The advisory board to the German Finance Ministry has raised concerns about the three options being considered to address a 17 billion euro budget shortfall. In a letter seen by Reuters, the board expressed doubts about the effectiveness of these options in reducing the deficit. The options include using extra funds from state bank KfW,
Economy
Yannis Stournaras, a member of the European Central Bank (ECB)’s Governing Council, recently expressed concern about the impact of a weak euro zone economy on inflation in the region. He emphasized that the ECB’s 2% target could be at risk due to the sluggish economic growth. Stournaras, who is known for advocating lower interest rates,
During the July meeting, Chairman Jerome Powell hinted at the possibility of an upcoming rate cut by the Federal Open Market Committee (FOMC). Powell did not provide specific guidance but mentioned that the committee is getting closer to implementing a rate cut, contingent on favorable inflation data. According to economists at Goldman Sachs, Powell’s remarks
China’s manufacturing activity showed a decline for the third consecutive month in July, according to an official factory survey. The official purchasing managers’ index (PMI) dropped to 49.4 in July from 49.5 in June, falling below the 50-mark that separates growth from contraction. This decline has raised concerns about the need for Beijing to introduce
The newly appointed British finance minister, Rachel Reeves, recently announced that there would be a need to raise taxes in the upcoming October 30 budget. This confirmation aligns with the expectations of many individuals, given the significant 22 billion pound shortfall that was highlighted in this year’s budget. Reeves emphasized the importance of increasing taxes,
The oil market has seen a decline in trading activity, with Brent crude futures hitting a seven-week low of $79.36 due to a softening demand outlook. Traders are now more concerned about Chinese demand rather than geopolitical tensions in the Middle East and Venezuela. This has led to a sell-off in the oil market, contributing
Britain’s newly appointed finance minister, Rachel Reeves, wasted no time in addressing the financial challenges left behind by her Conservative predecessor. In a bold move, Reeves announced to parliament that public spending was on track to exceed the budget by a staggering 21.9 billion pounds for the current year. To tackle this issue head-on, she
As Federal Reserve officials convene for their upcoming meeting, the expectation is that interest rates will remain unchanged, with a potential signal for a 25 basis point rate cut at the following meeting in September. The strategic approach taken by the Fed leadership aims to methodically build a case for the rate cut, establishing internal
The article starts by highlighting the rise in U.S. stock futures at the beginning of the week due to several major central bank meetings and key tech company earnings. It mentions that Apple is incorporating artificial intelligence features into its products and that the European corporate results season is ongoing. The focus is on the
President Dina Boluarte of Peru expressed optimism about the country’s economy during her Independence Day speech to Congress. Despite facing allegations of corruption and abuse of power, she projected higher-than-expected economic growth and announced plans to formally call for elections scheduled for 2026 by next April. Boluarte succeeded Pedro Castillo in late 2022 after his
Central banking is often perceived as a dull and uneventful field. However, departing Swiss National Bank Chairman Thomas Jordan challenges this notion by stating that being prepared to be labeled as boring may actually be key to success. Despite criticisms of inflexibility and a strict focus on price stability, Jordan defends his record of guiding
In a recent development, six major banks, including Bank of America and Citigroup, have agreed to pay a total of $80 million to settle antitrust litigation in New York. The lawsuit accuses these banks of conspiring to manipulate the prices of European government bonds. The preliminary settlement was filed in Manhattan federal court and is
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