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"There has been significant upside news in recent data that indicates more persistence in the inflation process," the MPC said. BoE policymakers had given little indication that a half-point rate increase was under consideration in the run-up to Thursday's announcement. Expectations for BoE rate tightening have surged in recent days - sharply raising the cost of new mortgages - and before Thursday's decision financial markets expected the BoE's Bank Rate to peak at 6% by the end of the year. The central bank also noted that short-dated British government bond yields had risen sharply - pricing in an average level of Bank Rate of 5.5% for the next three years. Last month the central bank forecast that inflation would fall to just over 5% by the end of this year and be below its 2% target in early 2025.

Persons: BoE, Silvana Tenreyro, Swati Dhingra, Andrew Bailey, Jeremy Hunt, Joachim Nagel, Jerome Powell, David Milliken, Suban Abdulla, BRITAIN BOE Organizations: Bank of England, MPC, Reuters, Central, U.S . Federal, Thomson Locations: Ukraine, Swedish, Norwegian, Britain

☆ ECB policymakers line up behind rate hike plans
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

Underlying inflation eased to 5.3% in May, but a big chunk of the drop was due to a one-off administrative discount in German transport prices. Wunsch has said in the past that the ECB's deposit rate could hit 4% if underlying inflation did not moderate. Joining the chorus behind rate hikes, Estonian central bank chief Madis Muller said more rate action is needed. "Euro zone interest rates have not yet peaked," Muller said in a statement. "The ultimate goal is clear for the central bank - we need to quickly get the price rise under control."

Persons: Joachim Nagel, Pierre Wunsch, Wunsch, Austria's Robert Holzmann, Gediminas Simkus, Madis Muller, " Muller, Balazs Koranyi, Andrius Sytas, Julia Payne, Francois Murphy, Terje Solsvik, Alex Richardson, Toby Chopra, Jan Harvey Organizations: Central Bank, ECB, Thomson Locations: FRANKFURT, Belgian, U.S, Estonian

☆ Bundesbank sees German economy shrinking this year
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 16 (Reuters) - The German economy, Europe's biggest, will shrink this year and inflation will stay above 2% at least through 2025, the Bundesbank said on Friday in a biannual update of its projections. "The German economy is set to recover only arduously from the crises of the past three years," the Bundesbank said. The Bundesbank now sees the German economy contracting by 0.3% this year, a worse outcome than the European Commission's 0.2% expansion projection. The economy will then grow by 1.2% next year and 1.3% in 2025, both below previous forecasts, the central bank said. "With regard to inflation, risks are tilted to the upside," the Bundesbank said.

Persons: Joachim Nagel, Nagel, Balazs Koranyi, Andrew Cawthorne Organizations: European Central Bank, ECB, Thomson Locations: FRANKFURT, German

☆ Euro zone consumers more hopeful on inflation
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +3 min

[1/2] A shopper pays with a five Euro bank note to buy eggs at a local market in Nice, France, April 26, 2023. REUTERS/Eric GaillardFRANKFURT, June 6 (Reuters) - Euro zone consumers lowered their inflation expectations, a fresh European Central Bank survey showed on Tuesday, a relief for policymakers after an unexpected surge a month earlier, even if underlying price growth is still likely to be stubborn. Still, Knot warned that it could still take some time before inflation, at 6.1% in May, is fully under control. "Because inflation was high for a long period, underlying inflationary pressures have built up," Knot said in a speech. The ECB's consumer expectations survey also included a new nugget that could support arguments for more cautious policy tightening.

