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☆ Here's what 12 European Central Bank members said about interest rates this week
▼ + stars: | 2024-04-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

The ECB opted to hold rates steady in April and next meets to vote on monetary policy on June 6. Christine Lagarde, president of the ECBThe ECB's figurehead delivered a firm message that reflected her statements in recent press conferences: markets should expect an interest rate cut soon, barring major surprises. watch nowGabriel Makhlouf, governor of the Central Bank of IrelandMakhlouf said the most recent data sets had shifted his view on rates. "We don't follow the Fed... and now the ECB will be the central bank to be followed," Šimkus said. One could have cut rates way back in March or even April," he continued, adding that he hoped a majority of Governing Council members would back a June cut.

Persons: Kirill Kudryavtsev, Christine Lagarde, Lagarde, CNBC's Sara Eisen, Galhau, Villeroy, Karen Tso, Joachim Nagel, Germany's, Nagel, Robert Holzmann, Mario Centeno, Centeno, Gabriel Makhlouf, Central Bank of Ireland Makhlouf, we've, Makhlouf, Pierre Wunsch, Wunsch, Boris Vujčić, Jerome Powell, Vujčić, Gediminas Šimkus, Bank of Lithuania Šimkus, Šimkus, Edward Scicluna, Central Bank of Malta Scicluna, Kazāks, Bank of Latvia Kazāks, Olli Rehn, Rehn Organizations: Afp, Getty, International, European Central Bank, CNBC, ECB, Bank of France, Council, Austrian Central Bank One, Bank of Portugal, Central Bank of Ireland, National Bank of, Croatian National Bank, Federal, U.S, Bank of Lithuania, Central Bank of, Governing, Bank of Locations: Frankfurt, Germany, New York, ECB's, National Bank of Belgium, U.S, Europe, Central Bank of Malta, Bank of Latvia, Bank of Finland

☆ ECB's Olli Rehn says geopolitics poses the biggest risk to the rate outlook
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB's Olli Rehn says geopolitics poses the biggest risk to the rate outlookThe market reaction to geopolitical tensions has been muted but there is still a risk, and it could affect monetary policy, Olli Rehn, ECB policymaker and governor of the Bank of Finland, tells CNBC's Karen Tso.

Persons: ECB's Olli Rehn, Olli Rehn, Karen Tso Organizations: ECB policymaker, Bank of Finland

☆ Middle East tensions pose the biggest threat to rate cuts, European Central Bank policymaker says
▼ + stars: | 2024-04-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Tensions in the Middle East pose the biggest threat to a prospective interest rate cut from the European Central Bank, according to ECB policymaker Robert Holzmann. "At this stage, I think the biggest threat is geopolitics, because we have seen what's happened in the Middle East," Austrian central bank governor Holzmann told CNBC's Karen Tso on Wednesday. Holzmann singled out ramifications for energy prices as the single most important factor in terms of Europe's fight to tame inflation. "As summer approaches we can start reducing the level of restriction in monetary policy, provided that inflation continues to fall as projected." He recently told Reuters that the ECB could moderate rates in June, indicating a growing consensus for a near-term move.

Persons: Robert Holzmann, Holzmann, Karen Tso, policymaker Olli Rehn, Rehn Organizations: European Central Bank, ECB, International Monetary, Bank of, Brent, U.S, West Texas, Reuters Locations: Austrian, Hormuz, Iran, Israel, Russia, Ukraine, Bank of Finland, London

☆ How Sam Bankman-Fried's ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years
▼ + stars: | 2024-03-28 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

