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The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ Dollar rises as hawkish central banks cast shadow over growth outlook; dent risk sentiment
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: +3 min

Rate hike surprises and hawkish comments from central banks globally have renewed market fears that policymakers have further to go in tightening policy to tame inflation, even at the risk of tipping their economies into a recession. Norway's central bank on Thursday also stunned markets with a 50 bp rate hike and said it aimed for another hike in August. "Markets are definitely taken by surprise by the recent, more aggressive actions that some central banks had to take," said Khoon Goh, head of Asia research at ANZ. "Also putting into question the following trend of other central banks that initially looked like they've paused but went on to hike rates ... so that's something that markets are starting to become worried about again." Fed Chair Jerome Powell said on Thursday the central bank would move interest rates at a "careful pace" from here.

Persons: stoked, Sterling, Nick Bennenbroek, Khoon Goh, they've, Jerome Powell Organizations: U.S, Federal Reserve, Bank of England, U.S ., The, New, Swiss National Bank, ANZ, Reserve Bank of Australia, Bank of Canada, Fed Locations: Wells Fargo, New Zealand, Asia

☆ Australia to decide fate of central bank chief in July
▼ + stars: | 2023-06-22 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

[1/2] Governor of the Reserve Bank of Australia (RBA) Philip Lowe attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 16 July 2022. Treasurer Jim Chalmers told reporters on Thursday he would announce his decision on Reserve Bank of Australia (RBA) Governor Philip Lowe's future in coming weeks, but would not be drawn on whether Lowe would keep his job. The clamour of criticism, particularly in the media, led Chalmers to launch an independent review of the central bank which recommended sweeping changes in its operation and the way policy was formed. "Obviously, the Reserve Bank Governor needs to be well placed to implement the recommendations of the review and to take the Reserve Bank into the future," said Chalmers. Possible replacements being touted are the current deputy governor Michele Bullock, Treasury official Jenny Wilkinson and former Bank of Canada official Carolyn Wilkins, who also led the review into the RBA.

Persons: Philip Lowe, Jim Chalmers, Philip Lowe's, Lowe, I’m, we'd, Chalmers, Michele Bullock, Jenny Wilkinson, Carolyn Wilkins, Wayne Cole, Renju Jose, Leslie Adler Organizations: Reserve Bank of Australia, Ministers, Central Bank Governors, Reserve Bank Governor, Bank, Treasury, Bank of Canada, Thomson Locations: Nusa Dua, Bali, Indonesia

☆ Watch CNBC's full interview with KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | 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 EmailWatch CNBC's full interview with KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: KPMG's Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Despite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | 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 EmailDespite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Bank of Canada to gauge need for further rate hikes based on data - minutes
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

On June 7 the central bank, which had been on hold since January, raised its overnight rate to 4.75%. The governing council discussed whether or not it should signal a rate increase and then execute it in July, but decided that there was enough data to act immediately, the minutes said. The council then agreed to "assess the need for further policy rate increases based on the incoming data", the minutes said. The governing council said it expected that second quarter growth would outpace the 1% annualized pace it forecast in April, according to the minutes. "Governing Council agreed that the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously expected", the minutes said.

Persons: Steve Scherer, David Ljunggren OTTAWA, David Ljunggren Organizations: Bank of Canada, Thomson Locations: Canada

More rate increases were coming, she said. LAST MILEThe Fed's pause was partly out of respect for the time lag between rate increases and their impact on the economy. The ECB needs to see the effects of policy go "all the way down to inflation," Lagarde said. "I still think, and my colleagues agree, that the risks to inflation are to the upside," Powell said. "What we'd like to see is credible evidence that inflation is topping out and then beginning to come down."