Persons: Eric Gaillard FRANKFURT, Klaas, Joachim Nagel, Francois Villeroy de Galhau, Balazs Koranyi, Bernadette Baum, Sharon Singleton Organizations: REUTERS, European Central Bank, ECB, Thomson Locations: Nice, France

The pan-European STOXX 600 index (.STOXX) ended 0.4% lower after a survey showed the U.S. services sector barely grew in May, while factory orders rose less than expected. "There's a bit of profit taking after some of the moves we've had recently," said Steve Sosnick, chief strategist at Interactive Brokers. "The economic reports that we've gotten around the world (signal) a somewhat slowing economy." Shares of Indivior Plc (INDV.L) jumped 7.8% to top the STOXX 600 index after the drugmaker agreed to pay $102.5 million to settle a lawsuit for its opioid addiction treatment Suboxone. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips, Dhanya Ann Thoppil and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: we've, Steve Sosnick, Christine Lagarde, Joachim Nagel, Shreyashi Sanyal, Sherry Jacob, Phillips, Dhanya Ann Thoppil, Richard Chang Organizations: PMI, Interactive, U.S . Federal, European Central Bank, Amazon.com Inc, Indivior Plc, Trendyol, Viaplay, Volvo, Copenhagen Stock Exchange, Thomson Locations: U.S, Alibaba, Swedish, Sweden, Bengaluru

☆ TipRanks reveals the top 10 services sector analysts of the past decade
▼ + stars: | 2023-06-04 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

TipRanks recognized the 10 best analysts in the services sector for identifying the best investment opportunities. TipRanks leveraged its Experts Center tool to zoom in on analysts with a high success rate, and analyzed every recommendation made by analysts in the services sector over the past decade. TipRanks' algorithms calculated the statistical significance of each rating, the average return, and analysts' overall success rate. Top 10 analysts from the consumer goods sectorThe image below shows the most successful Wall Street analysts from the services sector. Jake Bartlett - Truist FinancialJake Bartlett has the 10th spot on the list, with a success rate of 66%.

Persons: JACK CELH TFII, Simon Dawson, TipRanks, Jason Seidl, Cowen Jason Seidl, Patrick Brown, Raymond James Patrick Brown, Scot Ciccarelli, Brian Nagel, Oppenheimer Brian Nagel, Carlo Santarelli, Gary Prestopino, Barrington, Helane Becker, Cowen, Walter Spracklin, Spracklin, Jeff Van Sinderen, Jake Bartlett Organizations: Deutsche Bank, Reuters, Truist, FIVE, Caesars Entertainment, United Airlines Holdings, RBC, RBC Capital, TFI, Holdings Locations: London, Britain, Canadian

☆ Advance Auto Parts shares plummet 30% after dismal results, cuts to outlook and dividend
▼ + stars: | 2023-05-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Shares of Advance Auto Parts plummeted roughly 30% during early trading Wednesday after the company's fiscal first-quarter earnings significantly missed Wall Street's expectations and executives slashed the retailer's yearly guidance and quarterly dividend. The Raleigh, North Carolina-based auto parts supplier blamed its dismal results and bleaker outlook on higher-than-expected costs for its professional sales, inflationary pressure, supply chain problems and an unfavorable product mix. Its quarterly revenue of $3.42 billion slightly missed expectations of $3.43 billion. Shares of other auto parts suppliers such as O'Reilly Automotive and AutoZone were also lower Wednesday. However, some Wall Street analysts believe Advanced Auto Parts' problems could be more operational than industrywide.

Persons: Refinitiv, Tom Greco, Oppenheimer, Brian Nagel Organizations: Advance, O'Reilly Automotive, O'Reilly Auto Locations: Raleigh, North Carolina

☆ Major central banks were expected to pause rate hikes soon. Now it's not so clear cut
▼ + stars: | 2023-05-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThe market has long been pricing in interest rate cuts from major central banks toward the end of 2023, but sticky core inflation, tight labor markets and a surprisingly resilient global economy are leading some economists to reassess. Economic resilience and persistent labor market tightness could exert upward pressure on wages and inflation, which is in danger of becoming entrenched. The Bank of England The U.K. faces a much tougher inflation challenge than the U.S. and the euro zone, and the U.K. consumer price inflation rate fell by less than expected in April. Meanwhile core inflation jumped to 6.8% from 6.2% in March, which will be of greater concern to the Bank's Monetary Policy Committee. Risk management considerations will, we think, force the MPC to push rates higher and further than previously intended."

