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"The Fed is the central bank most able to chart its own course," Citi economist Andrew Hollenhorst said in a client note Wednesday. It was the first time the Riksbank had cut since 2016 and takes its main policy rate down to 3.75%. The Riksbank's move was the second central bank cut of the year, as the Swiss National Bank reduced its key rate a quarter point in March in what was seen as a surprise action. Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. "With the exception of Japan, developed markets are embarking on a program of rate cuts," Hollenhorst said.

Persons: Andrew Hollenhorst, BOE, Mark, Bailey, Citi's Hollenhorst, Christine Lagarde, CNBC's Sara Eisen, Lagarde, Hollenhorst Organizations: U.S . Federal, Citigroup, Citi, Sweden's, Swiss National Bank, Bank of England, European Central Bank, Bank of America Locations: U.S, Japan

☆ Morning Bid: Gold makes the running as oil fails to fire
▼ + stars: | 2023-12-04 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising. A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086. Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.

Persons: Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann Organizations: REUTERS, Bulls, ECB, Thomson Locations: Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia

☆ Swedish property firms should cut debt, raise equity, Riksbank chief says
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

Commercial property companies ramped up borrowing when rates were low and some are now struggling to pay off or roll-over debt after eight interest rate hikes by the central bank. Thedeen said many companies in the commercial real estate sector needed to restructure their balance sheets. Even if rates have peaked, problems for the commercial real estate sector are not over. Short-dated debt and large refunding needs mean "the Swedish property sector has more risk" than in other European countries, Maria Gillholm, senior credit officer at Moody's, said. The commercial real estate sector triggered a financial crisis in Sweden in the early 1990s and authorities have said it is once again the biggest risk to financial stability.

Persons: Erik Thedeen, Jonas Ekstromer, Thedeen, It's, Riksbank, Moody's, Maria Gillholm, Simon Johnson, Terje Solsvik, Essi Lehto, Susan Fenton Organizations: TT, Agency, Rights, Moody's, Thomson Locations: Stockholm, Sweden, Swedish, Europe

☆ Morning Bid: Treasuries on cusp of best month since 2008
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

Let's start with Treasuries because, if this were sports, we'd be calling it a comeback for the ages. Now, with some encouraging hints from Fed officials, 10-year notes are poised to celebrate their best month since the 2008 global crash, with yields down 61 basis points for November so far. Yields on two-year paper are down 31 bps just this week, the steepest drop since the U.S. mini-banking crisis in March. The European Union has inflation data of its own later on Thursday and analysts suspect the risks are for a downside surprise following subdued readings from Germany and Spain. The dollar index looks set for its worst month since November last year, with a loss so far of 3.7%.

Persons: Kevin Lamarque, Wayne Cole, Let's, we'd, Governor Waller, dovishness, Powell, Williams, Lagarde, Greene, Governor Bunge, Edmund Klamann Organizations: U.S . Treasury, REUTERS, Fed New, European Union, China PMI, BoE Monetary, CPI, PPI, Chicago PMI, Thomson Locations: Washington , U.S, Wayne, U.S, Germany, Spain, China, BoE, EU, Chicago

☆ Euro bounces as investors cling to sliver of positive euro zone data
▼ + stars: | 2023-11-23 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsLONDON, Nov 23 (Reuters) - The euro rose on Thursday for the first time this week, after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the United States and Japan kept trading activity muted. The euro rose broadly, gaining the most against the Swedish crown , after the Swedish central bank left rates unchanged, while also gaining on the yen and the Swiss franc. The survey showed the euro zone economy is on track to contract again in the fourth quarter. Its PMI rose to 43.8 from 43.1, beating the poll expectation for 43.4 but was still below breakeven. Sterling was last up 0.5% on the day at $1.2558, having risen to a high of $1.2575 after the PMI data.

