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☆ European shares edge higher ahead of more Wall St earnings
▼ + stars: | 2023-04-17 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

Rate-sensitive technology shares <.SX8P> fell 1.2% tracking overnight losses on Wall Street, while banking shares (.SX7P), which were the biggest gainers on Friday, fell 0.3% . Investors will closely monitor a slew of earnings reports led by Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) due later in the week. Last week, Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. "Cautious optimism is the Monday motivation mantra, as stronger U.S. corporate news and signs of consumer resilience help to mask ongoing worries about the knock-on effect of higher interest rates," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. Shares of Rovio (ROVIO.HE) rose 17.8% after Japan's Sega (6460.T) agreed to launch a 706 million euro offer for Angry Birds maker.

☆ Euro zone inflation could get stuck above target: ECB's Nagel
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

"Rather, in my opinion, further interest rate hikes will be required." "Risks to price stability are currently tilted to the upside," Nagel said. "It is not a given that we will return to price stability over the medium term." Nagel called for more policy tightening even as he acknowledged that the vast majority of the 350 basis points of moves since July have yet to feed through to prices. He said that the ECB looked at how key variables reflected policy tightening and concluded about a month ago that pass-through to GDP was around 30% while to inflation roughly 20%.

☆ Marketmind: Banks to test soft landing thesis
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets have surged this week on renewed hopes of disinflation, peak interest rates and a soft economic landing - and earnings from Wall Street's biggest banks now test the thesis. Markets will be most focussed on bank guidance on how much the March bank failure will crimp lending going forward. Next month's expected interest rate rise from the Federal Reserve is now expected to be the last and futures see up to 70 basis points of cuts from that point to year-end. And with China's booming trade numbers for last month also suggesting the world economy at large will comfortably skirt recession this year, "soft landing" hopes are back in vogue. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Core inflation to start improving before summer break - ECB's Nagel
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 13 (Reuters) - Core inflation rates in the euro zone will begin improving in the coming months, but the European Central Bank still has a way to go with monetary policy, ECB policymaker Joachim Nagel said on Thursday. "We expect core inflation will show first movements in the right direction before the summer break," the head of Germany's central bank said on the sidelines of an International Monetary Fund meeting in Washington. He cited encouraging inflation data from the United States as showing that central banks' interest rate hikes are working. However, the United States began its rate hike cycle earlier, Nagel said, adding that he expected the ECB's tightening cycle to be continued. While inflation in the euro zone dropped by the most on record in March, a measure that excludes energy and food prices, known by economists as core inflation and seen as a better gauge of the underlying trend, accelerated.

☆ Marketmind: Dollar skids, China revs
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +4 min

The dollar's DXY index - the Swiss franc hit its strongest level in more than two years. Taking in all the information, futures markets still show a near 75% chance of another quarter point rate rise to the 5.0-5.25% range in May, but more than 60 basis points of cuts from there to yearend. Two-year Treasury yields were stuck at 4%, with producer price inflation and weekly jobless up next on Thursday's data calendar. European markets were further pepped by reports the European Central Bank was minded to downsize its rate hikes to a quarter point in May after six successive half point moves. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Germany's energy crisis is 'more or less solved' and its economy is safe, Bundesbank's Nagel says
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

"The German economy proved a lot over the past couple of weeks and months, so the adaptation capacity of the German industry is pretty high, the energy crisis is more or less solved. But core inflation — which strips away volatile food, energy, alcohol and tobacco prices — increased to an all-time high of 5.7%. Nagel said the persistence of high core inflation showed the ECB Governing Council, in which he is considered one of the more hawkish members, has further to go in tightening monetary policy. He expects core inflation to eventually follow the headline figure downwards, but reiterated that policymakers have to "stay really alerted when it comes to the inflation story." "There is no contradiction between what we have to do on the price stability side and on the financial stability side," he said.