Persons: Dado Ruvic, Christine Lagarde, Lagarde, Jerome Powell, Powell, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, WASHINGTON, European Central Bank, ECB, U.S . Federal Reserve, The Bank of England, Reserve Bank of Australia, Bank of Canada, Bank of Japan, Reuters, Fed, Reuters Graphics, Thomson Locations: FRANKFURT, New U.S, U.S, Europe

STOCKHOLM, June 15 (Reuters) - H&M (HMb.ST) reported weaker than expected second quarter sales on Thursday as chilly weather held back demand in key markets, although the Swedish clothes group said June had started well and its shares rose by 3% in early trading. "Sales in the second quarter were affected by unfavourable weather conditions compared to the corresponding period last year on several of the H&M group's large markets" H&M said. Zara owner Inditex (ITX.MC), whose largest market is warmer Spain, has a smaller share of sales in northern Europe and the U.S. and is also less affected by weather swings. Inditex, which has coped better than H&M in sluggish markets, last week said net sales in its quarter through April were up 13% and, in May, up 16%. H&M, whose single-biggest market is Germany, is due to publish its full quarterly earnings report on June 29.

Persons: Jefferies, Inditex, Richard Chamberlain, Marie Mannes, Anna Ringstrom, Terje Solsvik, Alexander Smith Organizations: Reuters, Royal Bank of Canada, Thomson Locations: STOCKHOLM, Swedish, Europe, Zara, Spain, U.S, Germany

☆ Major central banks not done with rate hikes just yet
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +6 min

[1/2] A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Fed policymakers paused on its rate hikes since March 2022, and kept the federal funds target rate unchanged at 5.25%, its highest level since August 2007. Reuters Graphics5) AUSTRALIAAustralia's central bank raised its benchmark rate by a quarter-point on June 6 to an 11-year high of 4.1%. It expects inflation to stay above its 2% target through 2025 and hinted at more rate hikes ahead. Reuters Graphics10) JAPANThe Bank of Japan remains the world's most dovish major central bank under new Governor Kazuo Ueda.

Persons: Heiko Becker, Jerome Powell, BoE, Christine Lagarde, Thomas Jordan, Kazuo Ueda, Samuel Indyk, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ransinghe, Jonathan Oatis Organizations: European Central Bank, REUTERS, Heiko Becker LONDON, U.S . Federal Reserve, Bank of England, Reuters, Reserve Bank of New, UNITED, Fed, Bank of Canada, BRITAIN, Bank of, ECB, Norges Bank, Reuters Graphics Reuters, Swiss National Bank, Bank of Japan, Thomson Locations: Frankfurt, Germany, Canada, Japan, dovish, Reserve Bank of New Zealand, U.S, Bank of England, AUSTRALIA, SWEDEN, NORWAY, SWITZERLAND, JAPAN

☆ Dollar backs down as traders price in a Fed skip
▼ + stars: | 2023-06-14 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

In April, the U.S. consumer price index (CPI) logged its smallest year-on-year increase since March 2021 at 4.0%. It's quite a high hurdle for (the Fed) to deliver a hawkish surprise tonight through rhetoric alone," MUFG strategist Lee Hardman said. Unsurprisingly, the dollar has lost the most so far this month against the Australian dollar , which has gained 4.3%, followed by the Canadian dollar , which has risen by 2%. The European Central Bank (ECB) delivers its decision on rates on Thursday, with a quarter-point hike to 3.50% widely expected. Its policymakers have been clear that inflation across the euro zone is too high and the central bank has more work to do.

Persons: Lee Hardman, Francesco Pesole, Sterling, Kevin Buckland, Kim Coghill, Mark Potter, Chizu Organizations: Federal Reserve, Reserve Bank of Australia, Bank of Canada, Bank of England, Canadian, European Central Bank, Fed, ECB, ING, The Bank of, People's Bank, Thomson Locations: U.S, The Bank of Japan, Tokyo

