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☆ Draghi urges radical European Union reform requiring extra 800 billion euros a year
▼ + stars: | 2024-09-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Massimo Di Vita | Mondadori Portfolio | Getty ImagesThe European Union needs up to 800 billion euros ($884 billion) in additional investment per year to meet its key competitiveness and climate targets, according to a report from economist and politician Mario Draghi. The bloc's goals of bolstering its geopolitical relevance, social equality and decarbonization are being threatened by weak economic growth and productivity compared with the U.S. and China, the report states. The EU is meanwhile suffering an "innovation deficit" which must be tackled through reforms to research and development funding and policy, the report states. To fast-track policymaking, the report proposes limiting the voting items that require support from an absolute majority of member states. Funding questionPublic and private investments are being hindered by the size of the EU budget, its lack of focus and its risk aversion, the Draghi report says.

Persons: Mario Draghi, Massimo Di Vita, Draghi —, —, NextGenerationEU Organizations: Italian, European Union, U.S, European Central Bank, European, European Securities and Markets Authority, U.S . Securities, Exchange Commission, SEC Locations: Rome, Italy, China, EU, Europe, Germany

☆ Europe's economy survived 'terrible prophecies' but must now tackle trade with China: EU's Gentiloni
▼ + stars: | 2024-09-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The European Union has successfully avoided the "terrible prophecies" that threatened its economy in recent years, but must still contend with Russia's war in Ukraine and a tenuous trade relationship with China, outgoing European Commissioner for Economy Paolo Gentiloni said Saturday. A former prime minister of Italy, Gentiloni has served as the European Commissioner for Economy under EC President Ursula von der Leyen since December 2019. Gentiloni will not be returning for a second term as commissioner following Von der Leyen's tumultuous re-election as president — but he has laid out the economic picture that awaits his imminent successor. "The economy is growing, slowly, but growing. And the risks of differences among the European Union, that was very high when the pandemic happened, are very limited," he noted.

Persons: Paolo Gentiloni, Gentiloni, Steve Sedgwick, Ursula von der Leyen, Von der, —, Russia's Organizations: European Union, Economy, European, European Central Bank, Moscow, European Commission Locations: Ukraine, China, Europe, Cernobbio, Italy's, Como, Italy

☆ Euro zone inflation falls to 3-year low of 2.2%, backing September rate cut case
▼ + stars: | 2024-08-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Euro zone inflation dropped to a three-year low of 2.2% in August, flash figures from statistics agency Eurostat showed Friday, boosting expectations for a September rate cut from the European Central Bank. The core rate — excluding the more volatile components of energy, food, alcohol and tobacco — fell to 2.8% in August from 2.9% in July, also matching a Reuters poll. The euro nudged 0.04% higher against the U.S. dollar to $1.1083 as investors gear up from a September rate cut from the Federal Reserve in its first step toward monetary easing in the current cycle. It come after price rises in Germany, the euro area's biggest economy, cooled more than expected to 2% for the month, on a euro zone harmonized basis. Economists at ING expect euro zone core inflation to remain stubbornly above 2.5% for the rest of the year amid stickiness in goods and services.

Organizations: Eiffel, Paris, European Central Bank, Reuters, U.S, Federal Reserve, ING, Markets, ECB Locations: Paris, Germany

☆ The European Central Bank will almost certainly decide a 25-point interest rate cut in their next decision, OMFIF chair says
▼ + stars: | 2024-08-23 | 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 EmailThe European Central Bank will almost certainly decide a 25-point interest rate cut in their next decision, OMFIF chair saysDavid Marsh, chairman of OMFIF, discusses the Jackson Hole meeting and economic policy.

Persons: OMFIF, David Marsh, Jackson Organizations: European Central Bank

☆ Japan to benefit from a stronger yen and unwinding of carry trade, Monex Group's Koll says
▼ + stars: | 2024-08-13 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

In this article 8301.T-JP Follow your favorite stocks CREATE FREE ACCOUNTwatch nowCorrections in the yen and the unwinding of the carry trade are positive developments for Japan, said Jesper Koll, a veteran investor who remains bullish on the Japanese market. The yen carry trade began unwinding last week, as interest rate hikes by the Bank of Japan strengthened the yen, and led to a sharp sell-off in markets globally. Stock Chart Icon Stock chart icon U.S. dollar/Japanese yen"It is correct to put a price on money. According to Koll, it's possible that as much as 75% of the yen carry trade could have been unwound, though the total size of the carry trade has not been reliably ascertained. Stock Chart Icon Stock chart icon Nikkei 225

