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☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ The Fed confirms that Americans will have to wait longer for interest rate cuts
▼ + stars: | 2024-06-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The nation's central bank is once again leaving interest rates unchanged as it works to lower inflation. On Wednesday, the Federal Open Market Committee announced that it's holding its key interest rate benchmark steady in a range of 5.25% to 5.5%, continuing the pause that first began in September last year. The Summary of Economic Projections, released alongside the FOMC's interest rate decision, penciled in just one rate cut for 2024. "This housing-related inflation is directly driven by high interest rates: reducing rates will reduce the costs of renting, buying, and building housing, lowering Americans' single highest monthly expense," they wrote. "Lowering interest rates will likely also decrease the cost of auto insurance as well, which has risen due to factors completely unrelated to the cost of lending."

Persons: it's, Jerome Powell, We've, Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Brendan Boyle, Sen, Sheldon Whitehouse Organizations: Service, Federal, Market Committee, Business, Fed, European Central Bank Locations: Sens

☆ The Fed's next decision will likely mean Americans are going to wait a lot longer for any interest rate cuts
▼ + stars: | 2024-06-11 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."

Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe

☆ Dollar firm ahead of key inflation test, Fed forecast update
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +1 min

A person holds banknotes of the Polish Zloty in front of a sticker showing various currencies on July 19, 2022, in Rzeszow, Podkarpackie Voivodeship, Poland. The euro hung below a two-week high to the dollar as investors braced for the European Central Bank's first interest rate increase since 2011 and the scheduled reopening of a key Russian gas pipeline later in the day. The dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on Tuesday as traders braced for crucial U.S. inflation data and fresh Federal Reserve interest rate forecasts the following day. The U.S. currency was supported by higher Treasury yields in the aftermath of surprisingly robust domestic jobs data at the end of last week, which sparked a dramatic paring of bets for Fed rate cuts this year. The dollar added 0.13% to stand at 157.25 yen early in the Asian day, the highest since June 3.

Persons: Emmanuel Macron Organizations: Central, Bank of Japan, U.S Locations: Rzeszow, Podkarpackie Voivodeship, Poland

☆ It's showtime for Apple, and we're expecting news on its AI plans and a big partnership
▼ + stars: | 2024-06-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're giving a preview of what to expect at Apple's annual event . The big storyApple's AI unveilingApple CEO Tim Cook at the Worldwide Developers Conference in 2023. Josh Edelson/AFP Getty ImagesApple kicks off its big event today from a unique spot: behind. AdvertisementBut when CEO Tim Cook takes the stage for his keynote address this afternoon, it'll be about catching up with Apple's fellow Big Tech peers. It wouldn't be the first time Apple announced a deal with a fellow tech company that has massive implications , writes BI's Hasan Chowdhury.

Persons: —, Larry Connor, Tim Cook, Josh Edelson, Insider's Jordan Hart, BI's Hasan Chowdhury, Monica Schipper, Nordin Catic, Tyler Le, Sam Altman, OpenAI, Apple, Satya Nadella, Altman, Alyssa Powell, Chelsea Jia Feng, Andrii Sedykh, Javier Zayas, Abanti Chowdhury, They're, Gen, isn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Business, showtime, Apple, Worldwide, Developers, Big Tech, Google, Microsoft, Getty, Getty Images, Taiwan Semiconductor Manufacturing Company, Amazon Locations: India, Mexico, Burazin, New York, London

☆ Euro slips to one-month low as Macron calls French election
▼ + stars: | 2024-06-10 | by ( ) www.cnbc.com time to read: +4 min

It was last down 0.24% at $1.0776 as investors weighed the implications of renewed political uncertainty in the euro zone's second-biggest economy in a key election year. "But the exchange rate is still more likely to be influenced by this week's U.S. inflation data and FOMC meeting." The jobs data led traders to once again shift their expectations of when the Fed will cut rates and by how much. Markets are now pricing in 36 basis points of cuts this year compared to nearly 50 bps — or at least two cuts — before the jobs data. U.S. inflation data is also due on Wednesday.

Persons: Emmanuel Macron, Macron, Mansoor Mohi, Uddin, Ryan Brandham, Jerome Powell, Marc Chandler, Sterling Organizations: European Union, Federal Reserve, Bank Of Singapore, European Central Bank, Reuters, North America, Validus Risk, Bannockburn Global, The Bank of Japan Locations: European, Asia, France's, U.S, ., Bannockburn, New York

☆ Americans tired of sky-high borrowing costs will be disappointed this week
▼ + stars: | 2024-06-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Before the Bell: Do you think the Fed could lower its projection for three quarter-point rate cuts this year? Is it concerning that the European Central Bank and Bank of Canada have begun cutting rates before the Fed? A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout.