Yuki Iwamura | Bloomberg | Getty ImagesIn sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the defendant and early recruit into his crypto enterprise. In a Google document from February 2022 shared with the Times, Ellison wrote, "I have been feeling pretty unhappy and overwhelmed with my job. The government presented a series of Signal exchanges involving Bankman-Fried, Ellison, Wang and other top execs. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Caroline Ellison, Yuki Iwamura, FTX, Sam Bankman, Judge Lewis Kaplan, Kaplan, Ellison, FTX spiraled, Damian Williams, she's, Fried, District Judge Lewis Kaplan, Jane Rosenberg, SBF Ellison, She'd, Michael Lewis, Caroline, Sam, Lewis, Nishad Singh, Gary Wang, Attorney Thane Rehn, Bankman, Binance, Sam Trabucco, Danielle Sassoon, Wang, SDNY Ellison, Um Organizations: Alameda Research, Bloomberg, Getty, Department of Justice, Manhattan U.S, U.S, District, Federal Court, Reuters, Jane, Stanford, Alameda, The New York Times, Times, Attorney, Google, Alameda's Locations: New York, Manhattan, FTX, New York City, Fried, California, Hong Kong, Bahamas, Alameda

HELSINKI (AP) — Ex-Prime Minister Alexander Stubb was projected to win the first round of Finland's presidential election on Sunday and face runner-up Pekka Haavisto in a runoff next month. Finnish public broadcaster YLE projected that Stubb won the first round of the presidential election with 27.3% of the votes, while Haavisto, an ex-foreign minister, took second place with 25.8%. Recent polls suggest that former Prime Minister Alexander Stubb, 55, and ex-Foreign Minister Pekka Haavisto, 65, are the leading contenders. The president also acts as the supreme commander of the Finnish military, a particularly important duty in Europe's current security environment. About 4.5 million citizens were eligible to vote for Finland’s new head of state from an array of nine candidates — six men and three women.

Persons: —, Alexander Stubb, Pekka Haavisto, Stubb, Jussi Halla, aho, Sauli Niinistö, “, ”, Eve Kinnunen, Haavisto, Olli Rehn, Niinistö, Vladimir Putin of, ___ Kostya Manenkov, Sergei Grits Organizations: HELSINKI, YLE, Legal, Nordic, NATO, Union, National Coalition Party, Finns, Bank of Finland, Halla, Associated Press, Helsinki, Green League Locations: Finnish, Stubb, Finland, HELSINKI, Russia, United States, China, Helsinki, Sunday’s, Europe, Ukraine, Vladimir Putin of Russia, Nordic, Finland’s, Sweden, Hungary

☆ Finns go to the polls to elect a new president at an unprecedented time for the NATO newcomer
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +4 min

Polls across the country opened at 9 a.m. (0700 GMT) and will close at 8 p.m. (1800 GMT). The president also acts as the supreme commander of the Finnish military, a particularly important duty in Europe's current security environment. They are picking a successor to hugely popular President Sauli Niinistö, whose second six-year term expires in March. Recent polls suggest that former Prime Minister Alexander Stubb, 55, and ex-Foreign Minister Pekka Haavisto, 65, are the leading contenders. Advance vote results will be confirmed soon after polls close and initial results from Sunday's voting are expected by around midnight (2200 GMT).

Persons: Sauli Niinistö, Eve Kinnunen, Alexander Stubb, Pekka Haavisto, Stubb, Haavisto, Jussi Halla, Olli Rehn, Niinistö, Vladimir Putin of Organizations: Nordic, NATO, Union, National Coalition Party, United Nations, Finns, Bank of Finland, Associated Press, Green League Locations: Espoo, Finland, Russia, United States, China, Helsinki, Sunday's, Europe, Ukraine, Vladimir Putin of Russia, Nordic, Finland's, Sweden, Hungary

☆ Finns Choose New President for NATO Era With Russia in Mind
▼ + stars: | 2024-01-27 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

The Nordic country's admission to NATO last year drew threats of "counter measures" from its vast Russian neighbour. In December, Finland closed its entire border with Russia to passenger traffic in response to a surge in migrants trying to cross. Partial results are expected shortly after polls close at 1800 GMT and the competitors for the probable second round should be clear by 2030 GMT unless the results are very close. The new president will replace 75-year-old incumbent Sauli Niinisto who is required to step down after two six-year terms in office. He earned the nickname "the Putin Whisperer" during his tenure for his role in maintaining close ties with Russia, which had long been a key role for Finnish presidents.

