interestrates
The euro, serving as the official currency for 20 members of the European Union, has experienced a notable devaluation against the US dollar, declining approximately 2.2% since the start of 2024. Despite a recent minor uptick in the euro's value, the exchange rate between the two currencies, denoted as EUR/USD, has lingered at historically low levels, hovering just below 1.08 as of 14 May. This decline in the euro's strength can be largely attributed to a pronounced discrepancy in monetary policies pursued by the European Central Bank (ECB) and the US Federal Reserve (Fed), resulting in a wide...
Euronews (English)
Gold has surged by 14% year-to-date, outpacing the 10% rally of the S&P 500 this year. Gold futures peaked at an all-time high of $2,413 per ounce on 19th April, while spot gold reached a fresh peak of $2,1392 per ounce on the same day. Following a two-week retracement, the precious metal's price saw a swift rebound last week, rising by $60 per ounce to surpass $2,360 on Monday. It's notable that gold's price was just above $1,800 per ounce at its recent lows in early October 2023. From an investment perspective, gold is typically favoured during uncertain times, such as financial crises, war,...
Euronews (English)
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)
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)
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)
Reflecting Wall Street’s trajectory, European stock markets declined for the third consecutive week amid prevailing risk-off sentiment. The ongoing conflict in the Middle East and a hawkish stance from the Federal Reserve (Fed) continued to weigh on equity markets, prompting investors to seek haven assets such as gold. This week, soured sentiment may continue dominating the market as leading tech companies from Europe and the US prepare to report quarterly earnings. On the economic front, major global economies will unveil their flash manufacturing and services PMIs for April, providing insigh...
Euronews (English)
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)
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