finance
This week, the market focus will be on the manufacturing activities of major global economies, particularly in Europe and the United States. Other influential economic events include the UK inflation data and the Reserve Bank of New Zealand's (RBNZ) interest rate decision, which will provide insights into their respective economic landscapes. Additionally, quarterly earnings from the tech giant Nvidia will be closely watched for clues about the semiconductor industry's trajectory. EuropeBoth France and Germany are set to release their flash manufacturing and services PMIs for May. Manufacturin...
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Elections to the new European Parliament are now just weeks away, and headline polling suggests there’ll be a swing to the right. But alongside the party politics, MEPs can also have a personal spin on lawmaking, championing their own hobby horses and leading work on key pieces of legislation. With the rising cost of living and supporting economic growth ranked among EU citizens’ biggest concerns, and MEPs poised to consider major laws on capital markets and a digital euro, financial issues are going to be a key part of their five-year mandate. Here’s eight of the most prominent names who coul...
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Big banks have financed fossil fuels with nearly $7 trillion (€6.5 trillion) since the Paris Agreement, a new report has found. The 15th annual Banking on Climate Chaos (BOCC) report looked at how the top 60 private banks in the world are underwriting and lending to over 4,200 fossil fuel firms, and financing companies causing the degradation of the Amazon and Arctic. Their research found that, since the Paris Agreement to limit global warming was signed in 2016, these banks have financed fossil fuels with $6.9 trillion (€6.4 trillion). The report says $3.3 trillion (€3 trillion) - almost half...
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Some pivotal economic data will be lined up and drive the financial market sentiment this week. Investors will focus on the Eurozone's flash first-quarter GDP and the final CPI for April. More importantly, the US is also set to release its April inflation data, which is the primary economic indicator for the Federal Reserve (Fed) in determining interest rates, in turn, impacting investment sentiment. EuropeThe European Commission (EC) will release its second economic forecast on Monday this week. In February, the organisation downgraded its 2024 growth outlook to 0.9% for the EU and 0.8% for t...
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President Joe Biden marked Earth Day by announcing $7 billion (€6.6 billion) in federal grants for residential solar projects serving 900,000-plus households in low- and middle-income communities. He also criticised Republicans who want to gut his policies to address climate change. Seeking re-election in November, Biden said, "Despite the overwhelming devastation in red and blue states, there are still those who deny the climate is in crisis." He took specific aim at supporters of former President Donald Trump's "Make America Great Again" movement. "My MAGA Republican friends don't seem to th...
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The European Commission today (April 22) launched a European Energy Efficiency Financing Coalition to mull ways to finance the implementation of EU legislation designed to reduce energy consumption by linking member states with financial institutions. The coalition aims to assist financing related to legislation like the Energy Efficiency Directive (EED) adopted in July last year, and the European Buildings Performance Directive (EPBD), adopted in April. Ever since the onset of the European Green Deal, energy efficiency has been a fundamental pillar of the green transition, hailed as a key ena...
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The climate crisis will reduce global income by about a fifth in the next 25 years compared to a fictional world that's not warming. That’s according to a new study which predicts people in the world’s poorest areas and those least responsible for heating the atmosphere will take the biggest monetary hit. Climate change’s economic bite out of incomes is already locked in at about $38 trillion (€35.6 trillion) a year by 2049, researchers at Germany's Potsdam Institute for Climate Impact Research (PIK) found. By 2100 the financial cost could hit twice what previous studies estimate. “Our analysi...
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Stephen Fry, Richard Curtis, Annie Lennox and Forest Whitaker are among a host of celebrities who have written to G20 leaders calling for a reform to debt and climate crises across the world. The letter was sent ahead of this week's Spring Meetings of the International Monetary Fund and the World Bank Group. In their open letter, the leading actors, politicians, artists and economists wrote: "80 years on, we need another Bretton Woods moment," referring to the establishment of the International Monetary Fund (IMF) and World Bank. The "institutions of world finance have lost their muscle", they...
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The European stock markets are heading for a negative close for the second consecutive week, as global government bond yields surged further after the US reported hotter-than-expected inflation data. The EU 10-year government bonds yield rose to a one-month high of 2.46%, and its US counterpart, the US 10-year Treasury yield hit 4.58%, the highest since November 2023. The yield on a government bond represents the interest rate at which the government borrows funds, typically reflecting market expectations regarding the central bank's rate trajectory. Consequently, elevated yields often exert d...
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Humanity has only two years left “to save the world” by making dramatic changes in the way it spews heat-trapping emissions according to the head of the United Nations climate agency. It has even less time to act to get the finances behind such a massive shift. Governments of the world are facing a 2025 deadline for new and stronger plans to curb carbon pollution, nearly half of the world's populations voting in elections this year, and crucial global finance meetings are taking place later this month in Washington. United Nations executive climate secretary Simon Stiell said Wednesday he know...
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