Persons: Anne Kauranen, Alexander Stubb, Pekka Haavisto, Finns Party's Jussi Halla, Olli Rehn, Jutta Urpilainen, Sauli Niinisto, Putin, Terje Solsvik, Philippa Fletcher Organizations: Anne Kauranen HELSINKI, NATO, Nordic, Moscow, Finnish Defence Forces, Green Party, Finns, Bank of Finland, Social Democrat European Locations: Finland, Ukraine, Russia, Helsinki, Oslo

Unlike in most European countries, the president of Finland holds executive power in formulating foreign and security policy, particularly when dealing with countries outside the European Union like the United States, Russia and China. “Clearly, the main task of the president is to steer foreign policy,” said Teivo Teivainen, professor of world politics at the University of Helsinki. Finland became the Western military alliance’s 31st member in April last year, much to the annoyance of Russia and President Vladimir Putin. Under the Finnish Constitution, the president decides on foreign and security policy issues together with the government. Late last year, Finland closed its border with Russia after some 1,300 migrants without proper documentation or visas arrived across the frontier just months after Finland joined NATO.

Persons: ”, Teivo Teivainen, —, Sauli Niinistö, Alexander Stubb, Pekka Haavisto, Haavisto, Jussi Halla, Olli Rehn, Niinistö, Vladimir Putin, Teivainen, Petteri, Putin, Washington —, ” Niinistö Organizations: HELSINKI, NATO, Union, University of Helsinki, Bank of Finland, Kyiv —, Hamas, Helsinki, Washington, YLE, Nordic, Kremlin Locations: Nordic, Ukraine, Russia, United States, China, Sunday’s, Finland, Ukraine —, Moscow, Sweden, Finland’s, Finnish, Moscow , Washington, Beijing, Baltic, Vainikkala

☆ Centeno says outgoing Portugal PM only invited him to ponder on premiership
▼ + stars: | 2023-11-13 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, Nov 13 (Reuters) - Bank of Portugal Governor Mario Centeno, who is under fire from the opposition over an invitation by the outgoing prime minister to replace him as premier, said on Monday he never accepted the offer but was just asked to ponder on the matter. Portuguese opposition parties on Friday argued that such an invitation compromised the political independence of a central bank governor. The Bank of Portugal's ethics committee is expected to meet on Monday to evaluate his conduct. Prime Minister Antonio Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects and a large-scale data centre. Centeno announced his departure from the finance ministry in June 2020, during Costa's second term, and was nominated to head the bank a month later.

Persons: Mario Centeno, Antonio Costa, illegalities, Costa, Marcelo Rebelo de Sousa, Centeno, Rebelo de Sousa, Olli Rehn, Balazs Koranyi, Francesco Canepa, Andrei Khalip, Bernadette Baum Organizations: Bank of Portugal, Socialist, European Central Bank policymaker, Bank of, ECB, Thomson Locations: LISBON, Portuguese, Bank of Portugal, ECB's, Finland, Frankfurt

☆ Sam Bankman-Fried's ex-friends and top lieutenants all demolished his criminal defense from the witness stand
▼ + stars: | 2023-10-21 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Sam Bankman-Fried's defense attorneys have argued that FTX's collapse is complicated and he didn't know everything. AdvertisementAdvertisementDuring opening statements at Sam Bankman-Fried's trial, it quickly became clear that prosecutors and his defense attorneys had very different approaches. But Bankman-Fried's attorneys may convince jurors that Bankman-Fried genuinely believed his actions were acceptable in the wild-west cryptocurrency industry. The challenge for Bankman-Fried's attorneys is to convince jurors that he didn't know about any wrongdoing. "Sam directed me to," Ellison testified.

