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☆ UK stocks fall after Bailey's hawkish tone on interest rates
▼ + stars: | 2023-10-13 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

The commodity-focussed FTSE 100 (.FTSE) was down 0.1%, while the mid-cap index FTSE 250 (.FTMC) lost 0.5%. The yield on the UK benchmark bond edged higher after Bailey's comments but remained lower for the day at 4.402%. "Although higher dollar and yields would typically weaken gold, the geopolitical concerns are pushing gold higher," said Giles Coghlan, chief market analyst at GCFX. Industrial metal miners (.FTNMX551020) also advanced 0.6% following a rise in copper prices. UK wealth manager St James's Place (SJP.L) was pushed by regulators to overhaul fees, with the stock tumbling 13.5% to the bottom of the FTSE 100.

Persons: Toby Melville, Ashmore, Andrew Bailey, BoE Governor Andrew Bailey, Giles Coghlan, Coghlan, St James's, Khushi Singh, Sonia Cheema, Sohini Organizations: London Stock Exchange, REUTERS, Bank of England, Mining, Shell, BP, St, Thomson Locations: Canary Wharf, London, Britain, James's, Iran, Israel, China, Bengaluru

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ The Queen’s question returns with a vengeance
▼ + stars: | 2023-10-06 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

The world’s leading central banks had spent the previous two decades focusing on low inflation, neglecting risks to financial stability. Central bankers counter correctly that predictive accuracy is not the same as explanatory power. Yet it is far from clear how today’s independent central banks should respond to these overtly political struggles. In 2021, when the Phillips Curve was asleep at the wheel, the growth in the money supply was flashing red. The unfortunate truth is that there are many answers to the Queen’s question this time round – but no single magic solution.

Persons: Elizabeth, Prince Andrew , Duke, York, Prince Philip , Duke of Edinburgh, Tom Nicholson, Queen Elizabeth, Ben Bernanke, don’t, Phillips, Isabella Weber, Guido Lorenzoni, Andrew Bailey, monetarism, Milton Friedman, Anna Schwartz, Winston Churchill, Bernanke, Peter Thal Larsen, Oliver Taslic, Thomas Shum 私, 「 Organizations: Westminster Abbey, REUTERS, Reuters, Bank of England, U.S . Federal, Phillips, University of Massachusetts Amherst, University of Chicago, MIT, United, 「 Reuters Locations: Westminster, London, Britain, British, Central, Ukraine, Paris, United States

☆ Global central banks unite in "higher for longer" credo
▼ + stars: | 2023-09-21 | by ( Mark John | ) www.reuters.com time to read: +6 min

The so-called "higher for longer" mantra is now the official stance of the U.S. Federal Reserve, European Central Bank and the Bank of England, as well as being echoed by monetary policy-makers from Oslo to Tapei. U.S. Federal Reserve policymakers had a similar message on Wednesday. Turkey's central bank confirmed its hawkish turn while in Asia, Taiwan's central bank flagged continued tight policy. Reuters Graphics"TIPPING POINT"Belgian central bank chief and ECB board member Pierre Wunsch - an early voice urging tougher central bank action to counter inflation from end-2021 - said on Thursday that monetary policy was now at the right level. That said, the prospect that global interest rates are pretty close to peak will be of huge relief to emerging economies suffering from heavy debt servicing loads.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Ann, BoE, Andrew Bailey, Pierre Wunsch, Wunsch, COVID lockdowns, Jerome, Powell, Krishna Guha, Howard Schneider, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Bank of Japan, Kansas City Federal, REUTERS, U.S . Federal Reserve, Bank of England, U.S . Federal, Swiss National Bank, South African Reserve Bank, People's Bank of, Reuters, ECB, Reuters Global Markets, Economics, Sterling, Swiss, United, Thomson Locations: Jackson Hole , Wyoming, U.S, Central, Oslo, Tapei, Europe, Norway, Sweden, Asia, People's Bank of China, Belgian, United States, Ukraine, Washington, Frankfurt, London, Stockholm, Zurich, Ankara

☆ Central bank interest rates: Is the global fight to tame inflation nearly over?
▼ + stars: | 2023-09-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Central bankers have had to climb a metaphoric mountain over the past two years in the battle to control runaway inflation. The announcement came just hours after Switzerland’s central bank kept rates unchanged and a day after the US Federal Reserve did the same, holding its key lending rate in the range of 5.25% to 5.5%. “Central banks think they have raised interest rates enough to bring inflation down to their 2% targets in a couple of years’ time,” Paul Dales, chief UK economist at Capital Economics, told CNN. Key interest rates are now at levels that, if “maintained for a sufficiently long duration, will make a substantial contribution” to reducing inflation to its 2% target, the central bank said. “By this time next year, we anticipate that 21 out of the world’s 30 major central banks will be cutting interest rates.”