Persons: Marcos Brindicci, There's, Michael Brown, Brown, Geert Wilders, Sterling, Jeremy Hunt, Jeff Ng, Changpeng Zhao, Vidya Ranganathan, Lincoln, Emelia Organizations: REUTERS, Swiss, PMI, European Central Bank, Fed, University of Michigan, Sumitomo Mitsui Banking Corporation, Markets, Bank of Japan, Thomson Locations: Buenos Aires, Argentina, United States, Japan, Germany, Swedish, EU, Wednesday's, Netherlands, Asia, Singapore

☆ Morning Bid: Watching what the ECB giveth
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya Ranganathan. The forward-looking flash November PMIs due out globally should help investors assess recession risks and how quickly rate cuts will begin. Interest rate futures show the market is pricing in rate cuts by April and more aggressively so in June . Later on Thursday, Sweden's central bank will announce its latest policy decision in what is expected to be a very close call on whether to hike again. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Vidya Ranganathan, haven't, Mario Centeno, Joachim Nagel's, Christine Lagarde's, Jeremy Hunt's, Van Haaren, ECB's Isabel Schnabel, Robert Holzmann, Francois Villeroy de, Edmund Klamann Organizations: Vidya, European Central, PMI, ECB, Reuters, Ubezpieczen SA, Virgin Money, Bank of France, Thomson Locations: Japan, United States, Britain, U.S, Sweden's

☆ Morning Bid: Nvidia shares take bumpy ride after hours
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERS/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. The early focus was on Nvidia (NVDA.O), which in AI tech terms is the only company selling shovels during a gold rush. Volumes were so large and orders so backlogged that the price was - unusually - still moving erratically hours into the Asian day. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Wayne Cole, Changpeng Zhao, Zhao, didn't, Hunt, ECB's Centeno, Elderson, Mester, Macklem, Edmund Klamann Organizations: NVIDIA, Handout, REUTERS, Nvidia, Treasury, Fed Bank of Cleveland, Bank of Canada, Thomson Locations: Santa Clara , California, Wayne, China, Sweden's

☆ How Nobel economists spend their $1 million winnings
▼ + stars: | 2023-11-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Every year, researchers in economics are awarded the Nobel Prize, alongside a hefty sum in winnings. All you have to do is bag a Nobel Prize. Franco Modigliani, an MIT professor who nabbed the Nobel in economics in 1985 , got about $225,000 in winnings. But, ultimately, he wanted to spend his winnings according to his own research on people's saving and spending habits. So when he was asked how he'd spend what was, in 2017 dollars, around $1.1 million in winnings, Thaler told reporters : "I will try to spend it as irrationally as possible."

Persons: —, Alfred Nobel, Claudia Goldin, it's, Goldin, Lars Heikenstein, Franco Modigliani, Modigliani, I'm, Modigliani isn't, Elinor Ostrom, Oliver E, Williamson, Esther Duflo, Abhijit Banerjee, Michael Kremer, Sir Angus Deaton, Richard Thaler, he'd, Thaler Organizations: Service, Sveriges, Economic Sciences, Guardian, Nobel Foundation, MIT, Washington Post, Indiana University, National Academy of Sciences, Fund for Research, Development, Harvard University, Boston Globe, University of Chicago Locations: Stockholm, United States of America

☆ CPI Report Today: Futures Edge Up Ahead of Inflation Data
▼ + stars: | 2023-11-14 | by ( ) www.wsj.com time to read: +1 min

Economists surveyed by The Wall Street Journal expect annual CPI to have risen 3.3%, or 4.1% on a core basis. Ahead of that data, which will be scrutinized by investors for its implications for future interest-rate policy, stock futures ticked up early Tuesday. The yield on the benchmark 10-year note held steady after rising for two of the past three trading days. The 10-year yield declined. Glencore stock rose nearly 4% in London, while shares in U.S.-listed Teck advanced premarket.