☆ Oil prices dip after unexpected rise in US crude stocks
▼ + stars: | 2023-06-14 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. crude oil stocks rise by 1 mln barrels last week -APIMarkets watching Federal Reserve meetingOPEC+ grants Russia slightly higher oil production baselineComing up: EIA data on U.S. stockpiles at 1430 GMTJune 14(Reuters) - Oil prices inched lower on Wednesday after industry data showed an unexpected rise in U.S. crude stocks, signalling weak demand to markets already worried about recession and disappointing Chinese economic data. Prices fell by 4% on Monday on concerns about the Chinese economy after disappointing economic data last week. U.S. crude oil stocks rose by about 1 million barrels in the week ended June 9, according to market sources citing American Petroleum Institute figures on Tuesday, contrary to the average estimate for a 510,000 million barrel decline according to analysts polled by Reuters. Market participants were also closely watching a Federal Reserve meeting, which has no pre-determined interest rate hike on the table. Meanwhile, OPEC+ has granted Russia a slightly higher oil production baseline, meaning Russia can produce more under the latest quotas than previously agreed.

Persons: Arathy Somasekhar, Stephen Coates Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, Government, Federal Reserve, Bank of Canada, European Central Bank, Bank of Japan, Thomson Locations: Russia, U.S, OPEC

☆ Exclusive: Canada bank regulator says lenders should urgently tackle risks from mortgage extensions
▼ + stars: | 2023-06-13 | by ( Nivedita Balu | ) www.reuters.com time to read: +4 min

TORONTO, June 13 (Reuters) - Canada's financial regulator is urging lenders to tackle risks from mortgage extensions at the "earliest opportunity" as many borrowers try to navigate higher mortgage costs after the Bank of Canada's surprise rate hike last week. Canada's central bank has raised interest rates to a 22-year high of 4.75% and analysts are betting on another 25 points increase next month. The regulator had warned in April that though the short-term fix to extend mortgage payment periods helped borrowers, it would keep them in debt for longer. As the interest rate rises, the mortgage payment no longer covers the interest payment portion, which results in the mortgage balance and negative amortization. "We believe risks are still elevated with the prospect of more rate hikes adding to the headwind on mortgage renewals," Rizvanovic said.

Persons: OSFI, Royce Mendes, Mendes, Mike Rizvanovic, Rizvanovic, Nivedita Balu, Denny Thomas, Nick Zieminski Organizations: TORONTO, Bank of, Reuters, Desjardins, Bank of Canada, Bank, Thomson Locations: Toronto

☆ Shares get a tech boost; dollar dithers ahead of inflation data
▼ + stars: | 2023-06-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2023. REUTERS/StaffLONDON, June 13 (Reuters) - Global shares rose on Tuesday, taking their lead from an upbeat session on Wall Street ahead of key U.S. inflation data that could shape the outlook for Federal Reserve monetary policy. Money markets show traders now anticipate a peak in UK rates at around 5.6% by February, up from a terminal rate of 4.85% by November a month ago. In currencies, the dollar index , which measures the performance of the U.S. currency against six others, fell 0.2% to 103.32. Sterling rose 0.4% against the dollar to $1.2567 after the UK wage data , while the euro rose 0.4% to $1.0796.

Persons: Michael Hewson, it’s, BoE, we've, Fiona Cincotta, Farouq Suleiman, Julie Zhu, Christopher Cushing, Jamie Freed, Simon Cameron, Moore, Conor Humphries Organizations: REUTERS, Staff LONDON, Federal Reserve, Nvidia, Nikkei, Nasdaq, Amazon, Apple, Reserve Bank of Australia, Bank of Canada, Fed, ECB, Bank of England, European Central Bank, Bank of, Sterling, Thomson Locations: Frankfurt, Germany, Europe, Swedish, Bank of Japan, London, Hong Kong

☆ Asia shares track Wall Street rally with inflation data, Fed in focus
▼ + stars: | 2023-06-13 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

"Overall equity markets reacted positively to expectations the monetary policy cycle may be nearing its peak," ANZ analysts said in a note. "U.S. markets are now pricing a 72% probability that the Federal Reserve Monetary Policy Committee (FOMC) will hold rates at this week's meeting." On Monday, the S&P 500 (.SPX) and the Nasdaq (.IXIC) rallied to their highest closing levels since April 2022. The S&P 500 climbed 0.93% to end the session at 4,338.93 points. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.5749% compared with a U.S. close of 4.592%.

