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☆ Bank of England Governor Andrew Bailey: UK economy has turned out to be much more resilient
▼ + stars: | 2023-06-28 | 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 Andrew Bailey: UK economy has turned out to be much more resilientCNBC's Sara Eisen speaks with Bank of England Governor Andrew Bailey and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Bailey at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Federal Reserve Chairman Jerome Powell and Bank of Japan Governor Kazuo Ueda.

Persons: Andrew Bailey, Sara Eisen, Bailey, Christine Lagarde, Jerome Powell, Kazuo Ueda Organizations: Email Bank of England, Bank of England, European Central Bank, Federal, Bank of Japan Locations: Sintra , Portugal

☆ Gold steadies near three-month lows; focus shifts to Powell
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: +2 min

Gold held near three-month lows on Wednesday after strong U.S. economic readings offset the bullion's traditional safe-haven status, while traders positioned for Federal Reserve Chair Jerome Powell's speech and more data for clues on rate hikes. Spot gold rose 0.1% to $1,915.45 per ounce by 0524 GMT, hovering close to its lowest level since March 16 at $1,910. Data on Tuesday indicating that the economy remained on solid footing could lead to more Fed rate hikes to bring down inflation. Powell will speak at a policy panel on Wednesday before the European Central Bank Forum on Central Banking in Sintra along with other central bank members. Spot silver rose 0.2% to $22.93 per ounce, platinum fell 0.9% to $916.83 while palladium dropped 1.1% to $1,281.48.

Persons: Gold, Jerome Powell's, Matt Simpson, Simpson, Powell, Tim Waterer Organizations: Federal, City, Open, Committee, European Central Bank, Central Banking, KCM Locations: U.S, Sintra

☆ Bank of Japan Governor Kazuo Ueda on easy monetary policy: Underlying inflation is lower than 2%
▼ + stars: | 2023-06-28 | 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 Japan Governor Kazuo Ueda on easy monetary policy: Underlying inflation is lower than 2%CNBC's Sara Eisen speaks with Bank of Japan Governor Kazuo Ueda and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Ueda at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey.

Persons: Kazuo Ueda, Sara Eisen, Ueda, Christine Lagarde, Jerome Powell, Andrew Bailey Organizations: Email Bank of Japan, Bank of Japan, European Central Bank, Federal, Bank of England Locations: Sintra , Portugal

☆ Top Central Bankers Expect More Rate Increases Amid Stubborn Inflation
▼ + stars: | 2023-06-28 | by ( Eshe Nelson | ) www.nytimes.com time to read: 1 min

Central bankers from the world’s leading economies said on Wednesday that while they had raised interest rates significantly, additional increases would very likely be needed to wrestle inflation back under control given the strength of labor markets. “Although policy is restrictive, it may not be restrictive enough, and it has not been restrictive for long enough,” Jerome H. Powell, chair of the Federal Reserve, said. Speaking at the 10th annual conference of the European Central Bank in Sintra, Portugal, Mr. Powell said that the strong labor market “was pulling the economy” and was a key reason that Fed officials projected two additional rate increases this year. As U.S. workers get promotions and earn higher wages, it’s helping to shore up demand, which is allowing the economy to grow and giving companies the continued ability to raise prices.

Persons: ” Jerome H, Powell Organizations: Federal Reserve, European Central Bank, U.S Locations: Sintra , Portugal

☆ Bank of England governor defies critics, says surprise rate hike was 'justified' to tame inflation
▼ + stars: | 2023-06-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Bank of England Governor Andrew Bailey said that the bank was "justified" in its decision to raise interest rates by a surprise 50 basis points in June. Bank of England Governor Andrew Bailey said Wednesday that the bank was "justified" in its decision to raise interest rates by a surprise 50 basis points last week. Bailey said he accepted the criticism, but insisted that the Monetary Policy Committee remains committed to its task: to return inflation to 2%. Bailey was speaking on a panel alongside fellow central bank chiefs from the U.S. Federal Reserve, European Central Bank and the Bank of Japan. Fed Chair Jerome Powell said that he anticipated further interest rate hikes ahead, potentially at an aggressive pace.

Persons: Andrew Bailey, Bailey, CNBC's Sara Eisen, —, Jerome Powell Organizations: England, Bank of England, Monetary, Committee, Central, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Sintra , Portugal, Britain

☆ Jerome Powell: Strong majority in Fed committee wanted two or more rate hikes
▼ + stars: | 2023-06-28 | 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 EmailJerome Powell: Strong majority in Fed committee wanted two or more rate hikesTop central bankers from the world's largest economies sit down with CNBC's Sara Eisen at the 2023 ECB Forum for Central Banking in Sintra, Portugal.

