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☆ Leaders at Davos see a global economy moving toward a new normal
▼ + stars: | 2024-01-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. The pandemic saw spending fall and people's savings grow, while global trade was also disrupted. The World Trade Organization (WTO) expects trade to increase by 3.3% in 2024, per a forecast released in October. "Around the world, inflation is coming down, and we have seen it in November [in] both headline inflation and core inflation," she said. Speaking on the same panel, WTO Director General Ngozi Okonjo-Iweala agreed that the economy is "maybe moving towards normalization" but she described it as "not normal, because trade growth is still trending below GDP growth."

Persons: Christine Lagarde, Lagarde, Ngozi Okonjo Organizations: European Central Bank, Economic, Bloomberg, World Trade Organization, ECB Locations: Davos, Switzerland

☆ European stocks head for higher open as Davos draws to close; UK retail sales drop
▼ + stars: | 2024-01-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The World Economic Forum in Davos, Switzerland, comes to a close after drawing a raft of business leaders, politicians, central bankers and campaigners. U.K. retail sales disappointed Friday, coming down by 3.2% in December, significantly more than expected. It was the largest monthly fall since January 2021, when pandemic measures restricted sales, the Office for National Statistics said. The technology sector drove a solid rally Thursday, after Bank of America analysts upgraded their Apple rating to "buy." Asia-Pacific stocks were also higher, with TSMC surging and Japanese inflation cooling to its lowest level since June 2022.

Persons: Read Organizations: Economic, European Central Bank, National Statistics, U.S, Congress, Bank of America Locations: Davos, Switzerland, Asia, Pacific

☆ Trump is building his power at home while global leaders dread his return
▼ + stars: | 2024-01-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Trump has invigorated an initially lackluster White House bid by leveraging his multiple criminal indictments to create a narrative of political persecution. On Thursday, CNN’s congressional team reported that senators trying to cut an immigration deal with the White House are running into a problem: Trump. The aid measure is being held up by the immigration showdown to which it was linked — perhaps unwisely many Democrats now think — by the White House. It has caused particular consternation in Europe after the transatlantic alliance was constantly rattled by Trump during his White House term. That’s likely to be a pale imitation of what awaits if he gets back to the White House.

Persons: Donald Trump, Trump, Ron DeSantis, Nikki Haley, Haley, Kevin Roberts –, “, can’t, Kamala Harris, Joe Biden’s, Biden, he’s, ”, Sen, Kevin Cramer, Trump’s, Vladimir Putin, Mike Quigley of, Jim Sciutto, CNN Max, Putin, Michael McFaul, Obama, ” McFaul, ” Trump, Ted Cruz, Marco Rubio, Alejandro Mayorkas, Mike Johnson, Mitch McConnell, reverberations, America’s, Christine Lagarde, Heritage’s Roberts, Roberts, that’s, ” Roberts, Jamie Dimon, ” Dimon, Philipp Hildebrand, Emmanuel Macron, ” Macron Organizations: CNN, Florida Gov, South Carolina Gov, New Hampshire, Trump, Economic, Business titans, Heritage Foundation, Republicans, Capitol, GOP, Representatives, Republican, North Dakota Republican, Ukraine, Democratic, Congressional Ukraine Caucus, White, Spirit of, Homeland, US, Colorado Supreme, America, tony, European Central Bank, NATO, CNBC, ” BlackRock, Swiss National Bank Locations: Iowa, Washington, Ukraine, New, Davos, Swiss, Mike Quigley of Illinois, Moscow, Russian, Spirit of America, Ted Cruz of Texas, Marco Rubio of Florida, Europe, Iran, Paris, Switzerland, it’s, China, United States, France

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

People attend the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. Javier MileiArgentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. Sam AltmanSam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He said AGI could be developed in the "reasonably close-ish future," speaking at a private gathering at the Bloomberg House in Davos, Switzerland. AI took a huge leap forward in the last year or two years," Benioff said on a World Economic Forum panel Thursday.

