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☆ Volvo Cars jumps 7% after reporting a record core operating profit
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter. Core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year earlier, the company said in a statement. Volvo Cars' revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year. In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.

Persons: Jim Rowan Organizations: Volvo, Global, U.S, Volvo Cars Locations: Shanghai, China, London

☆ Nokia shares slide 8% after posting lowest quarterly net sales figure since 2015
▼ + stars: | 2024-07-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

BARCELONA, SPAIN - FEBRUARY 26: A logo sits illuminated at the Nokia booth in the Mobile World Congress 2024 on February 26, 2024 in Barcelona, Spain. (Photo by Xavi Torrent/Getty Images)Shares of Finnish telecom firm Nokia tumbled on Thursday after the company reported a 32% drop in second-quarter operating profit on the back of weak demand for its 5G equipment. Earlier in the day, Nokia said its comparable operating profit declined to 423 million euros ($462 million) in the second quarter, down by nearly a third from the 619 million euros posted in the same period of last year. Citing "ongoing market weakness," the company said net sales also eased by 18% to 4.47 billion euros – the lowest level achieved since the fourth quarter of 2015, according to LSEG data. The landscape likewise remains "challenging as operators continue to be cautious" in the mobile networks sector, he warned.

Persons: Xavi Torrent, Pekka Lundmark Organizations: Nokia, Mobile, Xavi Locations: BARCELONA, SPAIN, Barcelona, Spain, Helsinki, London

☆ UK inflation holds steady at Bank of England's 2% target, above expectations
▼ + stars: | 2024-07-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Alexander Spatari | Moment | Getty ImagesU.K. inflation held steady at the Bank of England's 2% target in June, Official National Statistics data showed Wednesday. The headline reading came in above analyst expectations at 1.9%, according to economists polled by Reuters, and was in line with the previous 2% reading in May. Sterling rose slightly shortly after the release, trading at $1.2977 by 7:21 a.m. London time. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — remained at 5.7% in June. Core inflation, excluding energy, food, alcohol and tobacco, was 3.5%, also on par with the 3.5% recorded in May.

Persons: Alexander Spatari, Sterling, BOE, Taylor Swift, Bruce Springsteen, Pink Organizations: Bank of England's, National Statistics, Reuters, Consumers, Sting, Bank of England Locations: London, —

☆ Wealth in Turkey grew the most in the world at 157% despite soaring inflation, according to ranking
▼ + stars: | 2024-07-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Turkey came out miles ahead of the rest of the world in an annual global wealth ranking — in a result that may come as surprising, given the country's high levels of inflation. The next-highest countries in terms of average wealth growth per adult were Russia and Qatar with nearly 20% and South Africa with just over 16%. But for Turks who own assets like homes, wealth has grown, as inflation pushes up the costs of those holdings. In a call with journalists, some of the report's authors broke down the relationship between inflation and wealth rises in Turkey. The report also noted the "currency effect", which is what changes wealth growth the most — local currency growth figures for wealth are often significantly different from those in dollar terms.

Persons: Türkiye, Samuel Adams, Adams Organizations: UBS, UBS Global Wealth Management, CNBC Locations: Turkey, Swiss, Russia, Qatar, South Africa, U.S, London, Japan

☆ Hugo Boss shares plunge 9% as firm cuts 2024 guidance amid slumping China demand
▼ + stars: | 2024-07-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Hugo Boss shares plunged as much as 10% Tuesday after the company cut its sales outlook, becoming the latest high-end fashion line to warn of persistent woes in the luxury sector. The German fashion house said Monday that it expects full-year sales of up to 4.35 billion euros ($4.73 billion), down slightly from a previous forecast of up to 4.45 billion euros. The company attributed the revised outlook to "persistent macroeconomic and geopolitical challenges" and cited China and the U.K. as particularly challenging markets. Shares pared losses slightly to trade down 8.8% as of 9:53 a.m. London time. The guidance cut is the company's second so far this year, after the retailer in March said that 2024 sales growth was likely to slow to 3% to 6%.