Persons: ” Paul Dales, “, Jerome Powell, Sarah Silbiger, Brent, Andrew Bailey, ” Seema Shah, ”, J.P, Morgan, Jennifer McKeown Organizations: London CNN —, Bank of England, US Federal Reserve, Capital Economics, CNN, European Central Bank, ECB, Federal, Washington DC, Bloomberg, Getty, European Union, EU, European Commission, Asset Management, “ Locations: United Kingdom, United States, Germany, Saudi Arabia, Russia

☆ Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation
▼ + stars: | 2023-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday ended a run of 14 straight interest rate hikes after new data showed inflation is now running below expectations. Investors on Wednesday ramped up bets that the Bank would pause its interest rate hiking cycle after U.K. inflation came in significantly below expectations for August. Thomas Verbraken, executive director of risk management research at MSCI, said the burning question is whether the Bank of England's Thursday decision signals the peak of the interest rate cycle. Forward looking indicators suggest the U.K. economy is already flirting with recession, a backdrop consistent with cooling wage growth and a policy pivot," Mehdi said.

Persons: BOE, Andrew Bailey, We'll, Marcus Brookes, BoE, Brookes, Thomas Verbraken, Hussain Mehdi, Mehdi Organizations: Bank of England, City of, LONDON, Bank, U.S, Monetary, MPC, Quilter Investors, U.S . Federal Reserve, Bank of England's, HSBC Asset Management, Bank of, Fed, European Central Bank Locations: City, City of London, Bank of England's

☆ UK disinflationary shock sharpens Bailey’s dilemma
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 20 (Reuters Breakingviews) - Bank of England Governor Andrew Bailey finally got some good news on Wednesday. UK annual inflation fell to 6.7% in August, from 6.8% in July, confounding market expectations of a rise to 7%. Domestic disinflationary forces offset a nearly 30% rise in oil prices to bring headline inflation to the lowest level since February 2022. Higher petrol prices did add around 0.3 percentage points to the consumer price index, according to Capital Economics.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, disinflation, Francesco Guerrera, Bernie Sanders’s, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Capital Economics, CPI, Thomson Locations: London, Britain

☆ ‘Argentina on the Channel.’ Mark Carney and Liz Truss clash over UK economy
▼ + stars: | 2023-09-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —When Liz Truss was briefly Britain’s prime minister a year ago, the world’s sixth-largest economy came close to resembling Argentina, a country plagued by financial and economic instability. Truss and her Brexit-backing allies have long argued that lower taxes and fewer regulations — akin to Singapore’s approach — would help kickstart sorely needed growth in the UK. Britain, for its part, is battling stubbornly high inflation, feeble economic growth and a rising public debt burden, which is the costliest to service among rich economies. At the time, Carney, who was head of the Bank of England from 2013 to 2020, accused Truss’s government of “undercutting” the nation’s economic institutions. “Mark Carney is part of the 25-year economic consensus that has led to low growth across the Western world,” she said.

Persons: Liz Truss, Mark Carney, kickstart, Carney, “, Kwasi Kwarteng, Truss’s, undercutting, “ Mark Carney, ”, ” Truss, Olesya Dmitracova Organizations: London CNN, Bank of England, Institute for Government Locations: Argentina, United Kingdom, Montreal, Singapore, London

☆ Higher pay makes life harder for Treasury and BoE
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Yui Mok/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 12 (Reuters Breakingviews) - UK employees and pensioners can raise a glass. Average total pay, including bonuses, rose at an annual rate of 8.5% in the three months to July, faster than inflation. The average state pension will rise from 156.2 pounds to 169.5 pounds per week, according to the Institute for Fiscal Studies. Bank of England Governor Andrew Bailey and finance minister Jeremy Hunt may, however, be crying into their beer.