Persons: Price, Brent, Julie Zhu, Christopher Cushing Organizations: Consumer, Index, CPI, PPI, ANZ, Federal Reserve Monetary, Nikkei, Nasdaq, Amazon, Apple, Dow Jones, Reserve Bank of Australia, Bank of Canada, European Central Bank, Bank of Japan, Treasuries, U.S, Thomson Locations: HONG KONG, U.S, China, Asia, Pacific, Japan

☆ BoC to raise rates once more by 25 bps in July to 5.00% - Reuters poll
▼ + stars: | 2023-06-13 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

BENGALURU, June 13 (Reuters) - The Bank of Canada will raise interest rates again in July to 5.00% after a surprise 25 basis point increase last week, according to economists polled by Reuters, who unanimously said the main risk was the central bank might have to do more. The BoC will hike its overnight rate by 25 basis points to 5.00% at next month's meeting, according to 20 of 25 economists in a snap June 8-13 Reuters poll. "When you resume hiking, you don't resume for one 25 basis point hike. All but three of 25 economists forecast the overnight rate to peak at 5.00% or higher, 50 basis points more than was predicted in the last survey published on June 2. Only one of 25 economists expected a rate cut this year, compared with five in the last poll.

Persons: underscoring, Sebastien Lavoie, Lavoie, Doug Porter, Milounee Purohit, Sarupya Ganguly, Ross Finley, Sharon Singleton Organizations: Bank of Canada, Reuters, BoC, Laurentian Bank, BMO Capital Markets, Thomson Locations: BENGALURU

The dollar made little progress as investors opted for riskier assets, with the Fed widely expected on Wednesday not to hike rates for the first time since January 2022. "Investors have been looking forward to a Fed pause in the rate hiking cycle since they started over a year ago. The technology-heavy Nasdaq Composite (.IXIC) added 202.78 points, or 1.53%, to 13,461.92 in its biggest one-day percentage gain since May 26. Traders are pricing in a roughly 75% chance of the Fed keeping rates steady, and a 25% chance of a 25-basis-point rate hike, according to the CME FedWatch tool. Given said a Fed hike "would likely be very dollar-positive as it would go against current market expectations."

Persons: Brendan McDermid, Price, Burns McKinney, McKinney, Sterling, Helen, Brent, Sinéad Carew, Gertrude Chavez, Dreyfuss, Elizabeth Howcroft, Andrew Heavens, Nick Zieminski, Lisa Shumaker Organizations: New York Stock Exchange, REUTERS, U.S, CPI, PPI Fed, Treasury, U.S . Federal Reserve, Brent, Consumer, Index, PPI, NFJ Investment, Dow Jones, Nasdaq, Traders, Reserve Bank of Australia, Bank of Canada, European Central Bank, Bank of Japan, Monex USA, Thomson Locations: New York City, U.S, Dallas, Washington

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2023. Wall Street futures were up, pointing to another session of gains after the S&P 500 rose for the fourth week in a row last week. "Obviously if we have a big negative surprise on inflation and inflation comes in much hotter than expected, that is going to challenge central banks and the Fed in its 'pause' strategy," he said. Money markets are pricing in around a 75% chance of the Fed keeping rates steady, and a 25% chance of a 25 basis points rate hike, according to the CME FedWatch tool. The European Central Bank is expected to raise rates by 25 basis points on Thursday.

Persons: Europe's, Samy Chaar, Lombard, Elizabeth Howcroft, Sharon Singleton, Chizu Organizations: REUTERS, U.S, CPI, Fed, U.S . Federal Reserve, European Central Bank, Wall, Nasdaq, Investors, Reserve Bank of Australia, Bank of Canada, Bank of Japan, People's Bank of China, Brent, . West Texas, Thomson Locations: Frankfurt, Germany, China, U.S, Europe, Hong Kong

☆ Asia shares near month high ahead of central bank meetings
▼ + stars: | 2023-06-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, June 12 (Reuters) - Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path. China stocks (.SSEC) eased 0.01%, while Hong Kong's Hang Seng Index (.HSI) opened up 0.3%. Markets are pricing for a 71% probability the U.S. central bank will stand pat when it meets on June 13-14, according to CME FedWatch tool. While doubts persist among investors which path the Fed will take this week, they are more certain the European Central Bank, which meets on Thursday, will raise rates and remain hawkish. The yen eased 0.01% to 139.39 per dollar ahead of the Bank of Japan's (BOJ) policy meeting on Friday.