Persons: Hugo Boss, Daniel Grieder, HUGO Locations: China, London

☆ Bitcoin jumps as markets see increased odds of election victory for pro-crypto Trump
▼ + stars: | 2024-07-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Bitcoin hit a two-week high Monday, as betting markets suggested an increased chance of victory for crypto-friendly candidate Donald Trump in the U.S. presidential election. The value of the world's biggest cryptocurrency, bitcoin, was up around 5% at 1:40 p.m. London time, to $62,781.48, according to CoinGecko. The rally follows the dramatic failed assassination attempt on former President Trump on Saturday. Investors said over the weekend they expected so-called "Trump victory trades" to receive a boost. The Trump campaign began accepting donations from the crypto industry in May and his messaging has become increasingly positive on the future of such digital assets.

Persons: Bitcoin, Donald Trump, Trump, Reagan, Ben Emons, Trump's favorability, Zach Pandl, Sen, Elizabeth Warren Organizations: U.S, FedWatch Advisors, Investors, Trump, CNBC, Republican Locations: London

☆ Catherine, Princess of Wales, Plans to Attend Wimbledon Men’s Final
▼ + stars: | 2024-07-14 | by ( Amelia Nierenberg | More About Amelia Nierenberg | ) www.nytimes.com time to read: +1 min

Catherine, Princess of Wales, is expected to appear on Sunday afternoon at the Wimbledon tennis championship in London, a further step in her cautious return to public appearances after her cancer diagnosis. The Princess of Wales has long been one of the most visible and most popular members of the royal family. But she stepped back from royal duties after having abdominal surgery in January, and her announcement in March that she had begun chemotherapy prompted a flood of concern about her health. Kensington Palace said that on Sunday, she would attend the gentlemen’s singles final in which Carlos Alcaraz will face Novak Djokovic. The match is scheduled to start at 2 p.m. London time.

Persons: Catherine, Princess of, “, —, Kensington, Carlos Alcaraz, Novak Djokovic Organizations: Wimbledon Locations: Princess of Wales, London, Wales, Buckingham

☆ Japan's yen surges after U.S. inflation data as traders monitor possible intervention
▼ + stars: | 2024-07-11 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

People stand outside a money changer looking at the rates of the Japanese yen against foreign currencies, along a street in central Tokyo on April 29, 2024. The dollar lost around 2% against the Japanese yen on Thursday as the market was suddenly jolted by fresh inflation U.S. data. The dollar rose as the U.S. reacted to its lowest CPI (consumer price index) reading in more than three years. But it comes at a time when traders are on high alert for more yen intervention from Japanese authorities as they try to prop up its ailing currency. Masato Kanda, the vice-minister of finance for international affairs of the Ministry of Finance, told Jiji Press that he was not in a position to comment on any possible intervention.

Persons: Kit Juckes, Marc Ostwald, Masato Kanda, wasn't Organizations: U.S, Reuters, Societe Generale, CNBC, ADM Investor Services, CPI, Ministry of Finance, Jiji Press Locations: Tokyo, London, JPY

☆ BP shares drop 3% after warning of up to $2 billion impairment, weak refining margins
▼ + stars: | 2024-07-09 | by ( April Roach | ) www.cnbc.com time to read: +2 min

BP in 2020 set out its ambition to become a net zero company "by 2050 or sooner." BP shares dropped on Tuesday after the firm flagged it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining margins weighing on its results. BP shares were down 2.6% in early market trading at 08:39 a.m. London time. In a Tuesday statement, the company said it anticipates weak refining margins and oil trading performance will weigh on its second-quarter results, due out on 30 July. The energy firm also expects to record post-tax asset impairments and contract provisions in the range of $1 billon to $2 billion in the second quarter.