Persons: Bell, Nate Thooft, I’m, that’s, Yoonjung Seo, —, Son Woomok, Matt Egan, Lina Khan, Beam, Robinson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Manulife Investment Management, Reserve, European Central Bank, Bank of Canada, European Central Bank and Bank of Canada, Workers, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Federal Trade Commission, Southern, Biden, FTC, Politico Locations: New York, South Korea, Miami, United States

☆ America's Economic Plan Will Hurt World Economy, Global Stock Markets
▼ + stars: | 2024-06-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.

Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia

Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. LONDON — European stocks closed lower on Friday, as investors digested fresh U.S. jobs data and the European Central Bank's latest interest rate commentary. All major bourses and almost all sectors traded in the red, with utilities down 1% as health-care stocks added 0.5%. U.S. stocks were mixed following the release, with the S&P 500 hitting a fresh record high as the Nasdaq Composite dipped. Closely behind was Geert Wilders' anti-immigration party, which looks set to have won seven seats.

Persons: Dow Jones, Geert Wilders Organizations: LONDON, Central, Nasdaq, Labour Locations: Paris, France, U.S, Europe, Netherlands

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ The Fed's rate decision and May inflation data will be key tests for the stock market next week
▼ + stars: | 2024-06-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

The next rate decision from the Federal Reserve coupled with May inflation data, both on Wednesday, will play key roles in how stocks perform next week — quite probably lending added volatility to an already jittery market. The Fed's rate decision All eyes are on the Fed next week and its rate decision that's set to come down at 2 p.m. Wednesday. But investors have tempered expectations since then amid a spate of stubborn inflation data. That makes May's consumer price index report due out before the bell Wednesday another key focal point for investors. Economists polled by Dow Jones are bracing for the consumer price index to rise 3.4% year over year and 0.1% on a monthly basis.

Persons: nonfarm, Kathryn Kaminski, Scott Wren, they've, it's, Tony Roth, Envestnet's Dana D'Auria, D'Auria, Dow Jones, Wells, Wren, John Belton, Apple, Jerome Powell, John Wiley Friday Organizations: Federal, Nvidia, Apple, Microsoft, GameStop, Dow, AlphaSimplex Group, Fed, Federal Open Market, European Central Bank, European Union, Wells Fargo Investment, Wilmington Trust's, CPI, Apple's Worldwide, Broadcom, Dave, Treasury, Signet Jewelers, University of Michigan Locations: Wells Fargo, Cupertino , California

☆ European stocks set for higher open as markets anticipate first ECB rate cut since 2019
▼ + stars: | 2024-06-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

A sculpture of the Euro currency stands in the city centre of Frankfurt am Main, western Germany, on January 25, 2024. European stocks are expected to open higher on Thursday, with traders anticipating that the European Central Bank will cut borrowing costs for the euro area for the first time since September 2019. The U.K.'s FTSE index is seen opening 27 points higher at 8,270, Germany's DAX 75 points higher at 18,642, France's CAC 40 up 28 points at 8,032 and Italy's FTSE MIB 139 points higher at 34,711, according to data from IG.

Persons: Germany's DAX Organizations: European Central Bank, CAC, IG Locations: Frankfurt, Germany

☆ European Central Bank Cuts Interest Rates for First Time Since 2019
▼ + stars: | 2024-06-06 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

The European Central Bank lowered interest rates on Thursday for the first time in nearly five years, signaling the end of its aggressive policy to stamp out a surge in inflation. As inflation returned within sight of the bank’s 2 percent target, officials cut their three key interest rates, which apply across all 20 countries that use the euro. The benchmark deposit rate was lowered to 3.75 percent from 4 percent, the highest in the bank’s 26-year history and where the rate had been set since September. “It is now appropriate to moderate the degree of monetary policy restriction.”There is growing evidence around the world that policymakers believe high interest rates have been effective at restraining economies to slow inflation. Now, they are lowering rates, which could provide some relief to businesses and households by making it cheaper to obtain loans.

Organizations: European Central Bank

☆ Harris Associates' David Herro discusses ECB's latest rates cut
▼ + stars: | 2024-06-06 | 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 EmailHarris Associates' David Herro discusses ECB's latest rates cutDavid Herro, Harris Associates CIO international equities and portfolio manager, joins 'Squawk on the Street' to discuss the European Central Bank rate cuts, his stock picks, and more.

Persons: Harris, David Herro Organizations: Harris Associates, European Central Bank

☆ Stock futures are little changed as investors brace for May jobs report: Live updates
▼ + stars: | 2024-06-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

U.S. stock futures opened little changed on Thursday as investors geared up for Friday morning's nonfarm payrolls report. Futures tied to the Dow Jones Industrial Average inched higher by 16 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures hovered near the flatline. The S&P 500 edged lower by 0.02%, and the Nasdaq Composite lost 0.09%. The Dow has a 0.52% gain, while the S&P 500 is higher by 1.43% and the Nasdaq is on pace for a 2.62% advance.

