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But core inflation is proving stubborn and could still rise from last month's 5.2%. "We have to continue to emphasize that we have this medium term perspective," Klaas Knot, the Dutch central bank chief said. It has oscillated between focusing on current inflation, future inflation and core inflation. Wages are the biggest factor in that sector's prices and services inflation is still just above 4%. So wage growth of the magnitude of 5% or more could push services inflation even higher.
MADRID, Feb 15 (Reuters) - Euro zone inflation could fall faster than earlier thought given a host of positive developments in recent months but past price hikes and a tight labour market could still exert upward pressure on underlying prices in the near term, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday. "Recent data on euro area inflation and some of its key determinants are somewhat encouraging, but the overall situation still requires caution", De Cos said in a speech posted on the webpage of the Bank of Spain. He also mentioned the possible effects of the Chinese reopening, the resilience of the euro area economy and the transmission of ECB monetary policy decisions. "All these will have to be assessed as part of the full projections exercise under way in the run-up to our March meeting," De Cos said. Reporting by Jesús Aguado; Editing by Balazs KoranyiOur Standards: The Thomson Reuters Trust Principles.
Morning Bid: Bonds lap up crude, costs and Canada
  + stars: | 2022-12-08 | by ( ) www.reuters.com   time to read: +4 min
The big consensus bet of 2023 is already in full swing - bonds are bid. With year-on-year oil price gains evaporating to zero, that is dragging inflation expectations down in lockstep. The exception was in Hong Kong, which the Hang Seng benchmark (.HSI) has now recouped all this year's underperformance versus world indices and the S&P500. The Hang Seng added another 3% on Thursday as the Hong Kong government loosened its COVID-19 curbs further. The isolation period for patients and contacts will be cut to five days from seven days and requirements for arrivals to Hong Kong to undergo daily tests will similarly be reduced to five days.
Nov 28 (Reuters) - Euro zone government bond yields were higher on Monday after rare protests in China over the country's strict zero-COVID policies clouded the outlook for global growth and inflation. "The market is more concerned about the impact on inflation than the impact on growth," he added. Germany's 10-year government bond yield was up 4 basis points (bps) at 2.008%, after rising 12 bps on Friday. The gap between the 2-year and 10-year government bond yields rose to -20 bps. Italy's 10-year yield rose 8 bps to 3.94% pushing the closely watched spread between Italian and German 10-year yields wider by 5 bps to 191 bps.
MADRID, Nov 16 (Reuters) - The collapse of crypto exchange platform FTX should serve as a reminder for clients of the risks crypto assets entail, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday. "We hope that the events we have recently experienced will make citizens aware of the risks associated with these cyrpto assets," De Cos said when asked about FTX's collapse. The exchange, which had been among the world's largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blowups after panicked traders withdrew $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a rescue deal. Reporting by Jesús Aguado and Emma Pinedo; editing by David LatonaOur Standards: The Thomson Reuters Trust Principles.
MADRID, Nov 11 (Reuters) - The European Central Bank has not pre-committed to make another 75 basis-point increase at its next policy meeting, policymaker Pablo Hernandez de Cos said on Friday. "The fact that we have raised rates by 75 basis points ... does not mean that this will be the future pattern, it will depend on the data," De Cos said. The ECB has been raising its rates at record speed but it is still buying bonds to replenish its 5-trillion-euro ($5.07 trillion) stimulus portfolio, which has a dampening impact on long-term bond yields. Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei KhalpiOur Standards: The Thomson Reuters Trust Principles.
MADRID, Nov 3 (Reuters) - The European Central Bank will issue its non-binding opinion on Spanish banking tax proposal "very shortly," policymaker Pablo Hernandez de Cos said on Thursday. Two sources with direct knowledge of the matter told Reuters last month that the ECB was set to warn of the adverse impact on Spanish banks' solvency of a proposed tax on the sector and of a higher cost of credit in the upcoming non-binding opinion. Reporting by Emma Pinedo Editing by Jesus AguadoOur Standards: The Thomson Reuters Trust Principles.