Persons: Jerome Powell, CNBC's Sara Eisen Organizations: Central Banking Locations: Sintra , Portugal

☆ ECB President Christine Lagarde: Not seeing enough evidence underlying inflation is coming down
▼ + stars: | 2023-06-28 | 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 President Christine Lagarde: Not seeing enough evidence underlying inflation is coming downCNBC's Sara Eisen speaks with ECB President Christine Lagarde and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Lagarde at the event, presented by the European Central Bank, are Federal Reserve Chairman Jerome Powell, Bank of Japan Governor Kazuo Ueda and Bank of England Governor Andrew Bailey.

Persons: Christine Lagarde, Sara Eisen, Lagarde, Jerome Powell, Kazuo Ueda, Andrew Bailey Organizations: European Central Bank, Federal, Bank of Japan, Bank of England Locations: Sintra , Portugal

June 29 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The cold reality of 'higher for longer' interest rates that cooled investor sentiment on Wednesday will lend a cautious tone to Asian trading on Thursday, with investors also wary of potential action from Tokyo and Beijing on exchange rates. On the regional data front retail sales and consumer confidence from Japan and Australian retail sales take center stage, while investors with exposure to Vietnam will be paying close attention to second quarter GDP growth figures from Hanoi. Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins. Here are key developments that could provide more direction to markets on Thursday:- Japan retail sales and consumer confidence (May)- Australia retail sales (May)- Vietnam GDP (Q2)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Treasuries Organizations: Central, Wall, Apple, Thomson, Reuters Locations: Tokyo, Beijing, Japan, Vietnam, Hanoi, Sintra , Portugal, U.S, China, Australia

☆ Dollar flat, Aussie slides as inflation slows
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: +3 min

The Australian dollar fell sharply as consumer inflation eased in May. The dollar index is on course to log a decline of about 1.5% for the month. Meanwhile, the Australian dollar fell 0.72% to $0.6637 after the Australian consumer price inflation rate slowed to a 13-month low in May, driven by a sharp pullback in fuel. A measure of core inflation also cooled, in a sign interest rates might not have to rise again in July. The Japanese yen strengthened 0.16% to 143.81 per dollar, but remained close to the seven-month low of 144.18 it touched on Tuesday.

Persons: Rodrigo Catril, Jerome Powell's, Powell, Carol Kong, Bank of England's Andrew Bailey, Christine Lagarde, Kazuo Ueda, Lagarde, Sterling, CBA's Kong Organizations: U.S, Federal, Data, Fed, National Australia Bank, European Central Bank, Commonwealth Bank of Australia, Bank of England's, Bank, Bank of Japan, Ministry, Finance Locations: Sintra , Portugal

☆ Watch Fed Chair Jerome Powell speak live at a policy forum in Portugal
▼ + stars: | 2023-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell and other global central bank leaders speak Wednesday at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda. The forum comes two weeks after Powell and his Fed colleagues decided to take what is expected to be a temporary respite from a series of 10 consecutive interest rate increases that began in March 2022. Fed officials at the June meeting, though, penciled in two more hikes. Read more:Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'Fed Chair Powell says smaller banks likely will be exempt from higher capital requirementsListen to the music play: Fed Chair Jerome Powell admits to being a DeadheadSubscribe to CNBC on YouTube.

Persons: Jerome Powell, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan, ECB, CNBC, YouTube Locations: Sintra , Portugal

☆ S&P 500, Nasdaq futures down as chip stocks fall, focus on Powell
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

Semiconductor stocks including Intel (INTC.O), Marvell Technology (MRVL.O) and Qualcomm (QCOM.O) fell more than 1% each. Investors are focused on a panel discussion of key central bank policymakers including Powell and European Central Bank President Christine Lagarde at the ECB annual forum in Sintra, Portugal. The S&P 500 and Nasdaq hit more than one-year highs last week while the Dow scaled a six-month peak before hawkish comments from Powell sparked a selloff. Investors will also keep an eye on bank stocks, with the Fed scheduled to release 2023 results of its annual stress test of large banks after markets close on Wednesday. ET, Dow e-minis were up 20 points, or 0.06%, S&P 500 e-minis were down 4 points, or 0.09%, and Nasdaq 100 e-minis were down 36 points, or 0.24%.