Persons: nonfarm, Dow, Dow Jones, Ed Clissold, Ned Davis Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, Federal Reserve, Ned Davis Research, European Central Bank, Fed Locations: U.S, it's

☆ Europe's central bank cuts interest rates for first time in 5 years
▼ + stars: | 2024-06-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The European Union just made its first cut to interest rates in five years. The European Central Bank lowered its main interest rate from 4% to 3.75%. Officials tend to lower interest rates when inflation is under control and they want to lift growth. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The European Central Bank (ECB) announced on Thursday that it would lower its main interest rate from 4% to 3.75%, marking its first reduction since 2019.

Persons: —, Neil Birrell Organizations: European Central Bank, Service, Union, Premier Miton Investors

☆ Treasury yields inch higher as investors weigh economic data, interest rate outlook
▼ + stars: | 2024-06-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Yields and prices move in opposite directions and one basis point is equivalent to 0.01%. ET, the yield on the 10-year Treasury was up by over one basis point to 4.3006%. The 2-year Treasury yield was last more than one basis point higher to 4.7449%. U.S. Treasurys rose slightly on Thursday as investors considered the latest economic data and weighed the outlook for interest rate cuts. Elsewhere, the European Central Bank is set to announce its first interest rate cut since 2019, even as inflationary pressures in the euro zone have lingered.

Persons: nonfarm Organizations: Treasury, ADP, Investors, European Central Bank, Federal Locations: Canada, Sweden, Switzerland, U.S

☆ ECB would be justified in cutting further despite price pressures, former vice president says
▼ + stars: | 2024-06-06 | 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 EmailECB would be justified in cutting further despite price pressures, former vice president saysVitor Constâncio, former vice-president of the European Central Bank, said the recent moderation in wage growth and the weakness of the euro zone economy make the case for further rate cuts in 2024.

Persons: Vitor Constâncio Organizations: ECB, European Central Bank

☆ European Central Bank heads for first rate cut since 2019: Live updates
▼ + stars: | 2024-06-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB), at a rates decision news conference in Frankfurt, Germany, on Thursday, April 11, 2024. The European Central Bank is widely expected to announce a reduction in interest rates at its meeting in Frankfurt on Thursday, despite lingering inflationary pressures in the 20-nation euro zone. The central bank's key rate has been at a record 4% since September 2023. A cut would be the ECB's first since September 2019, when the deposit facility was in negative territory. Canada on Wednesday became the first G7 nation to cut interest rates in the current cycle, while Sweden and Switzerland's central banks already announced their own rate reductions this year.

Persons: Christine Lagarde, Lagarde Organizations: European Central Bank, ECB, Reuters, U.S . Federal Reserve, Wednesday Locations: Frankfurt, Germany, Canada, Sweden

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ European Central Bank cuts interest rates for the first time since 2019
▼ + stars: | 2024-06-06 | 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 EmailEuropean Central Bank cuts interest rates for the first time since 2019CNBC's Steve Liesman joins 'Squawk Box' with the latest news from the European Central Bank.

Persons: Steve Liesman Organizations: Central Bank, European Central Bank

☆ ECB policymakers have given 'strong signal' for multiple interest rate cuts this year, economist says
▼ + stars: | 2024-06-06 | 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 EmailECB policymakers have given 'strong signal' for multiple interest rate cuts this year, economist saysShaan Raithatha, senior economist at Vanguard Europe, weighs in on the upcoming European Central Bank decision and on the outlook for the European economy.

Persons: Shaan Raithatha Organizations: ECB, Vanguard, Central Bank

☆ Not likely the ECB will deliver back-to-back rate cuts, JPMorgan economist says
▼ + stars: | 2024-06-06 | 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 EmailNot likely the ECB will deliver back-to-back rate cuts, JPMorgan economist saysNora Szentivanyi, global economist at JPMorgan, discusses the upcoming European Central Bank monetary policy meeting and says the prospect of back-to-back rate interest rate cuts is unlikely at this stage.

Persons: Nora Szentivanyi Organizations: ECB, JPMorgan, Central Bank

☆ Traders prepare for an expected rate cut by the European Central Bank
▼ + stars: | 2024-06-06 | 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 EmailTraders prepare for an expected rate cut by the European Central BankCNBC's Silvia Amaro reports from the Barclays trading floor in London ahead of the European Central Bank decision, with the market forecasting a 25-basis-point cut.

Persons: European Central Bank CNBC's Silvia Amaro Organizations: Traders, European Central Bank, Barclays Locations: London

A man shelters from the rain under an umbrella as he walks past the Euro currency sign in front of the former European Central Bank (ECB) building in Frankfurt am Main, western Germany. Euro zone government bond yields extended gains Thursday afternoon, shortly after the European Central Bank announced its first interest rate cut in five years. Germany's 10-year bond yield, seen as the euro area benchmark, was up 6 basis points to 2.557% at 3:12 p.m. London time. The country's 2-year bond yield was higher by 4 basis points to 3.025%. Italy's 10-year bond yield was up 7 basis points to 3.88%, while the yield of the Spanish bond of the same maturity added 6 basis points to 3.29%.

Organizations: European Central Bank, ECB, Bank Syz Locations: Frankfurt, Germany, London

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