise significantly before the Fed eases its fight against inflation. Specifically, Ms Mester said she sees interest rates rising above 4% in the coming months. As a reminder, the range of the federal funds rate, which determines what banks charge […]
Reuters: It is not enough to store natural gas, consumption must also be reduced
The European Union is on track to meet its gas storage targets, but analysts warn that the most important factor for energy security this winter will be whether countries can cut consumption enough to ensure that stored natural gas will last through the coldest months, Kate Abnett and Bozorgmehr Sharafedin note in a Reuters analysis. […]