Persons: Andrew Bailey, Yui Mok, Jeremy Hunt, Hunt, BoE, Bailey, Francesco Guerrera, George Hay, Oliver Taslic Organizations: Bank of England, Press, REUTERS Acquire, Reuters, Institute for Fiscal Studies, X, UBS, Warner Bros Discovery, Thomson Locations: London, Britain, Asia

☆ Bloomberg LP names Vlad Kliatchko CEO in top level overhaul - The Information
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Former mayor of New York Michael Bloomberg speaks during a meeting with Earthshot prize winners and finalists at the Glasgow Science Center during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Alastair Grant/Pool via REUTERS/File Photo Acquire Licensing RightsAug 21 (Reuters) - Bloomberg LP is replacing CEO Michael Bloomberg with product head Vlad Kliatchko and appointing former Bank of England governor Mark Carney as its chair in a management shake-up, the Information reported on Monday, citing an internal memo. New members will be appointed to the board and existing members will become emeritus, according to the report. Thomson Reuters-owned Reuters News competes with Bloomberg News, a unit of Bloomberg L.P. Reporting by Yuvraj Malik in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: New York Michael Bloomberg, Alastair Grant, Michael Bloomberg, Vlad Kliatchko, Mark Carney, JP Zammitt, Patti Roskill, Thomson, Bloomberg L.P, Yuvraj Malik, Arun Koyyur Organizations: New York, Glasgow Science Center, Change, Bloomberg, Bank of England, Thomson Reuters, Reuters, Bloomberg News, Thomson Locations: Glasgow, Scotland, Britain, Bengaluru

☆ Bank of England governor says cautious approach needed after some 'unwelcome surprises'
▼ + stars: | 2023-08-03 | 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 EmailBank of England governor says cautious approach needed after some 'unwelcome surprises'Bank of England governor Andrew Bailey says some "unwelcome surprises" in recent months may necessitate a more cautious approach to monetary policy.

Persons: Andrew Bailey Organizations: Email Bank of England, Bank of England

☆ Bank of England governor says cautious approach needed after ‘unwelcome surprises’ in inflation data
▼ + stars: | 2023-08-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey said Thursday that the central bank remains cautious in its battle to tame stubbornly high inflation as U.K. data continues to offer "unwelcome surprises." Bailey told CNBC that he was encouraged by recent inflation figures, which prompted policymakers to raise rates by a widely anticipated 25 basis points earlier Thursday, putting the main rate at 5.25%. But he added that the central bank had no intention of pausing rate hikes as has been signaled by the U.S. Federal Reserve and European Central Bank. "I'm being more cautious because, frankly, we are still seeing some surprises in the news, and I think we need to get ourselves onto a more settled path," Bailey told CNBC's Joumanna Bercetche. "We've seen some quite big surprises in recent months," Bailey said, citing "frankly unwelcome surprises" in June.

Persons: Andrew Bailey, Bailey, CNBC's Joumanna, We've Organizations: England, CNBC, U.S . Federal Reserve, European Central Bank, Monetary

REUTERS/Dado Ruvic/IllustrationORLANDO, Florida, July 26 (Reuters) - Remember the U.S. twin deficits? The dollar did fall - around 40% between the dotcom bust and the global financial crisis - and the twin deficits were a factor. Indeed, when the twin deficits really exploded in 2008 as the government and Fed fought to prevent another Great Depression, the dollar actually rose 25%. "Twin deficits are inherently unsustainable – for Treasuries and the dollar - unless there is a shift towards a deflationary environment that stimulates demand for sovereign debt instruments," Costa said. Persistently wide twin deficits will test the appetite to use the dollar as the savings currency of choice for investors and countries around the world.

Persons: Dado Ruvic, Mark Carney, Tavi, Costa, Meera Chandan, Octavia Popescu, Bill, Jamie McGeever, Tomasz Janowski Organizations: REUTERS, Fed, Reuters, Bank of England, Crescat, Treasuries, United, Office, Thomson Locations: ORLANDO , Florida, U.S, Britain, United States, Americas, Washington

☆ British workers keep getting pay raises — despite the Bank of England urging them not to ask for more money
▼ + stars: | 2023-07-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Both Bank of England Governor Andrew Bailey and U.K. Finance Minister Jeremy Hunt on Monday told an audience in the City of London that high wage settlements were harming their efforts to contain inflation. Much of the increase in pay has been driven by the private sector, with annual wage growth increasing to 7.6% in the three months to April. However, Bank of England Governor Bailey noted in his Mansion House speech on Monday that the British economy has proven unexpectedly resilient. Last summer saw a slew of strikes and protests as real wages, which reflect the power of a worker's pay after accounting for inflation, declined at a record rate. "No question about it, current nominal wage growth remains far too high relative to the sustainable rate of probably around 3.5-4.0% yoy.