Persons: Denis Balibouse, Donald Trump, Ursula von der, Ursula von der Leyen, Jamie Dimon Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon, Dimon, Larry Fink's, bitcoin, Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Vladimir Putin, Zelenskyy, Putin, Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Fabrice Coffrini, Milei, Adena Friedman Adena Friedman, Adena Friedman, Friedman, Sam Altman Sam Altman, Sam Altman, Altman, Antony Blinken Antony Blinken, CNBC Putin, Antony Blinken, Blinken, Trump's, it's, Christine Lagarde, Emmanuel Macron, Macron, Dmytro Kuleba, Arnd Wiegmann, Trump, Vladimir, Ukraine's, Kuleba, Michelle Yeoh Michelle Yeoh, Mike Coppola, Michelle Yeoh, CNBC's Tania Bryer, Yeoh, Pedro Sanchez Spanish, Pedro Sanchez, Isabel Infantes, Sanchez, Li Qiang Li Qiang, Li Qiang, Li, Isaac Herzog, Kfir Bibas, Herzog, Kfir, Hossein Amir, Abdollahian, Atta Kenare, Joe, Biden, Netanyahu, Amir, Sergio Ermotti, MICHAEL BUHOLZER, Ermotti, Marc Benioff Marc Benioff, Salesforce, CNBC's Sara Eisen, Marc Benioff, Benioff, Ray Dalio Ray Dalio, Bridgewater, Ray Dalio, Dalio, Mark Carney Mark Carney, DANIEL LEAL Organizations: Economic, Reuters, European, JPMorgan Chase, CNBC, BlackRock, Getty, Afp, NASDAQ, CNBC Nasdaq, Reuters OpenAI, Bloomberg, State, European Central Bank, Central Bank, Reuters Ukraine's, United Nations Development, Spanish, Getty Images, Hamas, Palestinian, Hezbollah, Turkish, AFP, Iranian, Sergio Ermotti UBS, Getty Images UBS, Credit Suisse, Bridgewater Associates, U.S, Bank of England, UN, OLIVAS Locations: Davos, Switzerland, Ukraine, Gaza, Russia, China, Moscow, WEF, AFP, OpenAI, U.S, Russian, Iran, Europe, United States, Hollywood , California, Madrid, Spain, Beijing, Washington, Lebanese, Tehran, Israel, Hiroshima

☆ Attack is the best market defense in international competition, ECB's Christine Lagarde says
▼ + stars: | 2024-01-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. Being strong means having a strong, deep market. Europe faces an uncertain future in its relationship with its closest international ally, following the U.S. vote. With that in mind, Lagarde said Europe should invest more in its capital markets in order to fund investments, such as, for instance, in the green transition. "Our competitive disadvantage compared to the U.S. is not subsidies but the function of our private capital market."

Persons: Christine Lagarde, Lagarde, Joe Biden, —, Donald Trump, Christian Linder, Linder Organizations: European Central Bank, Economic, Republican, German Finance Locations: Davos, Europe, U.S, United States

☆ European markets head for mixed open as banking officials at Davos temper rate cut expectations
▼ + stars: | 2024-01-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open Thursday as investors continue to monitor news and comments from the World Economic Forum in Davos, Switzerland. A number of European central bank officials at Davos have been hawkish about interest rate cuts, warning that despite progress tackling inflation, markets have gotten ahead of themselves in terms of expectations for spring rate cuts.

Organizations: Economic Locations: Davos, Switzerland

TOKYO (AP) — Asian shares traded mixed Thursday as pessimism spread among investors about any imminent interest rate cut in the United States. Wall Street slipped following another signal that it may have gotten too optimistic about when the Federal Reserve will deliver the cuts to interest rates. Yields climbed after a report showed sales at U.S. retailers were stronger in December than economists expected. Higher yields can crimp profits for companies, while also making investors less willing to pay high prices for stocks. Higher yields hurt all kinds of investments, and high-growth stocks tend to be some of the hardest hit.