Persons: Biraj, Bernard Looney, Murray Auchincloss Organizations: BP, RBC, Shell Locations: London, Gelsenkirchen, Germany, Singapore, Rotterdam

☆ French bond markets calm despite country hitting political gridlock
▼ + stars: | 2024-07-08 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Anadolu | Anadolu | Getty ImagesGovernment bond markets in France saw some selling early on Monday, but were fairly muted overall despite political gridlock after a second round of legislative elections. Jitters have spread through France's bond market in recent weeks. The 10-year yield topped 3.3% — a roughly 8-month high — after French President Emmanuel Macron called the snap parliamentary election in the middle of June. Meanwhile, the gap (or spread) between French bond yields and German bond yields had topped 85 basis points in recent weeks, hitting its highest level since 2012. He added that the chances of a confrontation with Brussels remained with the left-wing alliance, but not to the same extent as if the National Rally had won.

Persons: Emmanuel Macron, Emmanuel Macron's, —, David Roche, Digard, Kepler Cheuvreux Organizations: New, Republique, Anadolu, Getty, Government, European Commission, Sunday, Popular Front, Independent, National Rally, CNBC Locations: Paris, France, France's, London, Brussels

☆ Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears
▼ + stars: | 2024-07-05 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Cryptocurrencies plunged on Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. As of 9:20 a.m. London, time, bitcoin's price slumped more than 6% in 24 hours to hit $54,237.18, its lowest level since late February, according to data from CoinGecko. Rival token ether sank around 10% to $2,869.36. Altogether, the entire cryptocurrency market has shed more than $170 billion in combined market capitalization in the last 24 hours, according to CoinGecko data. This breaking news story is being updated.

Persons: Cryptocurrencies Organizations: CoinGecko Locations: Gox, London

☆ Stocks, property, bonds, the pound: Here’s what a new Labour government means for investing in the UK
▼ + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +7 min

The Labour party's pledge, for example, to increase taxes on the compensation that private equity fund managers received raised a few eyebrows, and led to questions on what this could mean more broadly. In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party's U.K. election win would help make the U.K. appear "relatively stable." "A widely predicted Labour win in the UK could usher in an era of greater stability for the UK … which should help bolster investor sentiment towards the UK," she said. "U.K. bank stocks in the end are one of the biggest proxies for U.K. economic growth," he said. If results are as expected, attention will shift away from the U.K. election quickly, Shreyas Gopal, strategist, and Sanjay Raja, senior economist at Deutsche Bank, said in a note published Wednesday.

Persons: Vuk Valcic, hasn't, Jefferies, James McManus, Susannah Streeter, Hargreaves Lansdown, McManus, Liz Truss, Streeter, Richard Donnell, Nutmeg's McManus, CNBC's Silvia Amaro Friday, Mark Fielding, Fielding, Shreyas Gopal, Sanjay Raja, BoE, Francesco Pesole, Pesole Organizations: City of, Labour Party, Conservatives, U.S ., Labour, CNBC, Stock, Reform UK Party, Hargreaves, Deutsche Bank, ING, Bank of England, ECB Locations: Bishopsgate, City, City of London, London, France

One of the biggest surprises of Britain's election night so far has been the gains seen by the right-wing Reform UK party, which is forecast to win numerous parliamentary seats and has logged a strong showing in early results. Early results also pointed toward strong gains. Six constituencies had been called as of 1 a.m. London time, with Reform in second place with 23.8% of the vote. In a video posted on X titled: "The revolt against the establishment is underway," Farage said the gains his party has seen so far are "almost unbelievable." It means we're going to win seats, many, many seats," he said.

Persons: Brexiteer Nigel Farage, Farage Organizations: Reform Locations: London

☆ Novo Nordisk shares shrug off concerns over study linking weight loss drugs to rare eye condition
▼ + stars: | 2024-07-04 | by ( April Roach | ) www.cnbc.com time to read: +2 min

Novo Nordisk investors appeared unperturbed Thursday by a critical Harvard report that linked weight loss drugs to a rare eye condition. Semaglutide, which is present in weight loss drugs including Novo Nordisk's Ozempic and Wegovy, might be associated with an increased risk of a rare eye disease, according to a study carried out by Harvard Medical School. Patients were more likely to be diagnosed with the eye condition compared to patients who were not prescribed the weight loss drugs, the study found. A spokesperson from Novo Nordisk said the optic nerve disease NAION is not an "adverse drug reaction for the marketed formulations of semaglutide" as per the approved labels. "Patient safety is a top priority for Novo Nordisk, and we take all reports about adverse events from use of our medicines very seriously," the spokesperson said.

