Federal Reserve Governor Christopher Waller said the US dollar is likely to keep its preeminent status globally despite recent threats from cryptocurrencies, the rise of the euro and China’s promotion of its own yuan. “I do not expect to see the US dollar lose its status as the world’s reserve currency anytime soon,” Waller said … Read more
The US economy is showing “remarkable strength” compared with Europe, where countries are struggling more with tighter monetary policy and the shocks of the energy price surge in recent years, OECD Chief Economist Clare Lombardelli said. The Paris-based organization revised up its forecasts for US growth next year while it cut expectations for most of … Read more
The rally in stocks driven by the Federal Reserve’s dovish tilt and bets on a soft economic landing lost a bit of steam Thursday amid speculation the market has run too far, too fast. After a surge that put the S&P 500 within a striking distance of its all-time high, the gauge saw a small … Read more
European inflation is falling faster than the European Central Bank had expected, slowing to a 2.4% annual pace in November after peaking at 10.6% in October 2022. The central bank will struggle to insist on its “higher for longer” interest-rate stance if the euro-area economy continues to weaken even as consumer price increases ebb. Significantly, … Read more
Andrea Orcel has seen UniCredit Group SpA’s share price more than treble in his first three years as the Italian bank’s chief executive officer. But Orcel isn’t running victory laps; nor should he be. What the former head of UBS Group AG’s investment bank has achieved so far was the easy part. Finding low-risk, sustainable … Read more
Stock Market Today: Dow, S&P Live Updates for November 30 Bloomberg Source link
Inflation eased in both the US and UK, prompting bets that central banks on both sides of the Atlantic will start cutting interest rates by the middle of next year. Meantime, expectations for growth across Europe are improving, but the rebound remains fragile in the European Union’s east. The economic recoveries underway in China and … Read more
Recession looms for the euro area, with the latest batch of data showing momentum has evaporated. The economy contracted by 0.1% in the third quarter, most of the bloc’s economies are flatlining, and Germany, its biggest engine of growth, is shrinking. Even supposedly good news, such as slowing inflation, just illustrates how quickly the outlook … Read more
Euro-area inflation eased to its lowest level in more than two years as the bloc’s economy shrank following an unprecedented ramp-up in interest rates. Consumer prices rose 2.9% in October — down from the previous month’s 4.3% and better than the 3.1% median estimate in a Bloomberg survey analysts. In a separate release, Eurostat said … Read more
I’m Chris Anstey, a senior editor in Boston, and today we’re looking at why the US budget deficit doubled despite a strong economy. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X (formerly known as Twitter) via @economics. And if you aren’t yet signed up to receive this newsletter, you can … Read more