Persons: Mark Kerrison, Andrew Bailey, Jeremy Hunt, Stuart Cole, BoE, Rishi Sunak, Danni Hewson, AJ Bell, Bank of England Governor Bailey, Sanjay Raja, Raja, Equiti's Cole, Bailey, Kallum Pickering, Pickering Organizations: National Education Union, Department for Education, Getty, LONDON, Bank of England, National Statistics, . Finance, City of, Equiti, Monetary, Deutsche Bank, MPC, Treasury, Bank, The, England's Locations: London, United Kingdom, City, City of London, Ukraine

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

☆ Morning Bid: China disinflation a mix of good and bad
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

On the face of it, this implies there is plenty of scope to ease monetary and fiscal policy further. Yet it also underlines the scale of the challenge that Beijing faces in avoiding an outright deflationary spiral. Globally, a deflationary pulse from China could over time help to offset service-driven inflation in developed nations. Disinflation in goods is a major reason analysts expect coming U.S. CPI data to show a slowdown in June. One side effect of the surge in bond yields has been a shake-out of carry trades in the forex market.

Persons: Wayne Cole, Andrew Bailey, Jeremy Hunt, Mary Daly, Loretta Mester, Raphael Bostic, Edmund Klamann Organizations: CPI, Headline, Treasury, Bank of Japan, Bank of England, San, Cleveland, Atlanta, Thomson Locations: Wayne, Beijing, China

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

☆ Dollar near 7-1/2-month high versus yen as central bankers reaffirm policy divergence
▼ + stars: | 2023-06-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO (Reuters) - The U.S. dollar hovered near a 7-1/2-month high against the Japanese yen after the heads of the respective central banks reaffirmed the stark divergence in their policy paths at a European Central Bank conference overnight. Japanese yen and U.S. dollar banknotes are seen in this illustration picture taken June 15, 2022. The ministry of finance and BOJ intervened in the currency market last autumn when the dollar strengthened beyond 145 yen. The U.S. currency eased back 0.15% to 144.265 yen in the Asian morning on Thursday. China’s yuan was not far from Wednesday’s 7-1/2-month low of 7.2694 per dollar in offshore trading.

Persons: Florence Lo, Jerome Powell, Christine Lagarde, Kazuo Ueda, Andrew Bailey, Ueda, “, BOJ, Shinichi Kadota, “ I’m, Sterling Organizations: U.S, European Central Bank, REUTERS, Bank of Japan, Bank of England, Barclays, Reserve Bank of Australia Locations: TOKYO, Tokyo

☆ Dow Futures, Bank Stock Rise: Live Updates
▼ + stars: | 2023-06-29 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors awaited data on inflation and economic growth and digested comments by central-bank chiefs. Meanwhile, bank stocks rose in premarket trading Thursday after the Fed said the biggest U.S. lenders remained healthy . Stock futures were up. The yield on the 10-year bund advanced to 2.357% ahead of German inflation data due at 8 a.m. U.S. bank stocks climbed premarket.

Persons: Jerome Powell, Christine Lagarde, Andrew Bailey, ”, Jason Da Silva, Arbuthnot Latham Organizations: European Central Bank’s, Bank of England Gov, Fed, U.S, Stock, Futures, Nasdaq, Dow, Treasury, bund, Bank of New York Mellon, Bank of America, UniCredit, Nikkei Locations: European, Spain, U.S, China, Europe

☆ Dollar index hits two-week high after data; yen remains soft
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The U.S. dollar index climbed to a two-week high on Thursday after economic data showed the labor market remained on a solid footing, giving the Federal Reserve a possible cushion to continue raising interest rates. He said he did not see inflation coming down to the Fed's 2% target until at least 2025. The dollar index was up 0.204% at 103.150 after earlier climbing to 103.44, its highest level since June 13. The dollar strengthened against the Japanese yen for a third straight day, hitting a fresh 7-1/2 month high of 144.90, as U.S. and Japanese central bank policy plans are expected to remain at opposite ends of the spectrum.

Persons: Jerome Powell, Raphael Bostic, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Huw Roberts, Roberts, CME's Organizations: U.S, Federal Reserve, Reuters, Commerce Department, European Central Bank, Atlanta Federal Reserve, Bank of England, Bank of Japan, Fed Locations: Warsaw, Poland, Bank, Europe, Spain, Italy, Swedish

☆ Italy may have dodged a ‘pasta strike’ but food inflation is still high. Here’s why
▼ + stars: | 2023-06-29 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

But it shelved the plan, citing “noticeable” falls in pasta prices. Pasta prices dipped in May compared with April, though provisional official data released Wednesday showed that they ticked up again this month. Broader food price inflation, albeit slowing, is still high in Italy and elsewhere. Concerns have grown that retailers and food producers are deliberately keeping prices high to boost profit margins — claims they strenuously deny. That meant they had “locked in higher prices” for longer, he told a gathering of central bankers in Portugal.