Persons: Sam Bankman, They've, —, — Caroline Ellison, Gary Wang, Nishad Singh —, Thane Rehn, Rehn, Mark Cohen, Ellison, Cohen, FTX, Crypto, it's, Sam Bankman Fried, Craig Ruttle, Sarah Krissoff, Cozen O'Connor, Fried, Krissoff, Singh, Wang, Paul Tuchmann, Wiggin, Dana, Sam, Caroline Ellison, Eduardo Munoz Alvarez, Gary, Sun, He's Organizations: Service, Prosecutors, Alameda Research, Alameda Locations: Manhattan, Washington, Bankman, Alameda, New York, FTX, Bahamas

☆ SBF’s ex-girlfriend Caroline Ellison takes the stand as government’s star witness
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Ellison, who ran FTX's sister hedge fund Alameda Research, pleaded guilty in December to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison also spent years as Bankman-Fried's on-again, off-again girlfriend and, at times, his roommate. Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023. Noticeably absent thus far in proceedings is the mention of Ellison's co-CEO Sam Trabucco, who was a classmate of Bankman-Fried at MIT. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse.

Persons: Caroline Ellison, Sam Bankman, Ellison, Gary Wang —, Fried, Yuki Iwamura, Attorney Thane Rehn, Rehn, Mark Cohen, Ellison's, Sam Trabucco, Trabucco Organizations: Alameda Research, Stanford, Jane Capital, Alameda, Bloomberg, Getty, Attorney, MIT, U.S Locations: Manhattan, Alameda, San Francisco Bay, New York, FTX

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

☆ Premarket stocks: Bond investors are getting stung again this year. Here's why
▼ + stars: | 2023-10-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The surprisingly strong economy has led investors to worry that the Fed will keep rates higher for longer, which, in turn, drove US Treasury yields higher. As stocks have declined and bond yields have soared, bond prices have tanked, causing pain for investors who bet that the Fed would curtail its rate-hiking campaign earlier this year. Treasury yields rose to their highest level in over a decade earlier this week, before edging lower on a cooldown in employment data on Wednesday. Bond prices cratered in 2022 after the Fed began drastically raising near-zero rates to tame runaway inflation. US Treasury bond prices jumped earlier this year after the collapse of several regional lenders led traders to bet that the Fed would soon ease its aggressive pace of interest rate hikes.

Persons: ”, Noah Wise, Matt Miskin, FactSet, Miskin, Wise, doesn’t, you’re, ” Wise, Sam Bankman, Nathan Rehn, Allison Morrow, “, ” Rehn, Read, Samantha Murphy Kelly Organizations: CNN Business, Bell, CNN, Treasury, Dow Jones, Nasdaq, Allspring Global Investments, John Hancock Investment Management, Fed, US Treasury, Google Locations: Manhattan, Bahamas, New York City

Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023. Two years later, Julliard stood as the prosecution's first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who's accused of misusing billions of dollars in client money. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year. Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023. WATCH: Sam Bankman-Fried criminal trial begins in New York

Persons: Sam Bankman, Claudia Johnson Marc, Antoine Julliard, Julliard, who's, FTX, Gisele Bündchen, Fried, Jane Rosenberg, Sam, Mark Cohen, Cohen, Attorney Thane, Rehn, Alameda's, Caroline Ellison, Allan Joseph Bankman, Barbara Fried, Stephanie Keith, Ellison's, Sam Trabucco, Trabucco, Rein, Adam Yedidia, Bankman, Yedida, hadn't, Gary Wang Organizations: Court, FTX, Federal Court, Reuters Defense, Alameda Research, Bankman, Assistant U.S, Attorney, Capitol, U.S, Bloomberg, Getty, MIT, Massachusetts Institute of Technology, Prosecutors Locations: New York, London, Manhattan, FTX, New York City, U.S, Alameda, Attorney Thane Rehn, Rehn

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

Sam Bankman-Fried's lawyer tried to blame Caroline Ellison for FTX's collapse during opening statements. AdvertisementAdvertisementSam Bankman-Fried's defense attorney, Mark Cohen, took aim at the FTX cofounder's ex-girlfriend, Caroline Ellison, during his opening statements in the criminal trial over the collapse of FTX on Wednesday. Bankman-Fried is on trial in Manhattan federal court on charges that he defrauded FTX customers and investors out of billions of dollars. AdvertisementAdvertisementMeanwhile, prosecutor Thane Rehn told the jury that Bankman-Fried stole more than $10 billion from FTX customers, all while telling customers they could access their money at any time. "When customers put money in FTX, he stole it.