Persons: Stocks Organizations: Wall, CPI, Nasdaq, Dow, Treasury, Consumer, Teck Resources Locations: Asia, Hong Kong, Tokyo, Europe, Stockholm, Teck, London, U.S

☆ Morning Bid: Markets hold their nerve amid Mid East trouble
▼ + stars: | 2023-10-30 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Oct 30 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Most talk is it will stay on hold this time, but will discuss laying the groundwork for an eventual shift. Any tweak would see Japanese yields rise and add to the pain being felt in the Treasury market, where 10-year yields nudged up to 4.87% on Monday with scant sign of any safe haven bid. Analysts at NatWest Markets expect $885 billion of marketable borrowing in Q4 and $700 billion in Q1. It is also notable that the borrowing kept climbing even though the economy surprised everyone with its strength.

Persons: Wayne Cole, It's, Eli Lilly, Luis de Guindos, Erik Thedéen, Muralikumar Organizations: Nikkei, Bank of Japan, Ichi, Insurance, Reuters, Treasury, NatWest Markets, Federal Reserve, Apple, Thomson Locations: Wayne, Gaza, China

☆ Swedbank beats Q3 profit estimates, says economy "remains resilient"
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tom Little/File photo Acquire Licensing RightsSTOCKHOLM, Oct 26 (Reuters) - Swedish banking group Swedbank (SWEDa.ST) reported a bigger-than-expected third-quarter net profit on Thursday, and said the economy remained resilient despite turbulence and higher interest rates. Sweden's biggest mortgage lender posted a net profit of 9.13 billion crowns ($817 million), well above a forecast of 8.57 billion crowns in a LSEG poll of analysts. It had posted a profit of 5.59 billion crowns in the year-ago period. Swedbank, a rival to lenders such as Handelsbanken (SHBa.ST), Nordea (NDAFI.HE) and SEB (SEBa.ST), said interest income, which includes revenues from mortgages, rose to 12.9 billion crowns from 8.36 billion crowns a year ago, slightly beating expectations. Swedbank booked loan loss provisions of 347 million crowns, down from 602 million crowns in the year-ago quarter, and below analysts' expectations of losses of 583 million crowns.

Persons: Tom Little, Jens Henriksson, SEB, Swedbank, Johan Ahlander, Anna Ringstrom Organizations: REUTERS, Rights, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish, Swedbank

☆ Morning Bid: China data beat overshadowed by Mideast foreboding
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. The latest batch of economic data from China surprised by beating forecasts, but was unfortunately overshadowed by fears of a widening conflict in the Middle East following the Gaza hospital blast. Perhaps more importantly retail sales and industrial output for September topped estimates, which might mean Beijing's stimulus steps were finally bearing fruit after months of disappointment. The implications for inflation were another headache for bonds, which were still smarting from Tuesday's red-hot U.S. retail sales report. JPMorgan responded by ramping up its forecast for U.S. third quarter GDP growth to an annualised 4.3%, implying nominal growth of more than 7%.

Persons: Lisi Niesner, Wayne Cole, Joe Biden's, Brent, ramping, Fed's Waller, Williams, Bowman, Harker, Jacqueline Wong Organizations: REUTERS, JPMorgan, U.S, Bank of Japan, Netflix, Norges Bank, EU, Fed, Thomson Locations: Israeli, Lebanon, Israel, Wayne, China, Gaza, millstone, Iran, Hormuz, Asia, Cook

☆ Dollar up after inflation data boost
▼ + stars: | 2023-10-13 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. Data on Wednesday had shown U.S. producer prices increased more than expected in September amid higher costs for energy products and food. The dollar index , which measures the U.S. currency against six of its major peers, ticked up 0.11% to 106.63. Sweden's crown , edged up against both the dollar and euro after consumer price data came in higher-than-forecast, adding to risks that the Riksbank could raise rates further. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected.

Persons: Jose Luis Gonzalez, Helen, Jonas Goltermann, Patrick Harker, Adam Cole, Saqib Iqbal Ahmed, Brigid Riley, Samuel Indyk, Miral Fahmy, Mark Potter, Alexander Smith, Jonathan Oatis Organizations: REUTERS, U.S, Federal, Reuters, PPI, Capital Economics, Fed, Federal Reserve Bank of Philadelphia, RBC, of Canada, Thomson Locations: Ciudad Juarez, Mexico, Israel, Gaza, Sweden's, China

☆ Riksbank governor: Fairly likely more rate hikes to come
▼ + stars: | 2023-10-12 | 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 EmailRiksbank governor: Fairly likely more rate hikes to comeErik Thedéen, Governor, Riksbank discusses the current macroeconomic environment and shares his reaction to spiking oil prices and Krone weakness.