Persons: Hong, HSI, Lagarde, Mohit Kumar, Kumar, Sterling, Brent, Jacqueline Wong Organizations: Federal, Japan's Nikkei, Reserve Bank of Australia, Bank of Canada, Citi, European Central Bank, Jefferies, ECB, Bank of Japan's, Reuters, Thomson Locations: SINGAPORE, Europe, Japan, United States, Asia, Pacific, China, Turkish

LONDON, June 12 (Reuters) - Central banks like the Bank of England will find it hard to communicate the end of their rate-tightening cycle and should not sweat over this at the expense of taking steps to bring down inflation, BoE policymaker Catherine Mann said on Monday. "Fine-tuning is something that monetary policy is not very good at if the ultimate objective is to focus on inflation," Mann said at an event hosted by U.S. political strategists Signum Global Advisors. Many economists, by contrast, expect the BoE to stop sooner - or if not, to pause to assess the impact of the rapid series of rate rises. "Inflation expectations, in fact, are on the downswing even as some of these core and services prints have been more robust than we would have hoped for," Mann said. Economic activity had also continued to grow modestly and in line with expectations, Mann added.

Persons: BoE policymaker Catherine Mann, Mann, Signum, BoE, Jonathan Haskel, it's, David Milliken, Suban Abdulla, William James, Andrea Ricci Organizations: Bank of England, Signum Global Advisors, Bank of Canada, Monetary, MPC, Thomson Locations: Central, Britain, United States

The Bank of England in February removed its explicit guidance and tied decisions to inflation data. The Bank of Japan, by contrast, still battling to raise perennially weak inflation, has left the core part of its guidance intact with a pledge to "patiently" sustain loose policies. The European Central Bank says it has adopted a "meeting-by-meeting" approach with "a strong preference against returning to outright forward guidance on policy rates." If the projections show the policy rate moving up later this year, officials will likely face questions if they do as expected and hold rates steady at the June meeting. If the rate is not seen moving up, they will face questions about not being responsive to recent data showing strong inflation despite pledging to be "data dependent."

Persons: Jerome Powell, BOE, Andrew Bailey, Powell, Ben Bernanke, Bernanke, Gregory Daco, Louis, James Bullard, Data's, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Reserve Bank of Australia, Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Louis Fed, Reuters, Thomson Locations: Central

☆ Morning Bid: Markets in a spin ahead of interest rate decisions
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

It's a big week for markets with interest rate decisions from the three major central banks coming one after another. And one take away from last week's surprise rate increases in Canada and Australia, is not to take anything for granted. The European Central Bank is tipped to deliver a quarter-point rate hike on Thursday, while on Friday the Bank of Japan is expected to maintain ultra-loose monetary policy. Last week's rate decisions support this idea -- the Bank of Canada hiked rates last Wednesday to a 22-year high of 4.75%, having held rates steady since January. A day earlier, Australia's central bank raised rates by a quarter point to an 11-year high and warned of further tightening ahead.

Persons: Sergio Ermotti, Dhara Ranasinghe, Ed Osmond Organizations: Wall, U.S . Federal Reserve, European Central Bank, Bank of, Bank of Canada, Citi, Federal Reserve, U.S . Treasury, Treasury, UBS, Credit Suisse, Thomson Locations: U.S, Dhara, It's, Canada, Australia, Bank of Japan, Europe, Swiss, Switzerland

☆ Explainer: Why is the Canadian economy strong despite record pace of rate hikes?
▼ + stars: | 2023-06-12 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