Persons: Sam Bankman, Caroline Ellison, —, Mark Cohen, Cohen, Fried, Ellison, Ellison didn't, What's, who'd, Thane Rehn, Rehn Organizations: Service, Alameda Research, New York Times, Reuters Locations: FTX, Alameda, Manhattan

☆ Sam Bankman-Fried’s crypto empire was ‘built on lies,’ US prosecutor says
▼ + stars: | 2023-10-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In their opening statements to a newly sworn-in jury in Manhattan federal court, lawyers laid out previews of their cases, offering two divergent narratives for the collapse of Sam Bankman-Fried’s crypto empire. The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year. But as his own lawyer, Mark Cohen, stepped up to speak, Bankman-Fried’s demeanor softened and his focus shifted to the jury box. “Sam didn’t defraud anyone,” he told jurors, arguing that his client acted in good faith throughout the rise and fall of his startups. Legal experts say Bankman-Fried’s lawyers have their work cut out for them.

Persons: Sam Bankman, Thane Rehn, ” Rehn, Fried, “, ”, Elizabeth Williams, Rehn, Mark Cohen, Cohen, Sam didn’t, Sam, ” Cohen, FTX’s, FTX, “ It’s Organizations: New, New York CNN, Prosecutors Locations: New York, Manhattan, Bahamas

But FTX had asserted the opposite in an online post about a car race it sponsored in Miami Beach, Florida, six months before its November 2022 collapse. loadingAt Bankman-Fried's trial on Wednesday, prosecutors played for the jury FTX video advertisements in which a narrator said, "we're inviting everyone in," as well as spots featuring NFL quarterback Tom Brady and comedian Larry David. Bankman-Fried, 31, has pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. Mark Cohen, Bankman-Fried's lawyer, said his client never intended to steal funds. "But on the other hand, many factors that nobody controlled could make crypto go up and down in value.

Persons: Sam Bankman, Mark Cohen, Jane Rosenberg, FTX, Shaquille O'Neal, Tom Brady, Larry David, Bankman, Prosecutors, cryptocurrency, Thane Rehn, Fried, Rehn, Cohen, O'Neal, Brady, David, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Federal Court, REUTERS, Twitter, Miami Heat, Thomson Locations: Bankman, FTX, New York City, U.S, Miami Beach , Florida, New York

☆ Former Finnish PM Alexander Stubb to run for president
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Former Prime Minister of Finland Alexander Stubb at the EPP congress in Helsinki, November 7, 2018. Lehtikuva/Jussi Nukari via REUTERS/File Photo Acquire Licensing RightsHELSINKI, Aug 16 (Reuters) - Former Finnish Prime Minister Alexander Stubb said on Wednesday that he will be a candidate in Finland's presidential election due in January of 2024. His announcement came after incumbent premier Petteri Orpo on Sunday asked Stubb to become the National Coalition party's candidate. "In this geopolitical situation the answer is unequivocal: when the fatherland calls, then we go," Stubb told reporters. Stubb, currently a professor and director of the European University Institute in Florence, Italy, held several ministerial posts before serving as prime minister between 2014 and 2015.