Persons: Erik Thedéen, Riksbank

STOCKHOLM, Oct 9 (Reuters) - American economic historian Claudia Goldin won the 2023 Nobel economics prize for her work examining wage inequality between men and women, the Royal Swedish Academy of Sciences said on Monday. "This year's Laureate in the Economic Sciences, Claudia Goldin, provided the first comprehensive account of women's earnings and labour market participation through the centuries," the prize-giving body said in a statement. Goldin, who in 1990 became the first woman to be tenured at the Harvard economics department, is only the third woman to win the Nobel economics prize. "Claudia Goldin's discoveries have vast societal implications," said Randi Hjalmarsson, member of the Economic Prize committee. As with the other Nobel prizes, the vast majority of the economics awards have gone to men.

Persons: Claudia Goldin, Alfred Nobel, Goldin, Hans Ellegren, Claudia Goldin's, Randi Hjalmarsson, Jakob Svensson, Friedrich August von Hayek, Milton Friedman, Paul Krugman, Ben Bernanke, Elinor Ostrom, Esther Duflo, Simon Johnson, Mark John, Niklas Pollard, Johan Ahlander, Terje Solsvik, Catherine Evans Organizations: Royal Swedish Academy of Sciences, Sveriges, Economic Sciences, Harvard, Pew Research, Commission, Social, Thomson Locations: STOCKHOLM, COVID, Norwegian, Iranian, United States, Europe, U.S

London CNN —Claudia Goldin, a professor at Harvard University, was awarded the Nobel Prize in economics Monday for her research into women’s income and employment. Jakob Svensson, chair of the committee for the prize in economic sciences, added: “Understanding women’s role in the labor market is important for society. Thanks to Claudia Goldin’s groundbreaking research we now know much more about the underlying factors and which barriers may need to be addressed in the future.”Claudia Goldin Harvard UniversityGoldin was born in 1946 in New York. She is the author of several books and is best-known for her work on the history of women in the US economy. The economics prize is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Persons: London CNN — Claudia Goldin, Goldin, ”, Jakob Svensson, Claudia Goldin’s, ” Claudia Goldin Harvard, ” Claudia Goldin Harvard University Goldin, Henry Lee, Alfred Nobel, Ben Bernanke, Douglas Diamond, Philip Dybvig Organizations: London CNN, Harvard University, Royal Swedish Academy of Sciences, ” Claudia Goldin Harvard University, National Bureau of Economic Research, Sveriges, Economic Sciences, Federal Locations: New York, United States, Swedish

☆ Nobel economics prize awarded to U.S. economist Claudia Goldin for work on women in the labor market
▼ + stars: | 2023-10-09 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The winner of the 2023 Prize in Economic Sciences in Memory of Alfred Nobel American economist Claudia Goldin is seen on a display at the Royal Swedish Academy of Sciences, in Stockholm on October 9, 2023. The Nobel economics prize was on Monday awarded to Professor Claudia Goldin of Harvard University for her research on women in the labor market. Goldin provided the first comprehensive account of women's earnings and labor market outcomes through the centuries, the Nobel committee said in the prize announcement while announcing the prize. Her research reveals new patterns, identifies causes of change but also speaks to the main sources of the remaining gender gaps. The winners of the award, which is officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, receive 10 million Swedish krona ($907,000) between them.