☆ Do You Have What It Takes to Be Kendall Roy’s Assistant?
▼ + stars: | 2023-05-26 | by ( Callie Holtermann | ) www.nytimes.com time to read: +1 min

Ms. Nagel said she had enjoyed learning to solve the problems of the ultrarich. The dog spent a week at sea being doted on by Ms. Nagel and the ship’s crew while the family ignored him. A week later, Ms. Nagel said, she found a family ashore to adopt the Pomeranian. “She starts to want to speak her mind a little more this season, but she’s still an assistant,” Ms. Canfield said in an interview at the Season 4 premiere. Other onscreen assistants expose viewers to workplace sexism (Julia Garner in “The Assistant”) and racism (Rex Lee in “Entourage”).

☆ German economy enters recession as first-quarter GDP data is revised lower
▼ + stars: | 2023-05-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The German economy entered a technical recession in the first quarter of this year, as households tightened spending. Data from the German statistics office on Thursday showed a downward revision to GDP (gross domestic product) from zero to -0.3% for the first three months of the year. The European Central Bank is expected to raise rates again at its next meeting on June 15. German Central Bank Governor Joachim Nagel said earlier this week that the ECB has "several" more rate increases ahead. He is one of the most hawkish members of the central bank.

☆ Mediobanca sells bad loan purchase business ahead of new plan
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

Banca IFIS (IF.MI) agreed to buy Revalea, a unit Mediobanca set up last year by separating purchasing from management of bad debts. It was the second deal announced by Mediobanca in days as it prepares to present a new business plan through 2026 on Wednesday. Revalea, with a staff of 22, holds 6.8 billion euros in unsecured bad loans, which have a net book value (NBV) of 256 million euros. However, by freeing the bank of bad loans, the deal will add around 10 basis points to core capital, it said. The acquisition will allow IFIS to achieve a bad loan purchase target of 30 billion euros in gross terms and 1.8 billion net set out under its 2022-2024 plan.

☆ Mediobanca dips toe into tech M&A shark tank
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

Mediobanca (MDBI.MI), the 8.5-billion-euro financial group run by veteran CEO Alberto Nagel, said on Thursday it had agreed to buy London-based Arma Partners, an advisory boutique that specializes in technology deals. With revenue in excess of $100 million, or about 90 million euros, Arma should add more than 10% to Mediobanca’s annual net fees and commission of 850 million euros. The French boutique’s contribution, although a record, stood at 63 million euros in the financial year that ended in June 2022. Buying Arma allows Mediobanca to gain expertise in growing areas like cloud services, software and cybersecurity, which are outside the Italian bank’s core strengths. Star banker Erik Maris left Mediobanca a year after Nagel clinched the purchase of a 66% stake in the boutique.

☆ Mediobanca buys Arma Partners to boost tech advisory offer
▼ + stars: | 2023-05-18 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The acquisition, which Mediobanca expects to boost its fee income by 10%, comes ahead of a new three-year strategy CEO Alberto Nagel will unveil on May 24. In the same year, it advised Germany's Aareal Bank (ARLG.DE) on the sale of a stake in its $1.1 billion software unit Aareon to Advent International. The deal will boost earnings per share, based on last year's figures, Mediobanca said, without elaborating. With 86 staff and some $100 million in yearly revenue, Arma was founded in 2003 by Paul-Noël Guély, a former head of software and services investment banking at Goldman Sachs. Arma has offices also in Munich, a U.S. presence and a network of affiliated advisory firms in Japan, Australia, Israel, Turkey and Brazil.

☆ Oppenheimer's Brian Nagel on Home Depot Q1 earnings: This is a weak report
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOppenheimer's Brian Nagel on Home Depot Q1 earnings: This is a weak reportBrian Nagel, Senior Equity Research Analyst at Oppenheimer, joins 'Squawk Box' to break down Home Depot's Q1 earnings results, which missed Wall Street's revenue expectations, and what this means for other retailers.

☆ Home Depot shares dip on revenue miss. Here's how the pros are playing it
▼ + stars: | 2023-05-16 | by ( Joshua Natoli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome Depot shares dip on revenue miss. Here's how the pros are playing itJim Cramer, Brian Nagel of Oppenheimer & Co., Jim Lebenthal of Cerity Partners, Josh Brown of Ritholtz Wealth Management and Stephanie Link of Hightower Advisors on what they think about Home Depot after it reported its biggest quarterly revenue miss in more than 20 years.

