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☆ 'The market is right': Former Fed policymaker Mester sees fewer rate cuts next year after Trump's victory
▼ + stars: | 2024-11-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve could carry out fewer interest rate cuts than previously expected next year should President-elect Donald Trump's proposed global tariffs take hold, former Fed policymaker Loretta Mester said Tuesday. Markets trimmed their forecasts for rate cuts following Trump's election victory last week, with speculation growing around his tariff proposals and their implications for the world economy. It comes as concern is growing among global policymakers about the implications of Trump's fiscal plans, particularly on tariffs. "A trade war is the last thing we need," he continued. "If a trade war is to start, the European Union must not be unprepared as it was in 2018."

Persons: Donald Trump's, Loretta Mester, Mester, they're, Trump, It's, there's, —, Olli Rehn, Rehn Organizations: U.S . Federal, UBS European Conference, Cleveland Federal Reserve, Reuters, Trump, Bank of Finland, European Central Bank policymaker, UBS, European Union Locations: London, U.S, Europe, European

☆ The best hidden gems to visit in summer tourist hot spots, from someone who's been to every European country
▼ + stars: | 2024-06-04 | by ( Maria Noyen | ) www.businessinsider.com time to read: +6 min

If so, we'll take a wild guess that you're visiting either Spain, Italy, France, or Greece. Here, Abbamonte shares a few alternatives to popular tourist hot spots that anyone visiting Spain, Italy, France, and Greece should check out. Related stories"I've done a lot of road trips around the north of Spain," Abbamonte said. Even so, some of Abbamonte's favorite spots in Italy don't get the love he believes they deserve. AdvertisementOne of his favorites is Biarritz, a seaside hub known for its surfing culture in the Basque region of France.

Persons: —, Lee Abbamonte, Europe's, He's, Colin Rieser, Abbamonte, they're, he'd, Peter.Zelei, Italy don't, Grace Kelly, Bruno Morandi, Saint Paul De Vence Organizations: Service, Business, Camino, Biarritz Locations: Europe, Spain, Italy, France, Greece, Abbamonte, Barcelona, Madrid, Ronda Ronda, Spain's Andalusia, Seville, Ibiza, Majorca, Ronda, Andalucia, Marbella, Sevilla, Gibraltar, Santiago, Santiago de Compostela, Hydra, Mykonos, Aegina, Poros, Meteora, Thessaly, Como, Florence, San Gimignano, Tuscany, Siena, Pisa, Gimignano, Biarritz, Paris, Nice, Basque, It's, San Sebastian, Spanish, Sebastian, Saint, Avignon, Monte Carlo, Monaco

☆ The best hidden gems to visit in Spain, Italy, France, and Greece, from someone who's been to every European country
▼ + stars: | 2024-06-04 | by ( Maria Noyen | ) www.businessinsider.com time to read: +6 min

If so, we'll take a wild guess that you're visiting either Spain, Italy, France, or Greece. Here, Abbamonte shares a few alternatives to popular tourist hot spots that anyone visiting Spain, Italy, France, and Greece should check out. In Spain, forget Barcelona or Madrid and explore the cliffside city of RondaRonda is a historic city in Spain's Andalusia region. Related stories"I've done a lot of road trips around the north of Spain," Abbamonte said. AdvertisementOne of his favorites is Biarritz, a seaside hub known for its surfing culture in the Basque region of France.

MPS shares were down 7.8% at 2.83 euros by 1145 GMT on Tuesday, reflecting the impact of the sale. EU COMMITMENTSBofA Securities, Jefferies and UBS Europe coordinated the accelerated bookbuilding for the stake sale, the Treasury said in a statement. Commitments Italy agreed with European Union competition authorities at the time of the bailout bind Rome to eventually sell its entire stake in the bank. Two years ago heavyweight UniCredit (CRDI.MI) sank the government's privatisation efforts, forcing Rome to seek more time from the EU. The stake sale is seen as giving Italy more flexibility to pursue a long-term solution for MPS via a merger with a rival, after negotiations with UniCredit were complicated by an impending re-privatisation deadline.