Persons: Danni Hewson, AJ Bell, Pasta, Remo Casilli, Andrew Bailey, “, Mintec, Andrew Woods, ”, Jack Allen, Reynolds, That’s, Christine Lagarde, ” Nestlé, ” Lagarde, Jeremy Hunt, —, Cristiano Laurenza, ” — Valentina Di Donato, Hanna Ziady Organizations: London CNN, CNN, ”, Bank of England, Labor, European Union, Capital Economics, European Central Bank, Wednesday, Competition, Markets Authority, Unione Italiana Food Locations: Italian, Italy, United Kingdom, United States, France, Germany, Russia, Ukraine, Cecco's, Fara San Martino, Portugal, Europe, European, “, Sweden

European stocks were cautiously higher Thursday as investors assessed commentary from leading central bankers on the need to continue the fight against inflation. The pan-European Stoxx 600 nudged 0.3% higher by late morning, with retail stocks adding 1.7% to lead gains while travel and leisure stocks fell 0.4%. A further message from the conference this week has been on market pricing of swift interest rate cuts from the ECB. The Stoxx 600 closed 0.7% higher Wednesday after staging a cautious turnaround from six straight negative sessions on Tuesday. U.S. futures were slightly higher as banks rose after passing the Federal Reserve's annual stress test.

Persons: Christine Lagarde, Andrew Bailey, Jerome Powell, Powell, Lagarde, England's Bailey, Philip Lane, Chipmakers Organizations: CNBC, European Central Bank, Wednesday, Bank of England, Federal, ECB, Journal Locations: Sintra , Portugal, U.S, China, Asia, Pacific

REUTERS/Kim Kyung-HoonSINGAPORE/LONDON, June 28 (Reuters) - The yen was under pressure against most other major currencies on Wednesday, even as Japanese authorities said they could intervene to prop it up, while the Australian dollar dropped after data showed inflation eased in May. The U.S. dollar rose to 144.26 yen on Wednesday, a fresh seven-month high, while the euro climbed to a 15-year high of 157.98 yen. Meanwhile, the Australian dollar fell to a three-week low of $0.6618 after the local consumer price inflation rate slowed to a 13-month low in May. It was last down 0.78% at $0.6634, and the neighbouring New Zealand dollar fell 1.17% to $0.6090, its biggest daily fall in a month. A measure of core inflation in Australia also cooled, in a sign interest rates might not have to rise again in July.

Persons: Kim Kyung, Masato Kanda, Lee Hardman, Jerome Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Ankur Banerjee, Muralikumar Anantharaman, Jamie Freed, Emelia Organizations: National Printing Bureau, Bank of Japan, REUTERS, Hoon, U.S, MUFG, New Zealand, Traders, Bank's, U.S . Federal, Bank of England, Thomson Locations: Tokyo, Japan, Hoon SINGAPORE, LONDON, Australia, Europe, U.S, Singapore

☆ Yen under pressure; Aussie slides as inflation slows
▼ + stars: | 2023-06-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"We are closely watching currency moves with a strong sense of urgency," Japan's top currency diplomat Masato Kanda told reporters on Wednesday. The yen was hovering around the seven-month low of 144.18 per dollar it touched overnight. Against the euro, the yen was pinned near the 15-year low of 157.93 it hit on Tuesday. Against sterling, the Asian currency was hovering around 183.25, just a shade below the 7.5-year low it touched on Tuesday. In the spot market, the onshore yuan opened at 7.2225 per dollar and was changing hands at 7.2285.

Persons: Masato Kanda, Carol Kong, Kong, Rodrigo Catril, Jerome Powell's, Powell, Andrew Bailey, Christine Lagarde, Kazuo Ueda, Ankur Banerjee, Muralikumar Anantharaman, Jamie Freed Organizations: Bank of Japan, Ministry, Finance, Commonwealth Bank of Australia, Federal, Fed, National Australia Bank, European Central Bank, Bank of England, Sterling, Thomson Locations: SINGAPORE, Japan, Sintra , Portugal, Tokyo, Singapore

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