Persons: Emmanuel Papadakis Organizations: Novo Nordisk, Harvard, Novo Nordisk's Ozempic, Harvard Medical School, Analysts, Deutsche Bank Locations: London

☆ Bitcoin slides to two-month low as Fed signals it's not ready to cut rates yet
▼ + stars: | 2024-07-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

A worsening macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on bitcoin's price this year. STR | Nurphoto via Getty ImagesBitcoin's price slumped to around $57,000 apiece Thursday, hitting a two-month low after the U.S. Federal Reserve released minutes from its June meeting indicating the central bank isn't yet ready to cut interest rates. Since then, bitcoin has pared losses somewhat and was trading at $57,932.57, down 3.4% as of 5:05 p.m. London time. Higher interest rates are typically less favorable for bitcoin and other cryptocurrencies as it dampens investor risk appetite. ETFs allow investors to buy a product that tracks the price of bitcoin without owning the underlying cryptocurrency.

Persons: bitcoin, Bitcoin, Crypto, CCData Organizations: Getty, U.S . Federal Reserve, Federal Reserve, Securities and Exchange Commission Locations: London, U.S, Gox

☆ I've visited 50 cities in Europe. London and Paris were great, but these 5 underrated locations are worth a visit.
▼ + stars: | 2024-07-02 | by ( Dasha Kofman | ) www.businessinsider.com time to read: +1 min

Bath, England is just a 90-minute train ride from London. Bath, England, is known for having some of the best-preserved Roman ruins in the world. Evannovostro/ShutterstockAs you probably could have guessed from this city's name, Bath, England, is known for its Roman baths. These baths, dating back to 70 AD, are some of the best-preserved Roman ruins in the world. The train from London to Bath takes about 90 minutes, making this city the perfect day trip.

Persons: Jane Austen Organizations: London ., Jane Austen Festival Locations: Bath, England, London, London . Bath

☆ French stocks jump 2.5% as far right takes election lead but seen falling short of majority
▼ + stars: | 2024-07-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Dimitar Dilkoff | Afp | Getty ImagesFrench stocks staged a relief rally early Monday after results from the first round of the nation's snap election raised expectations of a hung parliament. The far-right National Rally party and its allies won 33.1% of the vote, the left-wing NFP alliance was second with 28% and Macron's coalition secured 20%, France's Interior Ministry said Monday. Stock Chart Icon Stock chart icon CAC 40 index. Stock Chart Icon Stock chart icon Euro/U.S. National Rally is hoping it will be the party's 28-year-old leader, Jordan Bardella.

Persons: Jordan Bardella, Gabriel Attal, Manuel Bompard, Dimitar Dilkoff, Sebastian Paris Horvitz, CNBC's, Matthew Ryan, —, Emmanuel Macron, Macron, Horvitz Organizations: Rassemblement National, France's, France, TF1, Afp, Getty, NFP, La Banque Postale Asset Management, Citi, National, U.S ., National Assembly, — Locations: London, France, Europe

☆ H&M plunges 13% on doubts over full-year margin target, June sales outlook
▼ + stars: | 2024-06-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Shares of H&M plunged more than 14% on Thursday morning after the company reported a smaller-than-expected increase in second-quarter profits and cast doubt over its June sales and full-year profit margin target. The world's second largest retailer said operating profit for the period between March and May came in at 7.1 billion Swedish kroner ($672 million), below the 7.37 billion Swedish kroner anticipated by analysts, according to an LSEG poll cited by Reuters. The second-quarter result was nevertheless above the 4.7 billion Swedish kroner recorded in the same period last year. Further weighing on stock, H&M CEO Daniel Ervér cast doubt over the company's ability to meet its margin target this year. "Our goal of an operating margin of 10 percent for full-year 2024 remains in place," he said.

