Market News

US consumer prices remained unchanged in July amid a sharp drop in the cost of gasoline.  In a closely watched report, the Labour Department said that the Consumer Price Index (CPI)…

On Thursday, the Bank of England (BOE) raised interest rates by the most in 27 years to combat the rise in inflation which is set to reach 13%.  The BOE’s Monetary Policy Committee voted 8-1 for a half percentage increase…

The FED on Wednesday announced a 75 basis-point increase raising the central bank’s overnight interest rate from near zero to a level between 2.25% and 2.5%.  This is the fastest tightening of monetary policy since the battling of double-digit inflation in the 1980’s…

The ECB raised interest rates by more than expected on Thursday increasing the benchmark deposit rate by 50 basis points to zero percent.

The European Commission has cut its forecasts for economic growth for the current year and next year whilst also revised up its estimates for inflation mainly due to the war in Ukraine.

A focus on this week’s news was the announcement of Boris Johnson quitting as the British Prime Minister after losing support of his ministers.  He will remain until his successor is chosen. 

This year’s summit was focused on the war in Ukraine and the global economic situation, particularly soaring food, and energy inflation.  The Group of Seven economic powers have agreed to explore imposing a ban on transporting…

French President Emmanual Macron lost control of the National Assembly in legislative elections on Sunday. 

On Wednesday the Federal Reserve (FED) raised the target federal funds rate by three-quarters of a percentage point to a range of between 1.5% and 1.75%.

The European central bank ended its long running stimulus policy on Thursday and indicated a series of rate hikes that could even increase further from September if the inflation outlook does not improve. Inflation is at a record 8.1%…

European Union leaders have agreed on an embargo on Russian oil imports that will commence towards the end of the year and which for now exempts pipeline imports which Hungary and two other central European states depend on.

The German economy grew slightly in the first quarter from the previous one by an adjusted 0.2% quarter on quarter and 3.8% on the year, said the Federal Statistics Office on Wednesday.