Analysts are betting on another rate hike in July, to help the Bank of Canada bring inflation back down to its 2% range. Here are some factors that are keeping demand robust in the Canadian economy. The savings rate has halved to 2.9% in the first quarter from the fourth quarter of last year, Statistics Canada said. The central bank says the fiscal spending is not adding to inflation, but it is not helping bring it down either. ($1 = 1.3347 Canadian dollars)Reporting by Steve Scherer; Additional reporting by Nivedita Balu in Toronto; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Randall Bartlett, Bartlett, Steve Scherer, Nivedita Balu, Paul Simao Organizations: OTTAWA, Bank of Canada, Desjardins, Statistics, Thomson Locations: Canadian, Statistics Canada, Provinces, Toronto

☆ As the Fed Meets, It Shares an Inflation Problem With the World
▼ + stars: | 2023-06-12 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The Federal Reserve on Wednesday is expected to stop raising interest rates for the first time in 11 policy meetings. The pattern of stopping and then restarting rate increases is becoming well-established around the world. The Reserve Bank of Australia paused its own campaign earlier this year only to raise rates again twice, including last week. Many central banks are contending with price increases that are only moderating slowly, propped up by higher service costs, which include things like concert tickets, rent and hotel rooms. The European Central Bank’s policymakers also meet this week, and they are expected to continue raising rates.

Persons: ”, William English Organizations: Federal Reserve, Reserve Bank of Australia, Bank of Canada, Fed, Yale University Locations: Melbourne, Munich, Miami, Britain, Central

☆ Morning Bid: Markets drift ahead of central bank extravaganza
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeAfter surprise interest rate hikes from the Reserve Bank of Australia and Bank of Canada, investors are a bit nervy heading into a week that brings us three major central banks meetings. Last week's moves have inflamed uncertainty in investor minds about whether the U.S. Federal Reserve will skip or surprise on Wednesday. CME Fedwatch tool showed the probability of the Fed standing still is over 70%, but with inflation data due on Tuesday there may just be a late sting in the tail. No such surprises are expected from the European Central Bank or Bank of Japan, with markets widely expecting the ECB to hike and stay hawkish, and the BOJ to stick to its ultra-loose monetary policy. Reuters GraphicsReuters GraphicsWith not a lot on the data calendar, stocks in Asia are muted, while the U.S. dollar is steady.

Persons: Ankur Banerjee, BioNTech, Crispin Odey, Nicola Sturgeon, Christopher Cushing Organizations: Ankur, Reserve Bank of Australia, Bank of Canada, Fed, ECB, U.S . Federal Reserve, CME, European Central Bank, Bank of Japan, Reuters Graphics Reuters, U.S ., Nikkei, Odey, Management, Scottish First, Scottish National Party ., Thomson Locations: Asia, Germany, Britain, Denmark, Czech Republic, Turkey, Singapore

☆ Why the new bull market is headed for more Fed stress after a rate hike pause
▼ + stars: | 2023-06-11 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

And even if the Fed does pause, Ferguson says it doesn't mean that more rate hikes aren't coming over the rest of the year. He isn't alone in the view that a Fed pause won't last long. This view is underpinned by, among other things, a labor market that continues to be tight. Others see recent cooling the labor market as a signal the Fed may soon have more need to moderate its rate hike strategy. "The broad picture here is the labor market is cooling in a sustainable way.

Persons: Savita Subramanian, Roger Ferguson, That's, Ferguson, CNBC's, isn't, Michelle Girard, Steve Liesman, Dennis Lockhart, Lockhart, Fed's, Jerome Powell, Brendan McDermid, — Ferguson, Wharton, Jeremy Siegel, Siegel, Jerome Powell's, Rucha Vankudre, Nick Bunker, Bunker, Goldman Sachs, David Solomon —, Solomon, Goldman, Frederic Mishkin, it's, Mishkin, we've Organizations: Federal Reserve, Dow Jones, NASDAQ, Bank of America, Fed, NatWest Markets, Atlanta Fed, Traders, New York Stock Exchange, CNBC, Conference Board, Labor, Lightcast, Former Fed, Bank of Canada, Reserve Bank of Australia Locations: U.S

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