Persons: Daniel Ervér, Inditex Organizations: Reuters Locations: London, Paris, Milan, Berlin, Stockholm, Hamburg, Munich, New York, Tokyo, Zara

☆ Britain looks to upstage France with play for world's third major AI hub after U.S., China
▼ + stars: | 2024-06-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

But key challenges face the country as it looks to become the world's third-biggest AI hub. At the London Tech Week conference in the Olympia events venue earlier this month, tech executives from around the world touted London and the U.K. as a place to invest. London vs. FranceLondon is facing heated rivalry from France for the title of European AI leader. Can the UK keep its European AI crown? Seeking regulatory clarityAnother key source of uncertainty for tech leaders is the future of AI regulation in the U.K.

Persons: Mike Kemp, Alex Kendall, — Kendall, Wayve's, Brent Hoberman, Wayve, it's, Salesforce, Janet Coyle, Coyle, Arthur Mensch, Hanno Renner, that's, Europe's, CNBC's, Philip Belamant, Zilch, Matthew Holman, Cripps, Holman Organizations: Global, London Tech, Sage, Google, London, Partners, Viva Tech, Accel, CNBC, Mistral France Paris, Alpha, Alpha Germany Heidelberg, Face France Paris, France Paris, United, United Kingdom London, Kingdom London, Tech, European Union Locations: London, United Kingdom, China, Olympia, SoftBank, San Francisco, Vancouver . U.S, France London, France, Brazil, Silicon, Europe, Paris, Berlin, Alpha Germany, Germany, Brexit, Britain

☆ Rivian investment a ‘catch-up move’ for Volkswagen that could take years to pay off, advisory firm says
▼ + stars: | 2024-06-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volkswagen's $5 billion investment in electrical vehicle startup Rivian is a "catch-up move" for the German automaker, but could take years to pay off, according to Cyrus Mewawalla, head of thematic intelligence at GlobalData. Volkswagen and Rivian on Tuesday announced that the German auto maker would invest as much as $5 billion in Rivian in the coming years following an initial $1 billion investment. Rivian shares were up 42% in premarket trading on Wednesday. "Volkswagen has fallen behind in two areas, on electric vehicles themselves, but also on autonomous driving and other software within the car. The investment will therefore help Volkswagen in these areas, but the firm is notably behind in the electric vehicle space, he added.

Persons: Cyrus Mewawalla, Mewawalla, CNBC's Organizations: Volkswagen Locations: Rivian, Europe, London

☆ Airbus shares fall 11% as company cuts 2024 guidance on targets, deliveries
▼ + stars: | 2024-06-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: 1 min

A Lufthansa Airbus A340-313 aircraft taxis at Los Angeles International Airport before departing for Frankfurt on May 5, 2024 in Los Angeles, California. Shares in Airbus fell by close to 11% on Tuesday after the company said it was cutting its targets for 2024, including aircraft deliveries and earnings. Airbus on Monday said it was now expecting its adjusted earnings before interest and taxes to come in at around 5.5 billion euros ($5.9 billion), down from a previous estimate of 6.5 to 7 billion euros affirmed on April 25. The company said it was now anticipating to deliver approximately 770 commercial aircrafts this year, compared to a previous outlook near 800. Europe-listed shares in the company were down 10.75% at 9:50 a.m. London time.

Organizations: Lufthansa Airbus, Los Angeles International Airport, Frankfurt, Airbus Locations: Los Angeles , California, Europe, London

☆ Novo Nordisk's Wegovy weight loss drug approved in China
▼ + stars: | 2024-06-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Novo Nordisk said Tuesday that its Wegovy weight loss treatment has been approved in China for long-term weight management, opening up the blockbuster drug for sale in the world's second largest economy. China's National Medical Products Administration "recently" approved the weekly injectable drug, Novo Nordisk said in a press release on the Chinese version of its website, according to Google translate. Novo Nordisk did not immediately respond to CNBC's request for further information on the proposed pricing and rollout timeline of the drugs. The company's Ozempic diabetes drug was approved in 2021 and saw sales in the greater China region double last year. On Monday, Novo Nordisk announced it is investing $4.1 billion to expand its manufacturing in the U.S.