☆ German government is satisfied with consultations to reform the World Bank
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 13 (Reuters) - The German government is satisfied with the consultations at the World Bank's spring meetings and the initial progress made towards a fundamental reform of the development bank, Germany's finance minister said on Thursday in Washington. The minister, Christian Lindner, said he had met Ajay Banga, the U.S. nominee to head the World Bank and former Mastercard (MA.N) CEO. "I am very impressed with the candidate for the presidency of the World Bank," Lindner said. Bundesbank President Joachim Nagel added that the clear separation between the International Monetary Fund (IMF) and the World Bank must be maintained. The World Bank has development tasks, the IMF is concerned with the debt sustainability of countries in financial distress.

☆ The 'energy crisis is solved' and the German economy is safe, Bundesbank's Nagel says
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

☆ German central bank president says Europe's energy crisis is over, 'really positive' on the outlook
▼ + stars: | 2023-04-12 | 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 EmailGerman central bank president says Europe's energy crisis is over, 'really positive' on the outlookJoachim Nagel, president of the Germany's Bundesbank and one of the ECB's more hawkish members, discusses Europe's energy crisis, the outlook for next winter and the fight against inflation.

Two of Germany's largest airports, Munich and Frankfurt, suspended flights, while long-distance rail services were cancelled by rail operator Deutsche Bahn (DBN.UL). "Millions of passengers who depend on buses and trains are suffering from this excessive, exaggerated strike," a Deutsche Bahn spokesperson said on Monday. At the same time, in France they go on strike all the time about something," said passenger Lars Boehm. The head of the Bundesbank Joachim Nagel said last week Germany needed to avoid a price-wage spiral. "Despite signs of second-round effects, we have not observed a destabilising price-wage spiral in Germany so far."

☆ Morning Bid: Banks queue round the block at Fed discount window
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Wayne ColeIt's been a slow day in Asian markets, no doubt with everyone tired and emotional after another rough week. The whole yield curve from one month to 30 years is now below the overnight Fed rate, which is something you see only once in a very blue moon. Rather, history shows the curve steepens like this just before recession arrives, as short-term yields dive in anticipation of rate cuts. Fed futures are currently 65% for no hike in May and 85% for a rate cut in July, a U-turn that the Fed is surely hoping to avoid. Yet the strains are showing in the Fed books as borrowing at its discount window as of Wednesday was a hefty $110.2 billion.

☆ Stocks up, bond yields fall as markets mull a Fed policy pause
▼ + stars: | 2023-03-23 | by ( Koh Gui Qing | ) www.reuters.com time to read: +4 min

The Fed's hint of a pause after announcing a quarter-point rate rise on Wednesday, even as it re-stated its commitment to fight inflation, provided relief to markets. "Note the modern-day history book of Fed pauses is very bullish for stocks," Innes said. In Europe, news of the rate hikes in Switzerland and Britain helped push the European-wide STOXX 600 share index (.STOXX) down 0.21%. For bond markets it meant European government bond yields - which reflect borrowing costs - were heading down again. German Bunds were back at 2.25%, having seen 10-year U.S. Treasury yields dip back below 3.5%.

☆ Central banks stick to rate hikes with eye on market turmoil
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +5 min

Overall, 10 developed economies have raised rates by a combined 3,290 basis points (bp) in this cycle to date. Reuters Graphics1) UNITED STATESThe Fed raised rates by a quarter point on Wednesday, continuing its most aggressive series of hikes since the 1980s. After setting its policy rate to 4.75%-5.00%, the Fed hinted it may soon pause rate rises. Reuters Graphics3) CANADAThe Bank of Canada on March 8 became the first major central bank to halt monetary tightening during this cycle. Reuters Graphics5) AUSTRALIAAustralia's central bank raised its key rate by a quarter point to 3.6% in March, the highest since May 2012, but hinted rate hikes may be over for now.

