The Russian economy is now expected to suffer a less severe impact from international sanctions this year than previously estimated, the International Monetary Fund said yesterday, adding that, on the other hand, European economies are being hit harder than expected. Russia’s GDP is expected to contract by 6.0% in 2022, the IMF now predicts, significantly […]
Tag: International financial news
De Cos (EKT): Upward risks to the inflation outlook
Risks to the inflation outlook in the Eurozone remain upward and have intensified, especially in the short term, the member of the Board of Directors warned today. of the European Central Bank and Governor of Banco de España, Pablo Hernandez de Cos. De Cos said risks include a prolonged deterioration of the Eurozone economy, but […]
Bloomberg: The Kremlin will continue the pressure on natural gas in Europe
The Kremlin is expected to keep vital gas flows to Europe at a minimum as long as the standoff over Ukraine continues, increasing pressure on the EU for its tough stance on Moscow, according to people familiar with Russian leadership thinking. cited by Bloomberg. In particular, the people who spoke to the agency on the […]
Germany’s 10-year low at two-month low – May need gas bond, says Deutsche Bank
Germany’s 10-year bond yield fell to a two-month low of 0.910%, down 9 basis points (bps), with other benchmark yields across the eurozone falling by similar rates. The yield fell 43 bps in July and is expected to post its biggest monthly decline since 2012 as market attention turns from high inflation to the possibility […]
At a low since February 2021, consumer confidence in the US
Consumer confidence in the US fell to its lowest level since February 2021 in July, amid negative assessments of the economy and persistently high inflation. In particular, the Conference Board’s index moved downwards for the third consecutive month, falling to 95.7 points from a downwardly revised reading of 98.4 in June. It is noted that […]
Hungary hikes interest rates to double digits as inflation continues to rise
The National Bank of Hungary (NBH) raised its key interest rate by 100 basis points to 10.75% on Tuesday, taking borrowing costs into double-digit territory for the first time since late 2008, and signaled that more rate hikes are coming due to rising inflation. “It is justified to tighten the key interest rate decisively in […]
The global economy is on the brink of recession, warns the IMF
The International Monetary Fund revised downwards its forecast for global growth again today, warning that downside risks from high inflation and the war in Ukraine could push the global economy to the brink of recession if left unchecked. Global GDP growth will slow to 3.2% in 2022 from the IMF’s previous forecast of 3.6% in […]
US: Small retreat in house prices that remained in the region of +20%
The U.S. housing market showed marginal easing trends for the second month in a row, with S&P’s national Case-Shiller index slowing slightly. In particular, house prices in May were up 19.7% year-on-year, after 20.6% in April. The 10-city composite fell to +19% y-o-y from 19.6% last month, while the 20-city index moved at +20.5% from […]
Turkey: The coordination center for Ukrainian grain exports opens on Wednesday
The Joint Coordination Center (JCC) for Ukrainian grain exports under the UN-brokered agreement will be opened with a ceremony in Istanbul tomorrow, Wednesday, the Turkish Defense Ministry announced today. Ukraine, Russia, Turkey and the United Nations signed the deal last week to resume Ukrainian grain exports, which have been in silos since Russia invaded Ukraine […]
EU: Extends economic sanctions against Russia for 6 months
The EU is renewing economic sanctions over Russia’s military offensive against Ukraine for another six months, the EU Council said in a statement. In particular, the Council decided today to extend by six months, until January 31, 2023, the restrictive measures targeting specific sectors of the Russian economy. “These sanctions, first imposed in 2014 in […]