Persons: —, Eli Lilly Organizations: Novo Nordisk, Medical Products Administration, Google, Reuters, National Health Commission, U.S Locations: China, Danish, London, Clayton , North Carolina

☆ Taylor Swift kicks off UK Eras shows as some fans wonder if singer is ready to say ‘So long, London’
▼ + stars: | 2024-06-23 | by ( ) www.cnbc.com time to read: +5 min

Taylor Swift performs on stage during "Taylor Swift | The Eras Tour" at Wembley Stadium on June 22, 2024 in London, England. Kevin Mazur | Getty Images Entertainment | Getty ImagesTaylor Swift fans enjoy parsing the singer-songwriter's lyrics for references to her romantic life and insights into her state of mind. The record's fifth track is titled "So Long, London." As Swift brings her blockbuster Eras Tour to London's Wembley Stadium this weekend, some Swifties therefore are wondering if they are witnessing the beginning of an extended goodbye. American pop singer Taylor Swift meets a fan while on stage during "Taylor Swift | The Eras Tour" at Wembley Stadium on June 22, 2024 in London, England.

Persons: Taylor Swift, Kevin Mazur, Swift, London, Prince William, Prince George, Princess Charlotte, valentine, Maggie Fekete, Frank Styles, Benjamin Cremel, Stella Elgood, Harry Styles, she's, Elgood, haven't, Styles, Travis Kelce, Joe Alwyn, Alwyn, ELLE, lister, Naomi May, Tom Holland Organizations: Wembley, Getty, Poets Department, London, Afp, Kansas City Chiefs, Sun, Department Locations: London, England, Wembley, American, Europe, British

☆ Carlsberg slides 8%, set for largest drop in four years, after Britvic rejects $3.9 billion takeover offer
▼ + stars: | 2024-06-21 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Carlsberg shares were on course for their largest single-day decline in more than four years on Friday, after the British soft drinks maker Britvic said it had rejected the Danish brewer's £3.11 billion ($3.9 billion) takeover proposal. This is the company's largest single-day share drop since March 12, 2020, when stock fell 8.77%. Earlier in the session, Britvic announced it had on June 17 refused an improved cash takeover bid from Carlsberg offering 1,250 pence per share of the British soft drinks maker. This was Carlsberg's second bid, after its June 6 offer price of 1,200 pence per Britvic share was also declined. Carlsberg confirmed the rejection of its second proposal, which it qualified as "a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation."

Persons: Britvic Organizations: Carlsberg, PepsiCo Locations: London, Danish, Britain

☆ Switzerland makes second interest rate cut as major economies diverge on monetary policy easing
▼ + stars: | 2024-06-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

A view of the headquarters of the Swiss National Bank (SNB), before a press conference in Zurich, Switzerland, March 21, 2024. The Swiss National Bank on Thursday trimmed its key interest rate by 25 basis points to 1.25%, continuing cuts at a time when sentiment over monetary policy easing remains mixed among major economies. The figures assumes a SNB interest rate of 1.25% over the prediction period. Switzerland already has the second-lowest interest rate of the Group of Ten democracies by a wide margin, following Japan. It became the first major economy to cut interest rates back in late March and was earlier this month followed by the European Central Bank, and questions are now mounting over whether it will proceed with a third rate cut this year.

Persons: Kyle Chapman Organizations: Swiss National Bank, Reuters, Swiss, U.S ., Nomura, European Central Bank, Ballinger Group, U.S . Federal Reserve, Bank of England Locations: Zurich, Switzerland, Swiss, London, Japan

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