While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.

☆ G7 agreed global financial system resilient but needs vigilance, Japan finmin says
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] Japan's Finance Minister Shunichi Suzuki, Germany's Finance Minister Christian Lindner, Britain's Chancellor of the Exchequer Jeremy Hunt, Joachim Nagel, President of Germany's federal reserve... Read moreNIIGATA, Japan, May 13 (Reuters) - Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday. "We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said. British finance minister Jeremy Hunt told reporters at a separate event that G7 finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation. The ministers have wrapped up a three-day meeting in the Japanese city of Niigata. Reporting by Tetsushi Kajimoto and Leika Kihara; Writing by David Dolan Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ What Home Depot's billion-dollar pay raise may help prove about workers
▼ + stars: | 2023-04-30 | by ( Bob Woods | ) www.cnbc.com time to read: +7 min

"We are confident we can make the investments needed to remain competitive in a tight labor market while also growing our profitability." "The [home improvement] environment seems to be weakening, not accelerating, and therefore incremental wage investments at this time would open the door to more questions and surprise. "They're behaving as they should given the tight labor market, showing leadership and not just thinking about a 12-month timeframe. And in a tight labor market, it's getting increasingly difficult to keep talent [if] you pay unlivable wages and [offer] few opportunities for growth and success." It's hard to say when, and if, Home Depot will see a demonstrable return on the monumental expenditure for its frontline workers.

☆ Here are the biggest winners from Bed Bath & Beyond's bankruptcy filing
▼ + stars: | 2023-04-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after failing to raise enough money to stay in business. The company is asking a New Jersey bankruptcy court permission to auction its namesake and Buy Buy Baby brands. "Comments from BBBY suggest that if a buyer of the company does not emerge, management plans to gradually wind down operations. The company currently operates 360 namesake locations and 120 Buy Buy Baby stores. "We are hard-pressed to envision Wayfair shares moving appreciably higher until the company's business model showcases improved, broad-based fundamental momentum.

☆ We expect business to pick up in the second half of the year, says logistics company
▼ + stars: | 2023-04-21 | 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 EmailWe expect business to pick up in the second half of the year, says logistics companyCEO of Kuehne+Nagel, Stefan Paul, shares the company's outlook with CNBC's Christine Tan.

☆ We will benefit from rising domestic demand from China and India, says logistics company
▼ + stars: | 2023-04-21 | 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 EmailWe will benefit from rising domestic demand from China and India, says logistics companyKuehne+Nagel's CEO, Stefan Paul, tells CNBC's Christine Tan why more of the company's growth will come from Asia.

☆ ECB told not to take banks' word for it when assessing risk
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, April 17 (Reuters) - The European Central Bank should stop relying on banks' self-assessments when setting capital requirements and do its own homework instead, independent experts said on Monday. It was the most notable recommendation in a report commissioned by the ECB to evaluate its work on the key task as the euro zone's top financial supervisor, namely to decide how much capital banks must have to absorb losses. The ECB has been blending its analysis with the banks' own to come up with capital requirements. They told the ECB to change the way it sets capital demands and focus "on specific risks requiring additional capital coverage, while significantly limiting the use of ICAAPs". Fellow ECB supervisor Elizabeth McCaul welcomed a recommendation to use more "qualitative measures" with banks, which she said could include "limitations on business activity, demanding changes in the board and management, and monetary sanctions".

Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.

☆ Lululemon reportedly exploring a sale of Mirror, the struggling fitness tech brand it bought for $500 million
▼ + stars: | 2023-04-17 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Lululemon purchased Mirror in 2020 for $500 million. An analyst said selling Mirror could eliminate a "distraction" for Lululemon. While Lululemon's Mirror business has struggled, its overall business remains strong. "As previously announced, we are shifting the focus of Lululemon Studio from a hardware-centric offering to one that is also focused on digital app-based services going forward. At an investor day last year, Lululemon rolled out a new plan for Mirror, including the launch of Lululemon Studio, a membership plan for its Mirror device.

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