Persons: Jesper Koll, …, CNBC's, unwinding, it's, Koll, Claude Trichet Organizations: Monex, Bank of Japan, Nikkei, European Central Bank Jean, CNBC, U.S ., Bank of Locations: Japan, U.S

☆ Correction in the dollar-yen was overdue and may be 'healthy' for markets, former ECB chief says
▼ + stars: | 2024-08-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

A carry trade involves an investor borrowing a currency with low interest rates and reinvesting it in higher-yielding assets elsewhere — taking advantage of that differential to make a financial gain. Investors piled into yen carry trades in recent years, attracted by Japan's low volatility and ultra-loose monetary policy. Global stock markets meanwhile plunged as "safe haven" assets such as the Swiss franc and U.S. Treasurys were bolstered. "You can't unwind the biggest carry trade the world has ever seen without breaking a few heads," Kit Juckes, chief foreign exchange strategist at Societe Generale, said in a Monday note. Trichet told CNBC Tuesday: "The correction can be seen as a healthy correction, in some respects.

Persons: it's, Jean, Claude Trichet, CNBC's, Treasurys, Kit Juckes, Trichet Organizations: European Central Bank, ., Bank of Japan, U.S, Global, Swiss, Societe Generale, CNBC, Federal Locations: France's, U.S, Europe, United States

☆ Correction in the yen was overdue, former European Central Bank chief Trichet says
▼ + stars: | 2024-08-06 | 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 EmailCorrection in the yen was overdue, former European Central Bank chief Trichet saysJean-Claude Trichet, former president of the European Central Bank and former governor of the Bank of France, discusses Monday's sharp market movements and the next steps for the U.S. Federal Reserve.

Persons: Trichet, Jean, Claude Trichet Organizations: European Central Bank, Bank of France, U.S . Federal Reserve

☆ Why the Fed almost certainly isn’t going to do an emergency rate cut
▼ + stars: | 2024-08-05 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Investors are increasingly hopeful that will push Federal Reserve officials to come to their rescue with an emergency rate cut. But if something comes up in between those meetings that changes their views on the ideal level for rates, officials can gather for an unscheduled “emergency” meeting. By doing two large emergency cuts in succession, Fed officials didn’t have to weigh whether their actions would unnecessarily cause Americans to panic. Before those cuts, the last time the Fed was promoted to do an emergency rate cut was in the thick of the Great Recession shortly after Lehman Brothers collapsed in the fall of 2008. But he said he was “reluctantly” comfortable with an emergency cut since other central banks were doing it.

Persons: Austan Goolsbee, there’s, Lehman Brothers, ” Charles Plosser, “, ”, That’s, Janet Yellen, ” Yellen, Plosser Organizations: New, New York CNN, Federal, Chicago Fed, New York Times, Philadelphia Fed, Bank of Canada, European Central Bank, Bank of England, San, Committee, Fed, Treasury Locations: New York

☆ Safe-haven yen, Swiss franc soar as U.S. slowdown fears flare
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Swiss Franc banknotes sit in the office of a bank in this arranged photograph in Zurich, Switzerland, on Friday, Nov. 20, 2015. The safe-haven Japanese yen and Swiss franc traded near multi-month highs against the dollar on Friday after an unexpected slump in U.S. manufacturing fuelled fears of a downturn, sending stocks and bond yields tumbling. The yen traded around 0.2% stronger at 149.085 per dollar, after popping as high as 148.51 overnight for the first time since mid-March. They were the only two major currencies to outperform the dollar overnight, which itself draws safe-haven flows, paradoxically even when the United States is the cause for concern. ECB policymaker Yannis Stournaras raised the risk of a weak euro zone economy sending inflation below the 2% target in an interview published on Thursday, reaffirming his expectation for two rate cuts this year.