Persons: Jennifer Lorenzini, Luigi Lovaglio, Giancarlo Giorgetti, Giorgia Meloni, Valentina Za, Lincoln, Richard Chang, Mark Potter Organizations: Monte, REUTERS, Treasury, MPS, BofA Securities, Jefferies, UBS Europe, European Union, Reuters, Economy, Banco, BPER Banca, EU, Thomson Locations: Monte dei, Siena, Italy, MILAN, Rome

☆ We're not headed for another global financial crisis, top UBS economist says after recession warning
▼ + stars: | 2023-11-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

U.S. credit card debt soared to $1.08 trillion in the third quarter of 2023, data from the Federal Reserve Bank of New York showed earlier this month. "I don't think we're facing the next GFC [global financial crisis]," he said on the sidelines of the UBS European Conference. Credit tightening does play a role when it comes to the lag of Federal Reserve monetary policy filtering through to the economy, Pingle suggested. The Federal Reserve began hiking interest rates in March 2022 in an effort to ease inflation and cool the economy. "It's great news for the Federal Reserve in their quest to restore price stability," Pingle told CNBC on Wednesday.

Persons: Jonathan Pingle, Pingle, CNBC's Joumanna Bercetche, It's Organizations: UBS, Federal Reserve Bank of New York, UBS European Conference, Silicon Valley Bank, Federal Reserve, CNBC, Wednesday, Fed Locations: Silicon

☆ UBS sees a raft of Fed rate cuts next year on the back of a U.S. recession
▼ + stars: | 2023-11-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Meanwhile, the bank's economists suggested that "fewer of the supports for growth that enabled 2023 to overcome those obstacles will continue in 2024." Between March 2022 and July 2023, the FOMC enacted a run of 11 rate hikes to take the Fed funds rate from a target range of 0.25-0.5% to 5.25-5.5%. The bank believes this has renewed growth concerns and shows the economy is "not out of the woods yet." watch now"In our view, the private sector looks less insulated from the FOMC's rate hikes next year. Looking ahead, we expect substantially slower growth in 2024, a rising unemployment rate, and meaningful reductions in the federal funds rate, with the target range ending the year between 2.50% and 2.75%."

Persons: Jerome Powell, Evelyn Hockstein, Arend, You've, CNBC's Joumanna Organizations: Federal, Federal Reserve, Reuters UBS, U.S . Federal Reserve, UBS, Labor, CNBC, UBS European Conference Locations: Washington , U.S, U.S, Swiss, Europe

"Increasingly we are going to turn used clothes into raw material from Europe for fashion companies." Also in Spain, rivals including H&M, Mango and Inditex have created a non-profit association to manage clothing waste, responding to an EU law requiring member states to separate textiles from other waste from January 2025. OBSTACLESThe obstacles to significantly reducing clothing waste are formidable, despite the EU crackdown, industry sustainability commitments and initiatives like the Moda Re expansion. Adidas (ADSGn.DE), Bestseller, and H&M (HMb.ST) have invested in Finnish start-up Infinited Fiber Company, which manufactures fibre out of textile waste, cardboard and paper. As in Spain, textile waste associations would be set up in each country.

Persons: Albert Alberich, Inditex, Dijana Lind, Hugo Boss, Lind, Moda, Aissatou Boukoum, Mauro Scalia, Corina Pons, Helen Reid, Horaci Garcia, Nacho, Frank Jack Daniel Our Organizations: BARCELONA, Moda, Caritas, Union, European Commission, Union Investment, Adidas, McKinsey, Reuters, EU, ReHubs, Moda Re, United Nations, Inditex, Puma, Infinited Fiber Company, Thomson Locations: Spain, Barcelona, Spanish, Europe, Zara, Bilbao, Valencia, EU, Frankfurt, ReHubs Europe, Mali, Sant, AFRICA, Cameroon, Ghana, Senegal, Africa, Senegalese, Germany, Texaid, Switzerland, Vestisolidale, Italy, France, EURATEX, Madrid, London, Nacho Doce

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