Persons: Powell, Jerome Powell, Christine Lagarde, Russ Mould, AJ Bell, Dow, General Mills, Sruthi Shankar, Johann M, Vinay Dwivedi Organizations: Nasdaq, Dow, Federal, Nvidia, Devices, Wall Street Journal, Commerce Department, Semiconductor, Intel, Marvell Technology, Qualcomm, European Central Bank, ECB, Traders, Dow e, Boeing, Thomson Locations: China, U.S, Sintra , Portugal, Bengaluru

☆ ECB chief economist warns markets against pricing in rate cuts within the next two years
▼ + stars: | 2023-06-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

European Central Bank Chief Economist Philip Lane on Tuesday warned markets against pricing in cuts to interest rates within the next two years. Earlier this month, the ECB hiked its main rate by 25 basis points to 3.5%, making the latest in a series of increases since July 2022, as policymakers strive to reel in record-high inflation in the euro zone. Headline inflation across the bloc came in at an annual 6.1% in May, down from 7% the previous month. "Where I do think the market should ask itself questions is about the timing or the speed of reversal of restrictive policy," Lane said. His comments echoed those of ECB President Christine Lagarde, who said in a keynote address Tuesday that the central bank had made "significant progress" but "cannot declare victory yet."

Persons: Philip Lane, CNBC's Annette Weisbach, Lane, it's, Christine Lagarde Organizations: European Central Bank, ECB, Central Bank of Ireland Locations: Sintra, Portugal

☆ ECB forum: more tightening to come, top central bank chiefs warn
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. U.S. Federal Reserve Chairman Jerome Powell did not rule out further hikes at consecutive Fed meetings while European Central Bank President Christine Lagarde confirmed expectations the bank will raise rates in July, saying such a move was "likely". "Policy hasn't been restrictive enough for long enough," Powell told an annual gathering of central bankers hosted by the ECB in the Portuguese mountain resort of Sintra. "We are not seeing enough tangible evidence of the fact that underlying inflation, particularly domestic prices, are stabilising and moving down." While headline inflation was above 3%, the BOJ was keeping monetary policy easy because underlying inflation remained below its 2% target, Ueda said.

Persons: Kai Pfaffenbach, Jerome Powell, Christine Lagarde, Powell, Lagarde, Andrew Bailey, BoE, Bailey, Kazuo Ueda, Ueda, Balazs Koranyi, Francesco Canepa, Mark John, Catherine Evans Organizations: European Central Bank, REUTERS, . Federal, ECB, Bank of England, Bank of Japan, Thomson Locations: Frankfurt, Germany, SINTRA, Portugal, Sintra

☆ Fed Chair Jerome Powell: Inflation will be significantly about supply and demand in labor market
▼ + stars: | 2023-06-28 | 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 EmailFed Chair Jerome Powell: Inflation will be significantly about supply and demand in labor marketCNBC's Sara Eisen speaks with Federal Reserve Chairman Jerome Powell and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda.

Persons: Jerome Powell, Sara Eisen, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan Locations: Sintra , Portugal

☆ Treasury yields dip as investors weigh interest rate outlook
▼ + stars: | 2023-06-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

U.S. Treasury yields fell Wednesday as investors considered the path ahead for interest rates and awaited fresh comments from Federal Reserve Chairman Jerome Powell. Investors awaited the latest remarks from Powell, who will speak alongside central bank officials from around the world at the European Central Bank Forum on Central Banking in Sintra, Portugal, on Wednesday. Chiefs from the Bank of England, European Central Bank and Bank of Japan will join Powell. Investors are hoping to gain fresh insights into what policymakers expect for interest rates and inflation going forward. The central banks have taken varying approaches to their interest rate policies recently.

Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Federal, Investors, European Central Bank, Central Banking, Wednesday, Chiefs, Bank of England, European Central Bank and Bank of Japan, Powell, Fed, Bank of Japan Locations: Sintra , Portugal, U.S

☆ Fed's Powell on interest rate hikes: More restriction coming because of strong labor market
▼ + stars: | 2023-06-28 | 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 EmailFed's Powell on interest rate hikes: More restriction coming because of strong labor marketCNBC's Sara Eisen speaks with Federal Reserve Chairman Jerome Powell and other global central bank leaders Wednesday morning at a monetary policy forum in Sintra, Portugal. Joining Powell at the event, presented by the European Central Bank, are ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda.