Persons: Sterling, Tony Sycamore, Sycamore, BoE Governor Andrew Bailey, ECB policymaker Yannis Stournaras Organizations: Swiss, Bank of England, European Central Bank, Japan's Nikkei, IG, Federal Reserve, ECB policymaker Locations: Zurich, Switzerland, United States, Asia, U.S

☆ Everything you need to know about when a rate cut could happen
▼ + stars: | 2024-08-01 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Now the central bank is mulling over when to do something it hasn’t done since the darkest days of the pandemic: cut interest rates. “A rate cut could be on the table in the September meeting,” Fed Chair Jerome Powell said on Wednesday, immediately jolting markets. When will the Fed cut rates? Rate cut probabilityThat said, investors are entirely convinced the Fed will cut rates at their September meeting, according to Fed funds futures data. Torsten Slok, Apollo Global’s chief economist, is maintaining his prior forecast that the Fed won’t cut rates at all this year.

Persons: Jerome Powell, we’re, It’s, Powell, ”, ” Powell, Torsten Slok, Apollo Organizations: New, New York CNN, Federal Reserve, Fed, European Central Bank, CNN Locations: New York, “

☆ Bank of England's rate cut is on a knife-edge even with inflation on target
▼ + stars: | 2024-07-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Market pricing on Wednesday morning suggested a 60% probability of a rate cut at the BOE's Aug. 1 meeting. That is far less conviction than traders had before the European Central Bank enacted its own rate cut at the start of June; while pricing for the U.S. Federal Reserve to cut for the first time in this cycle in September has hit 100%. watch nowIn both May and June, seven MPC members voted to hold, as two voted to cut by 25 basis points. Headline U.K. inflation spiked higher than in the U.S. and euro zone over the last two years, but has also cooled more quickly. "I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably," Haskel said.

Persons: Mike Kemp, BOE, Jonathan Haskel —, —, Haskel Organizations: of England, Bank of England's, European Central Bank, U.S . Federal Reserve, MPC Locations: City of London, U.S, BOE, U.K

☆ Euro zone inflation rises to 2.6% in July, above expectations
▼ + stars: | 2024-07-31 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Headline inflation in the euro zone unexpectedly rose to 2.6% in June, the European Union's statistics agency said Wednesday. In June, inflation had come in at 2.5%, easing slightly from the 2.6% of May. Economists polled by Reuters had been expecting the headline figure for July to be unchanged from June's reading at 2.5%. Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, hit 2.9% in July, versus a Reuters estimate of 2.8%. The inflation rates come just a day after the release of the zone's second quarter gross domestic product, which the European Union's statistics office said grew 0.3% in the three months to the end of June.

Organizations: Reuters, ECB Locations: Germany

☆ ECB President Christine Lagarde on sports background, lessons from swimming and journey to finance
▼ + stars: | 2024-07-29 | 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 President Christine Lagarde on sports background, lessons from swimming and journey to financeEuropean Central Bank president Christine Lagarde joins 'Squawk Box' to discuss her sports background, her history as a competitive artistic swimmer, lessons from swimming, and more.

Persons: Christine Lagarde Organizations: European Central Bank

☆ ECB President Christine Lagarde on the economic impact of the Olympics
▼ + stars: | 2024-07-29 | 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 President Christine Lagarde on the economic impact of the OlympicsEuropean Central Bank president Christine Lagarde joins 'Squawk Box' to discuss lessons from the Paris Olympics, the economic impact of the Olympic games, and more.

Persons: Christine Lagarde Organizations: Olympics European Central Bank, Paris Olympics

☆ 'Rate cut winners': Barclays names global stocks to buy when interest rates are cut
▼ + stars: | 2024-07-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +1 min

Barclays has identified a list of global stocks poised to benefit as central banks in Europe and the U.K. prepare to cut interest rates. The European Central Bank and the Bank of England are expected to continue, or begin, reducing interest rates in the second half of this year, continuing into 2025. Barclays economists project that by mid-2025, the ECB's key rate could reach 2.5%, while the Bank of England's rate might settle at 4%. Barclays included the following stocks in its "rate-cut winners basket", among which are: Cellnex Telecom, Royal KPN , Hermes , Zalando , and Siemens Healthineers . While banks are often thought to suffer from lower interest rates, Barclays suggests that any loss in earnings from lower rates could be partially offset by higher lending volumes and reduced provisions for bad loans.