Persons: Australia's, Korea's Kospi, Seng, Brent, Stan Choe, Yuri Kageyama Organizations: TOKYO, Nikkei, Shanghai, Federal Reserve, Dow Jones, Nasdaq, U.S, Treasury, Amazon, Fed, Traders, CME Group, European Central Bank, U.S . Bancorp, Sporting Goods, Spirit Airlines, JetBlue Airways, JetBlue, U.S ., AP Locations: United States, Hong, U.S, New York

FRANKFURT, Germany (AP) — Cutting interest rates too soon could threaten Europe’s progress in battling the inflation that has ravaged the economy, the head of the European Central Bank said Wednesday amid widespread speculation that the bank soon will lower rates from record highs. But higher prices have spread through the economy in the form of high prices for services and higher wages. Meanwhile, sluggish economic growth and the impact of higher interest rates on economic activity have sparked bets on rate cuts. Higher rates are the typical antidote to high inflation because they make it more expensive to borrow and buy things, reducing demand for goods. “The first question for next week's European Central Bank meeting is how the bank will react to current market pricing,” Brzeski wrote in a preview of the meeting.

Persons: Christine Lagarde, Lagarde, Carsten Brzeski, ” Brzeski, “ Organizations: European Central Bank, Bloomberg, ECB, U.S . Federal, Wall Street, Union, ING, Central Bank Locations: FRANKFURT, Germany, Davos, Switzerland, Israel, Europe, Ukraine

☆ Markets getting ahead of themselves on rate cuts and risk being 'self-defeating,' ECB member says
▼ + stars: | 2024-01-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Markets are "getting ahead of themselves" with rate cut expectations, the president of the Dutch central bank, Klaas Knot, told CNBC Wednesday. But a lot needs to go well for that to happen," European Central Bank member Knot said, speaking at the World Economic Forum in Davos. "Underlying that projection is an interest rate path, assumed interest rate path, that contains significantly less easing than is currently embedded in market pricing. ECB officials have largely pushed back on market expectations for interest rate cuts starting as soon as the spring. Austrian central bank head Robert Holzmann, an ECB arch-hawk, told CNBC on Monday that there were threats to the inflationary picture that could mean rates do not move lower at all this year.

Persons: Klaas Knot, Knot, Robert Holzmann Organizations: CNBC, Central Bank, Economic, ECB Locations: Dutch, Davos, Austrian

☆ UK inflation posts first rise in almost a year
▼ + stars: | 2024-01-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation accelerated in December for the first time since February last year, official data showed Wednesday. Core inflation, which strips out volatile food and energy prices, remained stuck at 5.1%, while services inflation increased from 6.3% to 6.4%. The UK data mirrors the trend in the United States and Europe of slight upticks in headline inflation. Energy prices could also rise if the conflict in the Middle East escalates further. Still, several leading UK economists shrugged off the latest increase in inflation, noting that inflation could return to the Bank of England’s 2% target by the spring, helped by recent falls in energy prices.

Persons: Grant Fitzner, shrugged, ”, Roger Barker, Yael Selfin Organizations: London CNN —, National Statistics, Reuters, US Federal Reserve, European Central Bank, Bank of England’s, Institute of, KPMG, Bank of England Locations: United States, Europe, Red

Zelensky and Trump loom over DavosTwo people are having an outsize impact at the World Economic Forum, and one of them isn’t even there. One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. Zelensky isn’t the only leader at Davos worried about Trump. The Ukrainian leader has sought to shore up global business support. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.

Persons: Volodymyr Zelensky, Donald Trump, Zelensky, Vladimir Putin, Andrew, Trump, Putin, “, ” Zelensky, Republican Party ”, DealBook, thumped, JPMorgan Chase, Steve Schwarzman, Blackstone, Ray Dalio, David Rubenstein, Carlyle, Michael Dell, John Kerry, Biden’s, Anthony Scaramucci, Christine Lagarde, Christopher Waller, Nelson Peltz’s, James Gorman, Morgan Stanley, Mary Barra, General Motors —, Bob Iger, Disney’s, Murray Auchincloss, Bernard Looney, Auchincloss, Yi Fuxian Organizations: Trump, Economic, Ukraine, Republican Party, Republican, JPMorgan, Congress Center, Dell, European Central Bank, Fed, Disney, General, BP, University of Wisconsin – Locations: Davos, Switzerland, Europe, Ukraine, American, Iowa, Bridgewater, China, Beijing, Russia, Britain, U.S, Asia, University of Wisconsin – Madison

