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,
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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,
The British pound sterling has been steadily declining against the US dollar, with the GBP/USD pair trending towards 1.2848. This downward trend is influenced by various factors, including the pressure from the USD rate and speculations surrounding the Bank of England meeting. Investors are eagerly awaiting the outcome of the meeting and the decision on
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
The Federal Reserve officials recently announced that they will be keeping short-term interest rates steady for the time being. However, they did indicate that inflation is inching closer to its target, which could potentially lead to future interest rate cuts. Despite this indication, the officials did not give a clear signal that a reduction is
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
Gold has recently shown signs of recovery after finding support near the $2,352 level against the US Dollar. The price has managed to break above the $2,380 level and the 200 Simple Moving Average on the 4-hour chart. Additionally, a connecting bearish trend line with resistance at $2,388 was cleared, indicating a possible uptrend. As
The Japanese government recently revised its growth forecasts for the fiscal year ending March 2025, lowering it from 1.3% to 0.9%. This adjustment was made due to concerns about the weak Yen and its impact on households’ purchasing power. The Bank of Japan’s Deputy Governor also highlighted the influence of exchange-rate fluctuations on economic activity
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,
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The Australian Dollar (AUD) has experienced a significant decline of approximately 3.5% against the US Dollar (USD) since July 12. While the Australian economy has been creating more jobs per month than before the pandemic, the recent labor market data did not have the expected positive effect on the AUD. This should have supported the
It seems that Warren Buffett’s Berkshire Hathaway is on a selling streak when it comes to its big Bank of America stake. Over the past nine trading sessions, Berkshire has sold a total of 71.2 million shares of the bank, amounting to over $3 billion in sales. This indicates that the conglomerate is not just
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