Persons: Royal KPN, Matthew Joyce Organizations: Barclays, European Central Bank, Bank of England, Bank of, Cellnex Telecom, Royal, Siemens Locations: Europe

☆ Dollar set to eke out weekly gain as traders weigh U.S. rates, yen wobbles
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: +3 min

The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labour and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year. The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labor and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year. The Federal Reserve is scheduled to meet at the end of July where markets anticipate a very low chance of the central bank cutting rates. Ryan Brandham, head of global capital markets for North America at Validus Risk Management, said the U.S. economy is getting closer to where a rate cut may be appropriate. In other currencies, the Australian dollar eased 0.11% to $0.66985, while the New Zealand dollar was 0.22% lower at $0.6032.

Persons: Ryan Brandham, Mary Daly, Daly, recouping, Sterling Organizations: Federal Reserve, Bank of Japan, Traders, U.S, Federal, North America, Validus Risk, Fed, Federal Reserve Bank of San Francisco, Dallas Fed, European Central Bank, ECB, Bank of England, New Zealand Locations: Tokyo, Japan, U.S, Britain

☆ European markets open lower as investors digest ECB decision
▼ + stars: | 2024-07-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

LONDON — European markets opened lower on Friday as investors considered the latest ECB interest rate decision. All sectors were lower, with travel and leisure stocks tumbling 2.66%, and mining stocks declining 1.93%. European markets have retreated throughout the week with the Stoxx 600 closing lower for the last four consecutive days. The picture was similar across the world, with Asia-Pacific markets declining on Friday as they followed Wall Street lower. U.S. markets closed lower on Thursday, with the Dow Jones Industrial Average snapping a six-day winning streak.

Organizations: Bank of England, LONDON, Dow Jones, European Central Bank, ECB Locations: City of London, London, United Kingdom, Asia, Pacific, U.S

☆ Oil prices rise on bigger-than-expected drop in U.S. crude stocks
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Brent futures rose 13 cents, or 0.2%, to $85.21 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude rose 31 cents, or 0.4%, to $83.16. Lower interest rates often spark buying and boost oil demand. The European Central Bank, meanwhile, is all but certain to keep interest rates unchanged on Thursday, but signaled that its next move is likely to be a cut. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.

Persons: Brent Organizations: U.S, West Texas, U.S . Energy, Administration, American Petroleum Institute, Federal, European Central Bank Locations: Brent, United States, Europe, China

☆ European Central Bank holds interest rates, says domestic price pressures 'still high'
▼ + stars: | 2024-07-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

European Central Bank (ECB) president Christine Lagarde attends a press conference following the Governing Council's monetary policy meeting, in Frankfurt, Germany July 18, 2024. Jana Rodenbusch | ReutersThe European Central Bank left interest rates unchanged on Thursday, after implementing a cut in June. "Monetary policy is keeping financing conditions restrictive. The decision — which keeps the key interest rate at 3.75% — was widely expected amid ongoing concern over inflationary pressures, particularly from the labor market. Analysts expected the central bank to wait for more data across payrolls, economic growth and productivity before easing monetary policy further.

Persons: Christine Lagarde, Jana Rodenbusch, —, Lagarde Organizations: European Central Bank, Reuters, ECB, U.S . Locations: Frankfurt, Germany, —

☆ This strategist is finding value outside of the U.S. — here's where
▼ + stars: | 2024-07-18 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Investors looking for stock investments on the cheap should look abroad, according to Schroders investment strategist Bob Armstrong. Europe's Stoxx 600 index and the Japanese Nikkei 225 hit record highs earlier this year, along with the S & P 500 . FactSet data shows the former trades at 15 times trailing 12-month earnings, while the latter has a multiple of 23. The S & P 500, meanwhile sports a 27 times earnings multiple. Year to date, the Nikkei is up nearly 20%, outpacing the S & P 500's 17% jump.

Persons: Bob Armstrong, Europe's, Armstrong, Armstrong didn't Organizations: Nikkei, CNBC, Tokyo, European Central Bank and Bank of England, Franklin FTSE United Kingdom ETF Locations: U.S, Europe, Armstrong, Russia, Ukraine, Japan

☆ E.C.B. Leaves Rates Unchanged but Keeps Door Open for September
▼ + stars: | 2024-07-18 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

European Central Bank policymakers held interest rates steady on Thursday, as they reiterated their cautious approach to cutting rates as inflation bumps around above the bank’s target. Last month, policymakers cut the interest rate a quarter point, the first reduction in nearly five years and a tentative step toward easing. Inflation in the eurozone has fallen a long way from its double-digit highs in late 2022, and policymakers are trying to ensure it returns to their 2 percent target sustainably. Average inflation across the 20 countries that use the euro was 2.5 percent in June, slightly lower than it was in May but higher than in April. “Inflation is expected to fluctuate around current levels for the rest of the year,” Christine Lagarde, the president of the European Central Bank, said at a news conference in Frankfurt.