☆ Treasury yields edge higher as investors monitor data and Fed comments
▼ + stars: | 2024-01-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury note edged higher to 4.0694%. The 2-year Treasury yield rose by around 5 basis points to trade at 4.278%. Treasury yields were higher early Wednesday, with the 10-year yield holding above 4%, as investors focused on fresh data and commentary from Federal Reserve members. On Tuesday, yields jumped after comments from Federal Reserve Governor Christopher Waller, who suggested that while the central bank will likely cut rates this year, it may take its time. At the World Economic Forum in Davos, more European Central Bank members indicated that markets were getting ahead of themselves on rate cut projections.

Persons: FactSet, Christopher Waller, Klaas Knot, Jeff Cox, Pia Singh Organizations: Treasury, Federal Reserve, Investors, Economic, Central Bank, CNBC Wednesday Locations: Davos, Dutch

☆ Dollar at one-month high as rate cut expectations ease on Fedspeak
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

The dollar index hovered at a one-month high against a basket of currencies on Wednesday as remarks by Federal Reserve Governor Christopher Waller dampened expectations for a March rate cut. "I will need more information in the coming months confirming or (conceivably) challenging the notion that inflation is moving down sustainably toward our inflation goal," before backing rate cuts, he said on Tuesday. Market expectations of a rate cut in March have eased to a 62.2% chance versus an 76.9% view in the prior session, according to CME's FedWatch Tool. "Rate cuts are coming but not as soon as some might be hoping for," Sycamore said. Meanwhile, the euro was hanging near a one-month low at $1.0875 after its steepest one-day percentage drop in two weeks, following comments from several ECB policymakers this week that maintained uncertainty over the timing of rate cuts.

Persons: Christopher Waller, Waller, CME's, Tony Sycamore, Christine Lagarde, Sycamore, Sterling, Rodrigo Catril Organizations: Federal Reserve, IG, European Central Bank, Treasury, Bank of Japan, National Australia Bank Locations: U.S, Asia

☆ Stock Market Today: Dow Slips 350 Points; Bank Earnings in Focus
▼ + stars: | 2024-01-16 | by ( ) www.wsj.com time to read: +1 min

Stocks turned lower Tuesday after a Federal Reserve official said the central bank could cut interest rates this year but that the process should be "carefully calibrated and not rushed." In Europe, pushback on imminent rate cuts from European Central Bank officials and news that the German economy shrank last year weighed on markets. An index of bank shares fell. Shares of leading U.S.-listed Chinese companies fell, with the Invesco Golden Dragon China exchange-traded fund down 3%. EV company Nio's ADRs were down 8%; Baidu, the owner of China’s largest internet search engine, and e-commerce giant JD.com slid about 4%.

Persons: Stocks, Dow industrials, Morgan Stanley, Goldman Sachs, Tesla, Elon Musk, Yemen's Houthi, Nio's ADRs Organizations: Federal Reserve, European Central Bank, PNC, Boeing, Shell, Benchmark, EV, Nio's, Baidu Locations: Europe, China

☆ CNBC Daily Open: A look across the Atlantic
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. ECB could defy marketsEuropean Central Bank policymaker and hawk Robert Holzmann said the ECB may not deliver any interest rate cuts this year. Holzmann told CNBC at the World Economic Forum in Davos, Switzerland, that he sees a possibility of zero rate cuts this year, defying market expectations. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges.

