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FRANKFURT, Germany, Oct 4, 2023 (AFP) – Efforts to bring down inflation will take time, a senior European Central Bank official said Wednesday, warning that the eurozone had yet to fully feel the impact of higher interest rates. “While inflation continues to decline, it is still expected to remain too high for too long,” ECB vice-president Luis de Guindos said at a conference in Cyprus. The ECB last month raised interest rates for a 10th […]
Berlin, Germany (AFP) The eurozone will experience “very strong” growth in wages in the next months as salaries catch up with galloping inflation, the European Central Bank predicted on Monday. “Wage growth over the next few quarters is expected to be very strong compared with historical patterns”, the ECB wrote in its monthly bulletin. The authors forecasted “some catch-up between wages and high rates of inflation” experienced since 2021, in the wake of the Covid-19 pandemic. […]
Frankfurt, Germany | AFP | by Michelle FITZPATRICK The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and […]
NEW YORK, United States (AFP) – The euro tumbled against the dollar Thursday following a dovish European Central Bank announcement, while US stocks were mixed as a government shutdown churned on with no resolution in sight. The ECB as expected kept interest rates unchanged. ECB Chief Mario Draghi warned that risks to the economy were “moving to the downside,” a gloomier outlook than in recent meetings, signaling that the central bank could still take measures […]
NEW YORK, United States (AFP) — Wall Street roared back into record territory Tuesday following strong earnings from leading industrial companies, while European equities edged higher ahead of a key ECB meeting. The Dow Jones Industrial Average jumped to its sixth record in seven sessions following huge gains by Caterpillar and 3M following strong earnings. The Dow’s 0.7 percent rise came one day after US equities had faltered in a rare pullback from a record-rich […]
NEW YORK, United States (AFP) — Global stock markets mostly retreated Tuesday, two days before a British general election and congressional testimony from fired former Federal Bureau of Investigation chief James Comey. Britons head to the polls on Thursday, the same day the European Central Bank (ECB) will announce its latest interest rate decision, and Comey will face a congressional panel probing the connection between President Donald Trump’s campaign and Russia. “There has been a clear […]
NEW YORK, United States (AFP) — Oil prices took a battering on Thursday, with US prices falling below $50 a barrel for the first time this year, amid worries about increased American shale production in the wake of ramped-up capital investment. The euro meanwhile rallied against the dollar as the European Central Bank said it no longer saw a deflation threat and noted signs on a improving eurozone economy. Equity markets in Paris and Frankfurt […]
FRANKFURT, Germany (AFP) – A group of German businessmen and academics are taking the European Central Bank to court over its controversial bond-buying programme, their lawyer said on Tuesday. A complaint against the ECB’s corporate sector purchase programme was filed at Germany’s highest court, the Constitutional Court, on May 12, a court spokesman told AFP. The business leaders argued that the central bank was “going beyond its mandate” in purchasing corporate bonds as part of its […]
