Europe to be hit hardest in global slowdown -OECD

Global growth seen falling from 3.1% in 2022 to 2.2% in 2023 National outlooks vary widely, with UK lagging other economies Central banks urged to keep hiking interest rates PARIS, Nov 22 (Reuters) – The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp … Read more

ECB begins great cash mop-up as banks repay 296 bln euros of loans

Repayment much lower than expected Key money-market rate falls after announcement Move seen as first step towards bond unwind FRANKFURT, Nov 18 (Reuters) – Euro zone banks are set to repay nearly 300 billion euros ($310 billion) in loans to the European Central Bank next week, the ECB said on Friday, the biggest cash withdrawal … Read more

UK economy shrinks at start of feared long recession

GDP in Q3 -0.2% q/q vs Reuters poll -0.5% Sept economic output -0.6% m/m vs poll -0.4% GDP in July and August revised up Economists still see UK going into recession Finance minister predicts “tough road ahead” LONDON, Nov 11 (Reuters) – Britain’s economy shrank in the three months to September at the start of … Read more

Bank of England raises rates by most since 1989 even as long recession looms

Central bank raises Bank Rate to 3% from 2.25% BoE tells investors their rate hike bets look too big Sterling falls nearly 2% against US dollar New forecasts show recession lasting into 2024 Government due to set out fiscal plans on Nov. 17 LONDON, Nov 3 (Reuters) – The Bank of England raised interest rates … Read more

Oil giants’ massive profits revive calls for windfall taxes

Sector lifted by higher oil and gas prices Four of five biggest global oil companies have now reported US President Biden slams energy companies Oct 28 (Reuters) – Global energy giants including Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) posted another round of huge quarterly profits, benefiting from surging natural gas and fuel prices … Read more

Russia poised to largely skirt new G7 oil price cap

LONDON, Oct 21 (Reuters) – Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a US official told Reuters, underscoring the limits of the most ambitious plan yet to curb Moscow’s warm revenue. The Group of Seven countries agreed last month … Read more

Japanese yen jumps as traders suspect intervention

TOKYO/LONDON/NEW YORK, Oct 21 (Reuters) – Japanese authorities likely intervened in markets to stem the slide of the country’s battered currency on Friday, market participants said, following an unexpected jump in the yen against the dollar. The yen rose as high as 144.50 per dollar on Friday, up more than 7 yen from a 32-year … Read more

BoE to start selling bonds on Nov. 1, but not longer-dated gilts

Bond sales to go ahead on Nov 1 Long-duration bonds won’t be sold this year BoE delayed ‘quantitative tightening’ due to volatility BoE’s Cunliffe warns markets may be shaky in coming weeks LONDON, Oct 18 (Reuters) – The Bank of England said it would start selling some of its huge stock of British government bonds … Read more

US Treasury asks major banks if it should buy back bonds

Oct 14 (Reuters) – The US Treasury Department is asking primary dealers of US Treasuries whether the government should buy back some of its bonds to improve liquidity in the $24 trillion market. Liquidity in the world’s largest bond market has deteriorated this year partly because of rising volatility as the Federal Reserve rapidly raises … Read more

BoE doubles potential bond buy-backs as emergency plan nears end

LONDON, Oct 10 (Reuters) – The Bank of England sought to ease concerns about this week’s expiry of its program designed to calm turmoil in the government bond market, announcing new safety-net measures including a doubling of the maximum size of its debt buy -backs. Finance minister Kwasi Kwarteng last month sparked a bond rout … Read more