Gold ticks higher on dollar pullback; hawkish Powell caps upside
  + stars: | 2022-11-03 | by ( ) www.cnbc.com   time to read: +1 min
Gold prices edged higher on Thursday, helped by a slight dip in the dollar, although U.S. Federal Reserve Chair Jerome Powell's hawkish remarks limited further gains in zero-yielding bullion. Spot gold rose 0.2% to $1,638.32 per ounce, as of 0118 GMT, after falling 0.8% on Wednesday. Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the non-yielding asset. The European Central Bank "will need additional interest rate increases" to fight off inflation, policymaker Pablo Hernandez de Cos said on Wednesday. Spot silver rose 0.3% to $19.33, platinum rose 0.6% to $935.98 and palladium edged 0.3% higher to $1,860.08.
MADRID, Nov 2 (Reuters) - The European Central Bank "will need additional interest rate increases" to fight off inflation even considering the growing likelihood of a euro zone recession, policymaker Pablo Hernandez de Cos said on Wednesday. "But to what level and how fast will depend on the inflation outlook, which, in turn, depends on the growth outlook and therefore includes the higher probability of recession that we are now estimating," De Cos, who also heads the Bank of Spain, said in a statement. While the bank last week dropped the reference in its policy statement to likely rate hikes at "several" more meetings, ECB President Christine Lagarde appeared to revert back to this terminology after raising the deposit rate on Oct. 27 by 75 basis points to 1.5%, its highest level since 2009. Inflation in the euro zone accelerated to 10.7% in October and is expected to stay above the ECB's 2% target through 2024. Reporting by Jesús Aguado; editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.
BOJ, BoJo, Beijing and bond bounce
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +5 min
A surge in Japan's ailing yen from 32-year lows later on Friday, amid reports of out-of-hours Bank of Japan intervention in New York, saw a peak-to-trough drop in dollar/yen of almost 4%. There were wild swings again on Monday amid suspicion of further BoJ sales, even though officials refused to confirm the action. A weekend of political twists from Beijing to London only added to edgy market on Monday. China leadership China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a top governing body stacked with loyalists. Hong Kong's Hang Seng index (.HSI) has now underperformed MSCI's broadest global stock index by almost 50% over two years.
Tesla and Truss, 5% and 150
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +4 min
A Tesla model 3 car is seen in their showroom in Singapore October 22, 2021. read more The latest European tech sector earnings on Thursday were downbeat, too. Bank of England Deputy Governor Ben Broadbent said the BoE would respond to changes in Truss's tax and spending policies. read moreKey developments that should provide more direction to U.S. markets later on Thursday:* European Union summit in Brussels* U.S. Oct Philadelphia business index. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/IllustrationFRANKFURT, Oct 12 (Reuters) - While a financial storm gathers nearby, the euro zone has so far been comparatively unscathed. Register now for FREE unlimited access to Reuters.com RegisterHere's a look at four possible flashpoints that are keeping investors and regulators awake at night: property prices, bank loans, government bonds and "shadow banks". REAL TROUBLEThe euro zone enjoyed a real-estate boom until last year, with home prices rising by some 40% since 2015 and commercial real estate prices up 26%. gross debt-to-income ratio for selected euro zone countriesSPREAD TOO THINThe rise in interest rates has raised fresh questions about one of the world's most indebted borrowers: Italy.
Strengthening the case for another 75 basis point increase, German inflation jumped to 10.9% this month, far beyond expectations for a reading of 10%. "There is no easing in sight, and next year the inflation rate is only likely to fall because energy prices are unlikely to rise again as strongly as this year, partly due to government intervention," Commerzbank economist Ralph Solveen said of the German inflation figures. While few governors ventured to estimate where interest rate hikes could end, de Cos said that models suggest a significantly lower terminal rate than markets now expect. "On the basis of current information, the median terminal rate value across models is at 2.25%-2.50%," de Cos said. Rate hike talk is intensifying even as recession fears rise.
Morning Bid: Dysfunction and intervention
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +5 min
Amid all the chaos in British bond markets, the forced intervention by the Bank of England to buy gilts has given some investors a crumb of comfort about the limits of central bank tightening. Cold comfort maybe, but enough to drag bond yields back and lift stocks briefly around the world. While 30-year gilt yields steadied just below 4% on Thursday after their 100bp swoon the previous day, the pound was sliding again and UK midcap stocks dropped. read moreEasing inflation in Spain was better news read more . Market leader Inditex (ITX.MC), the owner of Zara, slipped 2.2%, while the wider STOXX retailers index <.SXRP> slid 4.3%.
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