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The monetary policy accounts of the latest European Central Bank's meeting in April indicated that the Governing Council finds it "plausible" to begin easing monetary policy restrictions in the upcoming June meeting. The April meeting minutes highlighted that markets had effectively digested the ECB's communications, with a general preparedness for a potential rate cut in June, should incoming data support the current economic projections. A broad consensus among the members underscored the prudence of waiting until the next monetary policy meeting. This would allow the Council to assess addit...
Euronews (English)
The Bank of England (BoE) has opted to maintain the bank rate at 5.25% in its May meeting, as expected, underscoring its commitment to maintain a restrictive monetary policy, aimed at anchoring inflation back to its 2% target over the medium term. In a split decision, Monetary Policy Committee members Swati Dhingra and Dave Ramsden advocated for a reduction of the rate by 0.25 percentage points to 5%, diverging from the majority of seven members. This represents a shift from previous meetings, where typically only one member dissented. With this decision the cost of borrowing in the United Kin...
Euronews (English)
The Royal Institution of Chartered Surveyors (RICS)’ UK residential market survey for April 2024 was released on Thursday, highlighting that house prices were little changed last month, registering a drop of -5%. This figure, however, largely missed analyst expectations of -2%. Most parts of England, especially southern parts and London saw mainly flat or slightly lower house prices, however, Scotland and Northern Ireland registered gains. Overall, the outlook for the next three months dropped to -13%, however, the outlook for the next year was significantly more upbeat, with house prices in t...
Euronews (English)
ValueWalk
Credit Agricole (CA) announced a 55% year-on-year increase in first-quarter net profits on Friday. Earnings came in at €1.9 billion, outperforming the €1.48 billion average predicted by analysts. In the previous quarter, CA's sales climbed 11% to €6.81 billion, also beating analysts' expectation of €6.47 billion. The cost of risk, meaning capital set aside to cover potential losses from loans, was €400 million, €105 million less than expected. The lender said it now plans to meet its 2025 financial targets a year early, boosted by strong performances in its corporate and investment banking div...
Euronews (English)
ValueWalk
The Federal Reserve, as the authoritative body, has announced that interest rates will remain unchanged due to a “lack of progress” in bringing inflation down. The government body published a statement on behalf of the Board of Governors for the Federal Reserve System showing that the target of 2% or lower hasn’t been reached. Interest rates bob and weave above 3%, which isn’t good for the average American business, as most would have hoped for a cut after today’s announcement. “Interest rates remain unchanged,” says FedThe Fed has been keen on bringing inflation down since the COVID-19 pandem...
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The average asking price for a home in Britain has risen by 1.1% in April, according to property firm Rightmove. This brings the approximate cost of a property to £372,324 (€432,619), only £570 (€662) less than the record set in May 2023. Compared with the same period last year, asking prices are up +1.7%, the highest annual growth rate seen in 12 months. That said, the monthly pace of price rises is cooling slightly, down from March's reading of +1.5%. The trend is predominantly "driven by an increase in the average asking price of 'top-of-the-ladder' homes, which are typically the highest-pr...
Euronews (English)
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