Persons: Fed's Powell, Sara Eisen, Jerome Powell, Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda Organizations: Federal, European Central Bank, Bank of England, Bank of Japan Locations: Sintra , Portugal

☆ UK showing signs of persistent inflation, BoE's Bailey says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

SINTRA, Portugal, June 28 (Reuters) - Bank of England Governor Andrew Bailey said last week's rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. "The cumulative data - both particularly on the labour market and on the inflation release we had, which to us showed clear signs of persistence - caused us to conclude that we had to make really quite a strong move," Bailey said at a European Central Bank forum in Sintra, Portugal. Bailey added that in his view the unexpected half-point rate rise was preferable to two consecutive quarter-point moves. Reporting by Balazs Koranyi and Francesco Canepa; writing by David Milliken; editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Bailey, BoE, Bailey, Balazs Koranyi, Francesco Canepa, David Milliken, William Schomberg Organizations: Bank of England, European Central Bank, Thomson Locations: SINTRA, Portugal, Sintra , Portugal

☆ Powell says more 'restriction' is coming, including possibility of hikes at consecutive meetings
▼ + stars: | 2023-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Chairman Jerome Powell talked tough on inflation Wednesday, saying at a forum that he expects multiple interest rate increases ahead and possibly at an aggressive pace. "We believe there's more restriction coming," Powell said during a monetary policy session in Sintra, Portugal. Assuming a quarter point per meeting, that would mean two more hikes. Most economists think the rate increases ultimately will pull the U.S. into at least a shallow recession. "Bank credit availability and credit can move down a little bit with a bit of a lag.

Persons: Jerome Powell, Powell, CNBC's Sara Eisen, Christine Lagarde, Kazuo Ueda, Andrew Bailey, wouldn't, that'll Organizations: European Central Bank . Markets, Dow Jones, Valley Bank, Bank, " Bank of Japan, Bank of England Locations: Sintra , Portugal, The

☆ Fed Chair Powell: Not ruling out back-to-back rate hikes
▼ + stars: | 2023-06-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell doubled down Wednesday on the hawkish view that the central bank isn’t done tamping down inflation, and could even implement consecutive rate hikes at its upcoming monetary policy meetings. An often-cited paper by former Fed chair Ben Bernanke argued that the labor market has had a minor, but persistent, impact on inflation that can only be remedied by the economy slowing further. That makes a case for more rate hikes. The labor market has held remarkably steady in recent months, routinely bucking expectations. Employers added a robust 339,000 jobs in May, while the unemployment rate ticked up to a still-low 3.7% that month.

Persons: Jerome Powell, ” Powell, haven’t, Powell, Ben Bernanke Organizations: DC CNN — Federal, European Central Bank Locations: Washington, Sintra , Portugal

June 27 (Reuters) - U.S. stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes. While the economic data was encouraging, Rhys Williams, chief strategist at Spouting Rock Asset Management, said the market also rose on seasonal factors. "You'd a bad week in the stock market last week and a bad day on Monday. According to preliminary data, the S&P 500 (.SPX) gained 49.25 points, or 1.14%, to end at 4,378.07 points, while the Nasdaq Composite (.IXIC) gained 219.71 points, or 1.65%, to 13,555.49. Signs of U.S. economic resilience also boosted the Dow Transports index (.DJT) and small-cap Russell 2000 index (.RUT).

Persons: Rhys Williams, It's, Williams, Russell, Jerome Powell's, hawkish, Dow, Sinéad Carew, Sruthi Shankar, Johann M, Terence Gabriel, Shinjini Ganguli, Richard Chang Organizations: Federal, Management, Dow, Nasdaq, Dow Jones, Dow Transports, Traders, bps, European Central Bank, Microsoft Corp, Apple Inc, Amazon.com Inc, Tesla Inc, Nvidia Corp, Inc, Citigroup, Nvidia, Walgreens Boots Alliance, CVS Health Corp, Rite Aid Corp, Lordstown Motors Corp, U.S, Thomson Locations: Sintra , Portugal, U.S, New York, Bengaluru

Finance Minister Shunichi Suzuki said on Tuesday: "We will closely watch currency market moves with a strong sense of urgency and will respond appropriately if the moves become excessive." Japan intervened to boost the yen last year when it weakened past the 145 per dollar level. "Euro-dollar is a bit stronger this morning, we had probably a bit of help from hawkish ECB (European Central Bank) comments this morning," said ING's Pesole. Latvian central bank governor and ECB official Martins Kazaks said in Portugal on Tuesday that the central bank will likely keep hiking interest rates after July. China's central bank set its daily yuan fixing stronger than market expectations for a second day in a row on Tuesday.