Persons: Alfred Nobel, Claudia Goldin, Goldin Organizations: Economic Sciences, Royal Swedish Academy of Sciences, Harvard University, Sveriges Locations: Stockholm

☆ Morning Bid: Treasury yields march on
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Long-term Treasury yields, traditionally subdued in Asian hours, spiked to a fresh 16-year peak , keeping the dollar close to multi-month tops to G-3 rivals the euro, pound sterling and yen. Reuters GraphicsAngst over tighter financial conditions pulled down Asia Pacific stocks as well, overshadowing Wall Street's overnight rally and sounding a warning for European equities. Investor jitters were evident in the underperformance of the Hang Seng's property index (.HSMPI), down a resounding 1.9%. Moody's has upped the stakes with a stern warning that potentially puts the country's last triple-A rating on the line. It comes as the U.S. budget deficit continues to widen on higher spending and falling tax receipts.

Persons: Jonathan Ernst, Kevin Buckland, Hong, Moody's, Philip Lane, Riksbank's Per Jansson, Jacqueline Wong Organizations: . Federal, REUTERS, Reuters, Asia, Japan's Nikkei, fester, Bloomberg, U.S, Treasury, Thomson Locations: Washington, Asia Pacific

☆ Dollar eases after Fed-spurred rise; yen stronger ahead of BOJ
▼ + stars: | 2023-09-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

[1/3] Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. The Japanese yen strengthened against the greenback before Friday's Bank of Japan policy announcement, while the pound and the Swiss franc slipped after the British and Swiss central banks kept rates unchanged. The BOJ will end its negative interest rate policy next year, the majority of economists said in a Reuters poll, as the market has begun to envisage the demise of its ultra-easy monetary settings. The pound fell to its lowest since March after the Bank of England held interest rates steady on Thursday, following a cooler-than-expected inflation report the previous day. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations.

Persons: Jason Lee, Helen, Powell didn't, BoE, Monex's, Brad Bechtel, Sweden's, bitcoin, Saqib Iqbal Ahmed, Sam Holmes, Shri Navaratnam, Sharon Singleton, Richard Chang Organizations: Hong, REUTERS, U.S, Federal Reserve, Friday's Bank of Japan, Swiss, British, Fed, Monex, ECB, Traders, FX, Jefferies, Bank of England, Swiss National Bank, Thomson Locations: Hong Kong, Swiss, Japan, Swedish, Norwegian

☆ Pound, franc slide as central banks pause hikes; dollar holds firm
▼ + stars: | 2023-09-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The euro rose as high as 0.9677 francs and is set for its biggest one-day rise since June. The dollar rose 0.8% to 0.9053 francs , hitting its highest level since June 13. "The Swiss franc has understandably weakened after the surprise hold in the policy rate today," ING strategists said in a note. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations. Although you never know for sure with this central bank," said Matt Simpson, senior market analyst at City Index.

Persons: Dado Ruvic, Sterling, Goldman Sachs, Michael Cahill, Sweden's, Niels Christensen, Matt Simpson, Samuel Indyk, Brigid Riley, Kevin Buckland, Sam Holmes, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Swiss, British, U.S . Federal Reserve, Friday's Bank of Japan, Bank of England, Swiss National Bank, ING, Fed, Bank of Japan, New Zealand, NZ, Thomson Locations: Swiss, Sweden, Norway, Swedish, Norwegian

☆ Sweden's central bank raises rates to 4%, in line with expectations
▼ + stars: | 2023-09-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Sweden's central bank hiked interest rates for the eighth consecutive time on Thursday, taking the main rate to 4%, as the country continues to battle high inflation. The quarter-point increase is in line with the expectations of analysts polled by Reuters. Sweden's headline inflation, which excludes energy costs, slowed more than expected last month, coming to 7.2% for the month of August, according to Statistics Sweden. The Swedish economy is "going in the right direction," the central bank said in a statement, while nevertheless highlighting that inflationary pressures "are still too high." Stefan Ingves, former central bank governor, in January warned that Sweden was facing its "day of reckoning," as house prices plummeted and the wider economy stuttered.

