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☆ Putin's war on energy is testing solidarity between EU nations
▼ + stars: | 2022-10-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

"We have never experienced such a challenging experience," Paolo Gentiloni, the EU's economics commissioner, told CNBC on Oct. 12. Gentiloni also referred to a "common tool" that could be used across the EU to help member states combat the energy crisis. "I'm not calling for further common debt," Gentiloni highlights, "because we have a big common debt for what we call next generation EU. Poland, Belgium, Italy and Greece are among the countries proposing a gas "price corridor" across Europe in an attempt to tackle soaring prices. But other countries, including Germany, are thought to oppose the plan over fears that capping prices could have negative impacts on energy security.

☆ British pound rises as new UK finance minister brings forward policy announcements to today
▼ + stars: | 2022-10-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

LONDON — Sterling rose against the dollar on Monday morning after new U.K. Finance Minister Jeremy Hunt announced he would deliver parts of his medium-term fiscal plan later in the session. The pound was up nearly 1% to $1.1288 by early Monday morning, extending gains after the statement from the U.K. Treasury. The decision follows a dramatic day in British politics on Friday, which included big fiscal U-turns from Prime Minister Liz Truss and the sacking of Finance Minister Kwasi Kwarteng. Hunt said over the weekend that his priority as finance minister is growth, much like his predecessor, but he highlighted it would be "underpinned by stability." U.K. bonds saw a sharp sell-off and the pound hit a record low in the days afterward.

☆ British government performs major U-turn on tax cuts. But markets are far from convinced
▼ + stars: | 2022-10-14 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

British Prime Minister Liz Truss attends a news conference in London, Britain, October 14, 2022. Daniel Leal | ReutersLONDON — A major reshuffle and the scrapping of a key tax-cutting pledge by U.K. Prime Minister Liz Truss on Friday wasn't enough to placate markets with the pound and government bonds continuing to sell off. It seems that Truss's speech did little to reassure markets, or to convince analysts that Britain's financial storm has passed. Rather than settling the waters, Truss's U-turn on tax decisions will leave investors cautious of future political upheaval, according to Mike Owens, a U.K. sales trader at Saxo. "The costs of the mini-budget horror show have already been high and it's not clear that the expected corporation tax U-turn will sustainably calm markets," he said.

☆ Europe's busiest airport, London Heathrow, says the demand for air travel remains uncertain
▼ + stars: | 2022-10-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The biggest airport in Europe by passenger numbers, London's Heathrow, is not expecting to come into profit this financial year. LONDON — Europe's busiest airport, London Heathrow, gave a downbeat assessment of the industry on Tuesday, saying the "demand outlook remains uncertain" as economic turbulence, a new wave of Covid-19 and the escalating crisis in Ukraine could cause disruption to the barely-recovered aviation sector. Heathrow said Tuesday that it would finally be lifting that daily passenger cap at the end of October. Almost 5.8 million passengers traveled through the airport in September, which is 15% below 2019 levels. Holland-Kaye said in a July press release that the aviation sector had been "deeply scarred" by Covid.

☆ IMF cuts global growth forecast for next year, warns ‘the worst is yet to come’
▼ + stars: | 2022-10-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The International Monetary Fund predicts global growth will slow. The IMF anticipates global inflation will peak in late 2022, increasing from 4.7% in 2021 to 8.8%, and that it will "remain elevated for longer than previously expected." Global inflation will likely decrease to 6.5% in 2023 and to 4.1% by 2024, according to the IMF forecast. The agency noted the tightening of monetary policy across the world to combat inflation and the "powerful appreciation" of the U.S. dollar against other currencies. "Winter 2022 will be challenging for Europe, but winter 2023 will likely be worse," the IMF said.

☆ Jamie Dimon says UK government deserves benefit of the doubt after sparking market turmoil
▼ + stars: | 2022-10-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co. says the new U.K. government should be "given the benefit of the doubt." JPMorgan Chase CEO Jamie Dimon said new governments "always have issues" and U.K. Prime Minister Liz Truss should be "given the benefit of the doubt" following a turbulent first month in office. "I would like to see the new prime minister, the new chancellor, be successful," he said. Dimon's comments come after a rocky few weeks for Truss's administration. Sterling plummeted and yields on U.K. government bonds, or "gilts," were sent through the roof and have yet to return to their pre-announcement levels.