Persons: paring, Shunichi Suzuki, Francesco Pesole, ING's Pesole, Martins Kazaks, Kazaks, Christine Lagarde, Jerome Powell, Andrew Bailey, Kazuo Ueda, Lagarde, Vladimir Putin, Wagner, Sterling, Harry Robertson, Rocky Swift, Barbara Lewis, Conor Humphries, Chizu Organizations: Central, . Finance, Bank of Japan, ING, hawkish ECB, European Central Bank, ECB, Federal, Bank of England, Wednesday, Thomson Locations: TOKYO, Japan, Sintra, Portugal, Latvian, Russian, China, China's, London, Tokyo

☆ S&P 500, Nasdaq futures edge higher ahead of economic data
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Growth stocks rise in early tradeWalgreen Boots slides after profit warningInvestors await data, Powell speechFutures: Dow off 0.05%, S&P up 0.15%, Nasdaq climbs 0.39%June 27 (Reuters) - Futures tracking the S&P 500 and Nasdaq rose on Tuesday, ahead of economic data that could offer hints on the Federal Reserve's monetary tightening plans, while a profit warning from Walgreen Boots weighed on Dow futures. Market participants are focusing on economic data and the European Central Bank Forum in Sintra, Portugal where several key policymakers including Fed Chair Jerome Powell will speak this week. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were up 6.75 points, or 0.15%, and Nasdaq 100 e-minis were up 58 points, or 0.39%. Snowflake (SNOW.N) climbed 3.5% after the cloud data analytics company announced partnership with Nvidia (NVDA.O) to allow customers to build AI models using their own data. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Powell, Boots, Jerome Powell, Stuart Cole, Premier Li Qiang, Bernstein, Sruthi Shankar, Ankika Biswas, Shinjini Organizations: Dow, Nasdaq, Federal, Walgreens Boots Alliance, Nvidia, European Central Bank, Dow e, Alibaba, Premier, Google, Foxconn, Thomson Locations: megacap, Sintra, Portugal, U.S, Bengaluru

TOKYO, June 27 (Reuters) - The U.S. dollar held firm against major currencies on Tuesday as tension simmered in Russia and traders looked ahead to U.S. data that may determine the timing of further interest rate hikes. The Russian rouble weakened 0.41% versus the dollar at 84.75 after hitting its weakest level since March 2022. Japan intervened to boost the yen last year when it weakened past the 145 per dollar level. U.S. data this week include new orders for durable goods, housing figures, and consumer surveys from The Conference Board and University of Michigan. If the U.S. economic data comes out on the strong side, then further pricing in for the two rate hikes will push up the dollar," Yamamoto said.

Persons: Vladimir Putin, Shunichi Suzuki, Masafumi Yamamoto, Yamamoto, Christine Lagarde, Sterling, Rocky Swift, Christopher Cushing, Barbara Lewis Organizations: U.S, Japanese Finance, Conference Board, University of Michigan, Federal Reserve, Mizuho Securities, European Central Bank, ECB, Central Banking, Thomson Locations: TOKYO, Russia, Russian, U.S, Sintra , Portugal, China, China's

☆ European shares rise as China optimism lifts miners
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - European shares rose on Tuesday as miners gained after hopes of more policy support from China lifted metal prices, while shares of JD Sports dipped even after the British retailer stuck to its profit forecast. The pan-European STOXX 600 index (.STOXX) was up 0.5% by 0813 GMT, after falling for six sessions in a row. China's Premier Li Qiang said the country's economic growth in the second quarter would be higher than the first and was expected to reach the annual economic growth target of around 5%. JD Sports Fashion (JD.L), however, fell 4.1% to the bottom of the STOXX 600 after the company flagged some softening in trade in its North American business in June. Reporting by Amruta Khandekar; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Christine Lagarde, Amruta Khandekar, Rashmi Organizations: JD Sports, Miners, Prudential Plc, European Central Bank, Thomson Locations: China, Sintra

At present, minimum reserves are remunerated at the ECB's deposit rate, now 3.5% after a string of interest rate hikes to tame inflation. The sources said some staff advocate leaving an adjustment of the corridor until the ECB ends its current tightening cycle, with the final move a change in the deposit rate. The ECB has given itself a year-end deadline to decide, the sources said, although details could take longer to work out. Now, the deposit rate effectively sets an interest rate floor, similar to the way U.S. Federal Reserve rates function and the sources indicated this was likely to remain the case. Such a "demand driven floor-system" would let the ECB add excess liquidity as needed as opposed to running a permanently oversized balance sheet.

Persons: Isabel Schnabel, Catherine Evans Organizations: Staff, Senior European Central Bank, Reuters, Market, ECB, Federal, Bank of England, Thomson Locations: Helsinki, SINTRA, Portugal, Sintra, Finland

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