Persons: Martin Luther King, Robert Holzmann, Holzmann, Georgieva Organizations: CNBC, Economic, Martin Luther King Day, Central Bank, ECB, International Monetary Fund, Federal Reserve Locations: Davos, Switzerland, Germany, China

☆ Trump’s landslide Iowa win is a stunning show of strength after leaving Washington in disgrace
▼ + stars: | 2024-01-16 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

CNN —Former President Donald Trump’s huge win in the Iowa caucuses on Monday enshrines one of the most astonishing comebacks in American political history. His MAGA-hat wearing crowd greeted him with chants of “Trump, Trump, Trump” beneath two vast screens reading “Trump wins Iowa!”But the ex-president’s rebound is more stunning for another reason. Trump’s Iowa victory also sharpens the collision between the 2024 election and his legal imbroglio. His unhinged behavior, incessant shattering of rules and challenges to the law reinvigorated a brand perfectly tailored to Republican voters who despise “elites” in politics, government and the media. Trump’s victory will also give Russian President Vladimir Putin another reason to prolong the bloody war in Ukraine.

Persons: Donald Trump’s, Trump, ” Trump, MAGA, “ Trump, “, he’s, Joe Biden’s, ”, Ron DeSantis, Nikki Haley, Haley, DeSantis, it’s, Biden, Kari Lake, “ It’s, Donald Trump, Scott Jennings, —, E, Jean Carroll, don’t, GOP —, CNN’s Manu Raju, Tim Scott, Sen, John McCain, Jimmy Carter, Doug Burgum, Trump’s, America’s, Christine Lagarde, Vladimir Putin, he’d, Putin, Volodymyr Zelensky Organizations: CNN, GOP, Trump, “ Trump, Iowa, Capitol, Republican, Florida Gov, South Carolina Gov, Senate, Republican Party, Republican National Committee, North Dakota Gov, White, European Central Bank, NATO Locations: Iowa, Manhattan, week’s, Hampshire, Arizona, ” Iowa, Trump’s Iowa, Carolina, Des Moines, France, Europe, Ukraine

☆ CNBC Daily Open: Down to Davos
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets fell, led lower by declines in Hong Kong stocks, as Japan shares cooled off from their record-breaking rally. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges. [PRO] Morgan Stanley picks 'alpha' stocksAlpha stocks are those that can beat the benchmark index, and Morgan Stanley picked its favorite plays in Asia.

Persons: Martin Luther King Day, Goldman Sachs, Morgan Stanley, Robert Holzmann, it's, Mario Centeno, Georgieva Organizations: CNBC, ECB, European Central Bank, Economic, International Monetary Fund, Alpha Locations: Asia, Hong Kong, Japan, Davos, Switzerland, China, Pacific

☆ Davos live updates: Global leaders discuss the impact of high interest rates and the new normal
▼ + stars: | 2024-01-16 | by ( Lucy Handley | ) www.cnbc.com time to read: 1 min

French central bank chief François Villeroy de Galhau stressed that it was not possible to say in which season the European Central Bank may cut interest rates this year. But...we are not calendar driven, we are data-driven," he said during a CNBC-moderated panel event at the World Economic Forum in Davos, Switzerland. On the path of inflation, he added: "It's too early to declare victory … the job is not yet done. That said, interest rate tightening has been quite successful so far, more successful than we thought even at Davos one year ago." "What we can see on both sides of the Atlantic is something like a soft landing so far."

Persons: François Villeroy, Galhau, — Jenni Reid Organizations: European Central Bank, CNBC, Economic Locations: Davos, Switzerland

☆ As others try to quash rate cut talk, European Central Bank's Centeno flags inflation progress
▼ + stars: | 2024-01-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Euro zone inflation is moving in the right direction, Portugal's central bank governor Mario Centeno said Tuesday, despite his peers on the European Central Bank Governing Council striking a more hawkish tone in recent days. "We target medium term inflation, we don't target February inflation, and the trajectory is very positive right now," Centeno told CNBC at the World Economic Forum in Davos, Switzerland. "I don't say that overshooting is a possibility, but we don't need to do more than is needed to bring inflation in the medium term to 2%. Since the end of 2022, all our forecasts to 2025 show a very well-anchored forecast for inflation in the medium term." Services inflation is falling faster than it went up and is on a particularly positive course, according to Centeno.