☆ Porsche shares rise in landmark Frankfurt debut
▼ + stars: | 2022-09-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Parent company Volkswagen is offering 911 million shares, a reference to Porsche's famous 911 model. "Today is a great day for Porsche and a great day for Volkswagen," Arno Antlitz, Volkswagen's chief financial officer told CNBC's "Squawk Box Europe" Thursday. The organization knew the IPO would be successful, according to Antlitz, citing "strong financials" and "a very convincing strategy for the future." "We were convinced despite the challenging environment this IPO would prove successful, and we were right," he told CNBC's Annette Weisbach.

☆ Billionaire investor Ray Dalio says UK’s economic plan 'suggests incompetence'
▼ + stars: | 2022-09-28 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Ray Dalio, founder of Bridgewater Associates LP, speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. The financial market turmoil resulting from the U.K. government's spending plan "suggests incompetence," according to billionaire investor Ray Dalio. "I can't imagine that this is intended – and if it's not intended then it's an understanding question," Dalio said on BBC Radio 4′s "Today" program Wednesday. The measures included large swathes of unfunded tax cuts that have drawn global criticism, including from the International Monetary Fund. "It doesn't stimulate the economy, productivity is what stimulates the economy over the long run," Dalio said.

☆ Brent crude slides below $85 a barrel as dollar surges
▼ + stars: | 2022-09-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Tayfun Cosku | Anadolu Agency | Getty ImagesBrent crude fell below $85 a barrel Monday, as recession fears weighed and the U.S. dollar surged. Brent futures for November settlement fell to around $84.53 early in the day, before recovering to trade around $85.25 by 9.20 a.m. London time. On Friday, both Brent and WTI futures fell around 5% to hit their lowest level since January. "The unrelenting pressure on commodities, including crude oil, continues following Friday's gloomy session which saw accelerated dollar strength and growth pessimism cause a ripple through markets," Ole Hansen, Head of Commodity Strategy at Saxo said. "WTI trades below $80 per barrel while a return to the mid-80's in Brent may soon see OPEC+ action to support prices," he said.

☆ European stocks open in the red as investors digest central bank moves
▼ + stars: | 2022-09-23 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

European stocks open marginally lower Friday, as investors digest a slew of central bank rate hikes from the region and beyond. The Bank of England hiked rates by 50 basis points Thursday — its seventh consecutive increase, and the Swiss National Bank hiked its benchmark rate to 0.5%, a shift that brings an end to an era of negative rates in Europe. The U.S. Federal Reserve, meanwhile, hiked by another three-quarters of a percentage point Wednesday, and indicated that the hikes will keep on coming.

☆ Swiss central bank hikes interest rates by 75 basis points, bringing them out of negative territory
▼ + stars: | 2022-09-22 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The Swiss National Bank on Thursday raised its benchmark interest rate to 0.5%, a shift that brings an end to an era of negative rates in Europe. The 75 basis point hike follows an increase to -0.25% on June 16, which was the first rate rise in 15 years. Prior to this, the Swiss central bank had held rates steady at -0.75% since 2015. Japan is now the last major economy with a central bank in negative territory, after the Bank of Japan decided to keep its interest rates on hold at -0.1% on Thursday. Denmark, meanwhile, ended its almost decade-long negative rate streak on Sept. 8 when the central bank raised its benchmark rate by 0.75 percentage points to 0.65%.

☆ Flight prices out of Russia surge as Putin calls up reservists for Ukraine war
▼ + stars: | 2022-09-21 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Putin announced in his speech that 300,000 military reservists would be required to serve in the "special military operation," raising fears that men of fighting age may not be allowed to leave Russia. The cost of flights departing from Moscow skyrocketed as Russian President Vladimir Putin announced a "partial military mobilization" in a televised address Wednesday. Putin announced in his speech that 300,000 military reservists would be required to serve in what Moscow calls its "special military operation," raising fears that men of fighting age may not be allowed to leave Russia. A large number of countries have placed bans on planes landing directly from Russia, including the U.S., the U.K., and most of mainland Europe. Direct flights from Moscow to the Turkish city of Istanbul and Yerevan in Armenia sold out on Wednesday, according to Aviasales data, as reported by Reuters.

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