eur
The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
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This morning, airline company Ryanair Holdings PLC announced their full year results for FY 2024. Record-breaking profits The Irish company reported a 34% rise in profits after tax to €1.92 billion as the carrier saw an increase in customers to 183.7 million fliers in the year, a 9% increase as compared with 2023. This is the highest level of profit ever recorded for the airline company. Revenues also increased by a significant 25% to €13.44 billion. Rising costs This was in spite of Ryanair’s fuel bill rising by about €1.25 billion, roughly 32%, to a total of €5.14 billion for fuel costs. On ...
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The European Union is poised to bring fresh antitrust charges against Microsoft Corporation, with concerns centered around the tech giant’s videoconferencing app, Teams, according to a report from the Financial Times on Monday. Sources familiar with the matter indicated that EU officials believe Microsoft’s practices could be disadvantaging competitors in the market. Concerns over integration and pricing strategiesThe European Commission’s main issue appears to be with the integration of Teams into Microsoft’s broader Office software suite. Despite Microsoft’s efforts to address these concerns...
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The Swedish krona continued its downward trend on Wednesday. The EUR/SEK exchange rate surged to 11.78 and is hovering near its highest level since November last year. It has soared by over 6.6% from its lowest point this year. Similarly, the USD/SEK surged to 10.92, higher than this year’s low of 9.90, making krona one of the worst-performing developed country currencies in the market. EUR/SEK vs USD/SEK The currency continued its downward trend after the latest Riksbank interest rate decision. In it, the bank decided to slash interest rates by 25 basis points to 3.75%. It also hinted that it...
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China, which has long been the leader in clean technology manufacturing, saw its global investment share drop in 2023, from 85% to 75%, amid rising investments in the United States and Europe, particularly in the battery manufacturing sector. Shifts in global clean tech investmentAccording to a report by the International Energy Agency (IEA) released on May 6, investment in battery manufacturing in the US and Europe more than tripled last year. This surge is largely fuelled by major policy initiatives such as the US’ Inflation Reduction Act and the EU’s Net Zero Industry Act, which prioritize ...
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Luxury supercar maker Ferrari reported positive earnings for Q1 2024 today, proving that companies which cater to the rich and famous have had far less of the inflationary pressures of other brands. Encouraging sales from the12Cilindri and 12Cilindri Spider models, as well as a higher percentage of clients personalising their already bespoke vehicles, were great contributors according to Ferrari. “Revenues and profits recorded double-digit growth with stable deliveries. This was achieved through an even stronger product and country mix, as well as a greater contribution from personalisations. ...
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Manufacturing activities across the Eurozone decreased in April as the drop in demand caused prices to fall in factories again, pushing firms to reduce employment. Europe’s regional disparity in performanceCircumstances differ throughout the European region. France and Italy underperformed, while Spain expanded at the fastest rate in almost two years. Unlike France and Italy, Spain recorded a quick increase in activity. According to the newest Eurozone manufacturing Purchasing Managers’ Index reported by S&P Global and published by HCOB, manufacturing dropped to 45.7 in April after March’s 46....
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This morning, pharmaceuticals company Novo Nordisk reported triumphant Q1 2024 financial results before markets opened. One of the more memorable highlights was certainly the fact that Novo Nordisk’s sales increased by 22% in Danish kroner (by 24% at constant exchange rates) to DKK 65.3 billion for the period. Profits up by over a quarterMeanwhile, operating profit increased by 27% in Danish kroner and by 30% at constant exchange rates (CER) to DKK 31.8 billion. This effectively meant that the company’s profits for the quarter increased by more than 25% Why are Novo Nordisk’s profits up 27%?Th...
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