☆ Rally splutters as Europe ploughs on with rate hikes
▼ + stars: | 2023-03-23 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

The European-wide STOXX 600-share index (.STOXX) fell 0.75% with banks and insurers the main culprits again, suffering 1.6%-2% drops. Norway had also hiked, although MSCI's main world share index (.MIWD00000PUS) was still in positive territory after overnight gains in Asia. Focus now shifts to the Bank of England, with investors expecting a quarter-percentage-point increase in its main rate after a surprise jump in inflation squashed hopes of it pausing its tightening campaign. /FRXElsewhere in the bond markets, although UK yields were up those on German Bunds were down at 2.281%, happy to match the falls seen on 10-year U.S. Treasuries yields that had taken them to 3.440%. Germany's European Central Bank rate setter Joachim Nagel had even said he now thought the ECB was "approaching restrictive territory" with its rates, referring to a level that curtails growth.

☆ Morning Bid: Leaning back to Fed hike, UK inflation jolt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

Two weeks of U.S. and European banking stress and failures leaves the Federal Reserve and other major central banks in the unenviable position of choosing between stabilising financial systems and fighting still historically high inflation. On top of that, the latest quarterly economic projections from Fed policymakers may reveal a big dispersion of views. Beyond the Fed, the dire UK inflation reading seems to have solidified expectations of another BoE rate rise on Thursday and a further move later in the year. If nothing else, it underlines in red ink just how all central banks are totally dependent now on incoming data evidence on what's happening in the real economy. With the U.S. dollar lower across the board ahead of the Fed meeting, sterling hit its highest level since early February.

☆ Bundesbank chief: rate-setters must be ‘stubborn’ in inflation fight -FT
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Eurozone policy-setters must be "stubborn" and continue increasing borrowing costs to battle inflation, Bundesbank chief Joachim Nagel told the Financial Times in comments published on Wednesday. “Our fight against inflation is not over,” Nagel told the newspaper, adding that he certainly felt "price pressures are strong and broad-based across the economy." Nagel said it was possible for European banks to become more cautious in lending following the turmoil. But he dismissed concerns it could affect them, saying it was "too early" to conclude the region was heading for a credit crunch. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Christian Schmollinger and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Euro pushes higher as ECB chief Lagarde says inflation is still too high
▼ + stars: | 2023-03-22 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The euro traded higher against the U.S. dollar Wednesday, following comments from the European Central Bank President Christine Lagarde that inflation is "still high." However, inflation is still high, and uncertainty around its path ahead has increased. "With high uncertainty, it is even more important that the rate path is data-dependent," she said. This implies additional uncertainty around the baseline for both growth and inflation," Lagarde said. Her comments follow remarks by Joachim Nagel, German central bank chief and ECB member, who noted that the fight against high inflation "is not over".

☆ Bundesbank deputy chief picked for ECB supervision role
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 10 (Reuters) - Bundesbank Vice President Claudia Buch was appointed on Friday to the European Central Bank's Supervisory Board, less than one year before board chair Andrea Enria's term of office expires. The reshuffle at the German central bank comes after Wuermeling decided to leave at the end of the year to take up another job, prompting Bundesbank President Joachim Nagel to assign new board responsibilities effective April 1. The new chair of the Supervisory Board, due to take office in January, is picked by the ECB's 26-member Governing Council and will be formally appointed by the European Union Council following the approval of the European Parliament. Buch, already responsible for financial stability issues, will remain the Bundesbank's vice president. Reporting by Balazs Koranyi; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

CASE FOR A SWIFT RETREAT1/ ENERGY PRICESTumbling energy prices are pulling down headline inflation. U.S. inflation rose 6.4% in January, the smallest rise since October 2021, from a 9.1% high last June. Instead, corporate profits have accounted for the lion's share of domestic euro zone price pressures since 2021, ECB data shows. A recent IMF study going back to the 1960s found that only in a small minority of cases where wages and inflation rose together for several quarters did sustained inflation result. The chief executive of Gunvor, a top oil trader, sees oil prices rising in the second half of 2023 on renewed Chinese demand.

