interestrates
The UK year-on-year inflation report for March 2024 came out on Wednesday morning, clocking in at 3.2%, according to the Office for National Statistics (ONS), marking a decline from February’s 3.4%. However, it was still above analyst estimates of 3.1%, although the lowest number since September 2021. Food inflation slowing down was one of the biggest contributors to the decline, coming down to 4% from 5% in the previous month. Here's why Germany's economy remains the most distressed in Europe Regarding food and non-alcoholic beverages prices, the ONS said: “Prices have been relatively high bu...
Euronews (English)
European companies have been facing an increasingly difficult business environment, due to soaring inflation, as well as higher borrowing costs, as interest rates continue to remain uncomfortably high. As such, several companies across industries have had to halt or postpone projects, due to the cost of debt rapidly becoming unaffordable. This has also impacted capital investments and hiring. On the consumer side, increasing inflation has caused price rises across a variety of necessities and services. Surging interest rates have also bumped up the cost of mortgages, leaving consumers with les...
Euronews (English)
Goldman Sachs has surprised analysts its report of a double-digit rise in revenues and profits for the first three months of this year. Net revenues for the American multinational investment bank and financial services group reached $14.21 billion (€13.36 billion), 16% higher than last year and net earnings jumped to $4.13 billion (€3.88 billion) resulting in a 28% surge compared with a year ago. The New York-based company said it had earnings of $11.58 per share. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for e...
Euronews (English)
Sentiment soured due to a hawkish US Federal Reserve and escalating Middle East conflict, causing a broad sell-off in the global equity markets. The majority of the European benchmark averages ended the week negatively. The oil price surged to a nearly six-month high as Iran vowed retaliation for Israel’s attack, while other safe-haven assets, including precious metals and the US dollar, continued to climb as preferred destinations for safety. This week, market participants will maintain their focus on geopolitical tensions and central banks' rhetoric on monetary policy. Economic indicators su...
Euronews (English)
The largest US bank JPMorgan kicked off earnings season with a modest 6% annual rise in first-quarter profits on Friday, however, CEO Jamie Dimon warned that inflation and geopolitical risks may impact the bank's operations in the future. Most metrics of JPMorgan's business were solid for the year's first three months. The lender earned a profit of $13.42 billion, or $4.44 a share. JPMorgan's results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation. While investment banking revenues were largely flat, the bank reported an uptick in activity. In the c...
Euronews (English)
The euro's path to parity now hinges on European Central Bank (ECB) actions and US Federal Reserve signals, promising a volatile summer. Lagarde sets the stage for a June rate cut: What hurdles remain for the ECB?As the European Central Bank (ECB) signals potential interest rate cuts starting as early as June, contrasting with the expected delay in monetary easing by the US Federal Reserve due to persistent high inflation, significant questions arise regarding the euro's trajectory against the dollar. The euro has faced significant downward pressure this week, falling below 1.07 against the do...
Euronews (English)
ValueWalk
The European stock markets saw a decline for the week following a five-month gain, potentially due to profit-taking amid uncertainty surrounding central bank policies. With crude oil prices climbing to a six-month high amid the ongoing Middle East tension, global inflation may face a risk of re-elevating, which could defer central banks’ decisions on rate cuts. This week, the upcoming ECB policy meeting will provide insights into the bank's policy path and the economic outlook for the Eurozone. Additionally, the US is set to release the March Consumer Price Index (CPI), which will be crucial f...
Euronews (English)
The HCOB Eurozone construction purchasing managers’ index (PMI) for March came out on Friday morning, clocking in at 42.4, according to S&P Global. This was a fall from February’s 42.9 and was mostly due to a significant fall in housing activity. A major reduction in new business, caused mainly by dampened demand, also resulted in more jobs being slashed, as well as some budget tightening. This was reflected in less subcontractors being used, as well as fewer raw and input materials being purchased. Civil and commercial engineering companies saw ongoing reductions in activity, with March comme...
Euronews (English)
Both the US and European stock markets experienced a downturn this week amid surging bond yields following indications from Fed officials of hesitancy towards rate cuts this year. Commodity prices, particularly in crude oil and precious metals, surged due to heightened tensions in the Middle East and a prevailing risk-off sentiment. Brent futures reached nearly a six-month high, surpassing US$91 per barrel, while gold prices repeatedly reached record highs, exceeding US$2,300 per ounce for the first time on record. The rise in energy prices further complicated the global inflation outlook, dam...
Euronews (English)
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