Persons: ” Christine Lagarde Organizations: European Central Bank Locations: Frankfurt

☆ European markets set to open higher ahead of ECB rate decision
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The U.K.'s FTSE 100 was last seen up 40 points at 8,231, Germany's DAX 15 points higher at 18,464 and France's CAC up 7 points at 7,590. LONDON — European markets were headed for a higher open on Thursday as investors awaited the European Central Bank's interest rate decision. Asia-Pacific markets tumbled on the news from the chip sector overnight, with Japan's Nikkei 225 declining more than 2%. Back in Europe, the European Central Bank is expected to announce its latest interest rate decision Thursday. Markets are widely expecting the central bank to leave rates unchanged, but investors are hoping for guidance on the path ahead for monetary policy.

Persons: Boris Roessler, Germany's DAX Organizations: Getty, CAC, MIB, LONDON, Tech, Japan's Nikkei, Nasdaq, European Central Bank, Novartis, Volvo, Ubisoft, Nokia Locations: Hesse, Frankfurt, U.S, Asia, Pacific, Europe

☆ ECB holds interest rates: CNBC's Silvia Amaro reviews the decision
▼ + stars: | 2024-07-18 | 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 holds interest rates: CNBC's Silvia Amaro reviews the decisionCNBC's Silvia's Amaro reacts to the European Central Bank's latest decision to hold interest rates at 3.75%.

Persons: CNBC's Silvia Amaro, CNBC's Silvia's Amaro Organizations: ECB, Central

☆ European Central Bank set to hold rates with inflation picture muddying demand for cuts
▼ + stars: | 2024-07-18 | by ( Annette Weisbach | ) www.cnbc.com time to read: +1 min

FRANKFURT — The European Central Bank is set to keep interest rates steady this week after cutting in June for the first time since September 2019. The hold would come amid uncertainty about underlying inflation dynamics, especially stemming from the labor market, which have weighed on the central bank's resolve to embark on a rapid path of cuts. "ECB speakers, including President [Christine] Lagarde and Chief Economist [Philip] Lane, have made it quite clear that the July meeting is set to be more of a stock-taking exercise than a policy-decision meeting, also given the absence of new staff forecasts," Anatoli Annenkov of Societe Generale said in a recent research note. "With no new quarterly data available, e.g. GDP, compensation and labour productivity data, the [ECB's] Governing Council will instead have to make do with mostly survey data," he said, adding that previous data points to a bumpy recovery in the euro area — the 20 countries that share the single currency.

Persons: Christine, Lagarde, Philip, Lane, Anatoli Annenkov Organizations: FRANKFURT, European Central Bank, ECB, Societe Generale

☆ Many Americans think they’re insulated from climate change. Their finances indicate otherwise
▼ + stars: | 2024-07-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Joseph Lamberti/Bloomberg via Getty ImagesMany Americans think they're insulated from the effects of global warming. But climate change is already having negative and broad impacts on household finances, according to experts. "There are a bazillion pathways" to adverse financial impact, he added. However, when it comes to financial impact, "I think you could argue the correct answer for [people] is, 'It's already hurting me,'" Krosnick said. How global warming and inflation intersectClimate change also exacerbates inflation, research shows — a dynamic dubbed "climate-flation."

Persons: Joseph Lamberti, Gernot Wagner, Jon Krosnick, Krosnick, Angela Weiss, Wagner, Mario Tama Organizations: Bloomberg, Getty Images, ICF, Columbia Business School, Finance, Stanford University, Resources, Research, Afp, Getty, Columbia Business, University of Illinois, University of Oregon, New York City, Workers, European Central Bank, Potsdam Institute, Climate Locations: Philadelphia, U.S, American, Miami, Bronx, New York, Urbana, Champaign, Canada, Baker , California, California, Phoenix

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