☆ Italy's Visco raps ECB colleagues in widening hawk-dove divide
▼ + stars: | 2023-03-08 | by ( Gavin Jones | ) www.reuters.com time to read: +2 min

ROME, March 8 (Reuters) - European Central Bank governing council member Ignazio Visco on Wednesday criticized some fellow policymakers for comments on future interest rates that diverged from what had been agreed at ECB meetings. "For this reason I don't appreciate comments by my colleagues regarding future and prolonged increases in rates," Visco added, in unusually blunt remarks that highlight a widening rift at the Frankfurt-based ECB. Visco said that while the ECB had managed to stabilise inflation expectations, geopolitical uncertainties meant economic developments were hard to predict. Other governing council members, considered policy hawks who attach overriding importance to curbing inflation even if it means hurting growth and employment, have gone further. The ECB has no policy meeting in April.

☆ Logistics Giant Kuehne + Nagel Seeks Expansion
▼ + stars: | 2023-03-07 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Kuehne + Nagel CEO Stefan Paul. Photo: Kuehne + NagelAs a forwarder, Kuehne + Nagel helps companies move freight around the world by ocean, air and land and is a dominant player in the automotive, industrial, retail, aerospace, healthcare and high-tech industries. What do you see as potential growth areas for Kuehne + Nagel in the contract logistics space? Does that make it easier for a company like Kuehne + Nagel to jump in? How would that affect Kuehne + Nagel?

☆ A porn 'Zoom-bomber' hijacked an online conference with a Federal Reserve governor
▼ + stars: | 2023-03-05 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

A virtual meeting with a Federal Reserve governor was canceled after being "Zoom-bombed", per Reuters. The intruder showed porn images on the call, which had more than 200 participants. The hacker displayed the images a few minutes before the conference was due to start. In another incident in 2020, trolls joined Alcoholics Anonymous meetings and told participants in recovery that "alcohol is soooo good." The rise of Zoom meetings and subsequent Zoom-bombing during the pandemic led the company to place a 90-day freeze on new features in April 2020 while it focused on bolstering the platform's security.

☆ Sticky inflation fuels some of ECB's worst fears
▼ + stars: | 2023-03-02 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

Overall inflation eased a touch to 8.5% last month from 8.6% in January, data on Thursday showed. But nearly all the drop came from lower energy costs, while prices for most other items - including food, services and durable goods - surged again, confirming the worst fears of some ECB policymakers. A jump in underlying inflation - to 5.6% from 5.3% - reinforces already copious evidence that past price rises are filtering down into the broader economy, including via wages. "Core inflation and other measures of underlying inflation were likely to be stickier, with only limited evidence of a stabilisation so far," the ECB said in the accounts of the Feb. 1-2 meeting. "In particular, we upgrade (the rate hike view in) May from 25bp to 50bp, which takes our terminal rate forecast to 3.75% in June."

☆ Euro zone inflation eases in February but core prices surge
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +3 min

Indeed, underlying inflation, which filters out volatile food and fuel prices, an indicator closely watched by the ECB, jumped to 5.6% from 5.3%, coming well above expectations for a steady reading. Price growth in services, the biggest component in core inflation, accelerated to 4.8% from 4.4%, a big worry since the sector is especially sensitive to wage growth and the rise suggests an acceleration in labour costs. "High wage increases could imply that especially service price inflation could remain elevated in 2023-2024," Nordea analysts said in a note. "Given that the weight of services in the headline inflation is 44% and in core inflation 62%, elevated service price inflation will keep also the aggregate level inflation high." Industrial goods inflation meanwhile picked up to 6.8% from 6.7% while unprocessed food price growth surged to 13.6% from 11.3%.

March 2 (Reuters) - A virtual event with Federal Reserve Governor Christopher Waller was canceled on Thursday after the Zoom video conference was "hijacked" by a participant who displayed pornographic images. It is an incident we deeply regret," said Brent Tjarks, executive director of the Mid-Size Bank Coalition of America (MBCA), which hosted the event via a Zoom link. "We have been deeply upset to hear about these types of incidents, and Zoom strongly condemns such behavior," Zoom spokesman Matt Nagel said in a statement. The service has come under fire over privacy and security issues, including incidents of "Zoom bombing" in which uninvited users entered and disrupted meetings. The Fed said the event, which was to feature a speech by Waller as well as a question-and-answer session, was canceled due to "technical difficulties."

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