Persons: Stefan Ingves, I've, Ingves Organizations: Reuters, Statistics Sweden, U.S Locations: Swedish, Sweden

☆ Morning Bid: Fed fireworks set nervy stage for BoE
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Reuters GraphicsU.S. yields pushed even higher in the Asian time zone, while U.S. stock futures pointed lower. Asian shares slumped region-wide (.MIAP00000PUS) - including a 1% slide for Japan's Nikkei - while crude oil extended its retreat from a 10-month peak. But the BoE is actually the last of the European central banks to set policy on Thursday, with the SNB and Riksbank kicking things off, followed shortly by Norges Bank. This week's central bank bonanza doesn't end in Europe either. Japan's currency, though, is at the mercy of the dollar, sinking to the weakest since the start of November to 148.465 yen , increasing the risk of central bank intervention.

Persons: Kevin Buckland, Jay Powell, BoE, Kazuo Ueda, Jacqueline Wong Organizations: Federal Reserve, Bank of England, Reuters Graphics, Japan's Nikkei, Norges Bank, of, Yomiuri, Swiss National Bank, Thomson Locations: Europe

STOCKHOLM (AP) — Sweden’s central bank raised its key interest rate Thursday, saying that “inflationary pressures in the Swedish economy are still too high,” although there were signs that inflation had begun to fall. Sweden has been struggling with high inflation — it was 7.5% in August, down from 9.3% in July, but far from the 2% target set by Sweden’s central bank. Thursday's interest rate increase meant that the policy rate is at the highest level since October 2008, the Swedish news agency TT wrote. Norway's central bank also raised its policy rate by a quarter-point on Thursday, to 4.25%. “Persistently high inflation imposes substantial costs on society,” Norges Bank said, adding that ”a somewhat higher interest rate is needed to bring inflation down to target within a reasonable horizon.”The moves came on a busy day of central bank action.

Persons: Ida Wolden Bache, — Organizations: STOCKHOLM, U.S ., TT, Norges Bank Gov, ”, ” Norges Bank, Bank of England, Swiss National Bank, U.S . Federal Reserve Locations: Swedish, Sweden, Ukraine, Norway

☆ European shares slide on hawkish Fed; more c.bank decisions on tap
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Summary STOXX 600 down 0.6%Sept 21 (Reuters) - European shares fell on Thursday, tracking overnight losses on Wall Street after the U.S. Federal Reserve signalled higher-for-longer interest rates and ahead of rate decisions from the Swiss National Bank, Riksbank, Norges Bank and Bank of England. The pan-European STOXX 600 index (.STOXX) shed 0.6% by 0709 GMT, with rate-sensitive tech stocks (.SX8P) easing 0.8%. The Fed held key interest rates steady on Wednesday, as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. The focus is now also on the monetary policy decisions in Switzerland, Sweden, Norway and the UK later in the day after the European Central Bank (ECB) raised its key interest rate last week to a record high of 4%. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bansari Mayur, Savio D'Souza Organizations: U.S . Federal Reserve, Swiss National Bank, Norges Bank and Bank of England, Fed, Nasdaq, European Central Bank, FTSE, Thomson Locations: Riksbank, Switzerland, Sweden, Norway, Bengaluru

The European Central Bank last week lifted rates to a record 4% and upgraded its inflation forecast for 2024, but the euro fell and has lost almost 2% against the dollar this month. Overall, Europe's central banks "would like to portray this idea of higher for longer (rates)," said Ed Hutchings, head of rates at Aviva Investors. The currency, which the central bank labeled "unjustifiably weak," barely caught a break and remains near a record low against the euro . He expected one the of big European central banks to be the first to cut rates. European central banks were "in a bind," Fiotakis added, as higher oil prices also threatened to push inflation higher.

Persons: Dado Ruvic, Sterling, Kit Juckes, BoE, SocGen's Juckes, Ed Hutchings, Nathan Thooft, Bjoern, Fiotakis, Orla Garvey, Naomi Rovnick, Christina Fincher Organizations: REUTERS, Sterling, LONDON, Bank of, Swiss, greenback, Societe Generale, European Central Bank, ECB, U.S . Federal Reserve, Fed, Aviva Investors, Investment Management, Reuters, DWS Group, Nomura, ING, Barclays, Federated, Thomson Locations: Swiss, Bank of England, Switzerland, Sweden, Europe, U.S, Western Europe, United States, Britain, Swedish, Japan, European

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