Persons: Finland Alexander Stubb, Lehtikuva, Jussi Nukari, Alexander Stubb, Petteri Orpo, Stubb, Pekka Haavisto, Mika Aaltola, Olli Rehn, Anne Kauranen, Terje Solsvik Organizations: EPP, REUTERS, Rights, National Coalition, European University Institute, Bank of Finland, Thomson Locations: Finland, Helsinki, Finnish, Florence, Italy

☆ Morning Bid: Still seeking decisive stimulus in China
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Sonali DesaiDisappointment has been the prevailing sentiment so far this week as investors grow impatient with the wait for more decisive Chinese stimulus measures. China delivered the expected 10 basis-point reduction to its lending benchmarks, but disappointed those looking for a bigger cut to the mortgage-linked five-year loan prime rate. Chinese property stocks took a hit and the yuan came under further pressure, reversing much of its bounce against the U.S. dollar late last week when stimulus expectations were driving price action. Still, that helped Australian shares build on recent gains to reach a seven-week high, bucking declines across Asian bourses where rising Treasury yields and souring anticipation of Chinese stimulus efforts spurred broad declines. The wary investor mood is likely to spill into Europe, where the data calendar is confined to German producer prices for May.

Persons: Sonali Desai, Antony Blinken's, Luis de, Pablo Hernandez de Cos, Olli Rehn, Elizabeth McCaul, Luis de Guindos, St Louis, James Bullard, Christopher Cushing Organizations: Sonali, U.S ., Reuters, Bank of Australia's, European Central Bank, Bank of Spain, Bank of Finland, St, Barcelona School of, Thomson Locations: Asia, China, Europe, Luis de Guindos, Hungary

☆ Risks to European economy remain tilted to the downside, ECB policymaker says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRisks to European economy remain tilted to the downside, ECB policymaker saysOlli Rehn, Governor of the Bank of Finland and member of the Governing Council of the European Central Bank, says risks remain to the downside in Europe. Regarding the ECB's forthcoming interest rate decision, he says that it must "carry on and act consistently."

☆ ECB must 'carry on and act consistently' with interest rate hikes, policymaker says
▼ + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The European Central Bank must "carry on and act consistently" with interest rate hikes as it continues its efforts to tackle high inflation, policymaker Olli Rehn said Friday. Euro zone core inflation — which excludes volatile energy, food, alcohol and tobacco prices — reached an all-time record of 5.7% in March, up from 5.6% in February. Headline inflation, meanwhile, fell significantly to an annual rate of 6.9% last month. "Inflation is still by far too high, and especially I'm concerned about core inflation, underlying inflation," Rehn told CNBC's Joumanna Bercetche at the International Monetary Fund's spring meeting in Washington, D.C. The ECB has raised interest rates by 50 basis points at its last six consecutive policy meetings.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ Morning Bid: Leaning back to Fed hike, UK inflation jolt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Two weeks of U.S. and European banking stress and failures leaves the Federal Reserve and other major central banks in the unenviable position of choosing between stabilising financial systems and fighting still historically high inflation. On top of that, the latest quarterly economic projections from Fed policymakers may reveal a big dispersion of views. Beyond the Fed, the dire UK inflation reading seems to have solidified expectations of another BoE rate rise on Thursday and a further move later in the year. If nothing else, it underlines in red ink just how all central banks are totally dependent now on incoming data evidence on what's happening in the real economy. With the U.S. dollar lower across the board ahead of the Fed meeting, sterling hit its highest level since early February.

☆ ECB's Kazaks pushes back on rate cut bets as core prices rise
▼ + stars: | 2023-01-13 | by ( Francesco Canepa | ) www.reuters.com time to read: +2 min

Euro zone inflation tumbled to 9.2% last month, largely thanks to lower energy prices and a one-off subsidy in Germany, but underlying price pressures continued to rise. Kazaks said core inflation, which excludes food and energy, was the measure to watch. "It is possible for core inflation to continue trending up even as headline inflation is coming down, for instance, due to swings in energy prices," he said. "In my view, core inflation currently is a key gauge for inflation persistence and policy decisions." Finnish central bank chief Olli Rehn and Spain's Pablo Hernandez de Dos have also called on the ECB to raise rates "significantly" over its coming meetings.

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