Persons: Mario Centeno, Centeno, Robert Holzmann, Holzmann, We've Organizations: European Central Bank Governing Council, CNBC, Economic, ECB Locations: Davos, Switzerland, Austrian

☆ Dollar advances as traders weigh rate cut expectations, eyes on data
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +4 min

Traders are back projecting cuts of 160 bps this year, up from expectations of 140 bps last week. Chris Weston, head of research at Pepperstone, said the risk is that Waller could push back on market pricing for a March cut and show a lack of urgency to normalize policy. "That said, should he even remotely validate market pricing, then we should see U.S. 2-year bond yields fall further. Markets are pricing around 120 bps of rate cuts by the Bank of England in 2024, with the first one most likely in May. Elsewhere, the Australian dollar fell 0.43% to $0.6632, while the New Zealand dollar fell 0.39% to $0.6176.

Persons: Hamish Pepper, Christopher Waller, Waller, Chris Weston, Weston, Bank's Joachim Nagel Organizations: U.S, Federal, Bank of Japan, Fed, Traders, Asset Management, Treasury, Bank of England, New Zealand Locations: Tokyo, Japan, U.S

☆ Gold frail as dollar, yields strength dim shine
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were subdued on Tuesday as the dollar and Treasury yields rose, while traders waited to hear from a slew of U.S. Federal Reserve speakers this week for more clarity on the central bank's rate cut prospects. The dollar index touched a 10-day high, making bullion less attractive for other currency holders, while yields on benchmark U.S. 10-year Treasury notes rose above 4%. Elsewhere, European Central Bank officials pushed back against market expectations for rapid rate cuts this year. According to Reuters technical analyst Wang Tao, spot gold may retrace to $2,042 per ounce, after its repeated failures to break resistance at $2,060.

Persons: Christopher Waller's, Matt Simpson, Christopher Waller, Waller, Simpson, Wang Tao Organizations: Co, . Federal Reserve, Index, Fed, Brookings Institution, Traders, Central Bank Locations: Bangkok, Thailand

☆ ECB hawk Holzmann sees possibility of no rate cuts this year
▼ + stars: | 2024-01-15 | 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 hawk Holzmann sees possibility of no rate cuts this yearAustrian central bank governor, Robert Holzmann, discusses the interest rate outlook, risks to the European Central Bank's inflation forecast, and why he would "definitely bet" on no rate cut in the spring.

Persons: Robert Holzmann Organizations: ECB Locations: Austrian

☆ Possible there will be no rate cuts this year, European Central Bank member says
▼ + stars: | 2024-01-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The European Central Bank may defy market expectations and hold off on starting interest rate cuts during the whole of 2024, the institution's Governing Council member Robert Holzmann said Monday. Asked about those who call for the first rate cut to take place as soon as April, Austria's central bank governor told CNBC, "I'm afraid, leaving Davos, those people will be deeply disappointed." Speaking to CNBC's Steve Sedgwick at the World Economic Forum in Davos, Switzerland, he added, "I cannot imagine that we'll talk about cuts yet, because we should not talk about it. "Unless we see a clear decline towards 2%, we won't be able to make any announcement at all when we're going to cut," Holzmann said. Correction: This story has been updated to reflect the name of CNBC anchor Steve Sedgwick.

Persons: Robert Holzmann, Steve Sedgwick, Holzmann, Yemen's Organizations: European Central Bank, CNBC, Economic, InTouch Capital Locations: Austria's, Davos, Switzerland, Israel

FRANKFURT, Germany (AP) — Germany's economy shrank 0.3% last year as Europe's former powerhouse struggled with more expensive energy, higher interest rates, lack of skilled labor and a homegrown budget crisis. Europe's largest economy has been mired in stagnation since the last months of 2022 amid those multiple challenges. The International Monetary Fund expected Germany to be the worst-performing major developed economy last year, a major turnaround from its place as a model for how to expand when other nations were struggling. German's economy likely also shrank 0.3% in the fourth quarter after stagnating in the third quarter, the Federal Statistical Office said Monday in an initial rough estimate. Official figures for the last three months of 2023 are expected to be announced Jan. 30.

Persons: there's Organizations: Monetary Fund, Federal Statistical Office, Energy, European Central Bank Locations: FRANKFURT, Germany, Ukraine

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