Noyer Says World's Central Banks Successful in Containing Financial Crisis Nov 16, 2009
Nov. 16 (Bloomberg) -- European Central Bank council member said global monetary authorities have been successful in limiting the damage of the financial crisis to the world economy. Central banks have been very active over the last two years in containing the impact of the financial crisis, Noyer told a conference in Tokyo today. (Bloomberg -- Germany)
ECB May Raise Interest Rates Even as Some Economies Contract, Paramo Says Nov 15, 2009
Nov. 13 (Bloomberg) -- European Central Bank Executive Board member said he cant rule out that the bank may raise interest rates even while some economies are still contracting. Asked by reporters in Cordoba, Spain, today if he could imagine a situation where the Frankfurt-based central bank starts increasing interest rates while Spain or other countries are still in recession, he said: It cant be ruled out. (Bloomberg -- Germany)
German Two-Year Notes Gain for Fourth Week as ECB Set to Continue Stimulus Nov 15, 2009
Nov. 14 (Bloomberg) -- German two-year notes posted a weekly advance as European Central Bank policy makers signaled they are not ready to end extraordinary measures designed to support the economy even as the region exited recession. The yield on the note fell for a fourth straight week, the longest sequence of losses since the period ending July 10. (Bloomberg -- Germany)
When its hard toknow the right timing Nov 14, 2009
The survey followed steps by several central banks such as the Federal Reserve, which planned to scale down the buying of mortgage-backed debt by the first quarter, and the European Central Bank, which planned to end some of its long-term financing auctions next month. Their intention was to market distortions that could spur bubbles in assets, but it came amid rising job losses in the United States and Europe. (The Star Online, Malaysia -- Business)
No country for gold men Nov 14, 2009
I related in last week's article (See Asia Times Online, November 7, 2009) the views of the Federal Reserve and the European Central Bank in keeping rates constant and policy tending towards an easing bias; this as a lack of confidence in organic economic recovery pushed the major central banks to adopt a simple strategy of creating asset bubbles as a means to escape the current financial crisis ... Add to the apparent interest from other central banks around Asia, and we could suddenly see all... (Asia Times Online)
German Economy Expanded by 0.7% in Third Quarter as Recovery Gathered Pace Nov 14, 2009
Todays data may fortify the European Central Bank in its plan to start withdrawing emergency measures designed to help the economy through the financial crisis. President signaled last week that the ECB, which has cut its to a record low of 1 percent, is unlikely to offer commercial banks 12-month loans next year. (Bloomberg -- Germany)
Euro-Area Economy Returns to Growth With 0.4% Expansion in Third Quarter Nov 14, 2009
Europes economy is gathering strength after governments stepped up stimulus measures and the European Central Bank injected billions of euros into markets to encourage lending. While in the economic outlook is at a 13-month high, rising unemployment, the expiration of stimulus plans and a surging euro are threatening to undermine a recovery. (Bloomberg -- Germany)
Stock Bull of Ireland O'Dwyer Buys BP, Rio Tinto to Bet on Faster Recovery Nov 14, 2009
ODwyer increased the proportion of stocks he holds in the 350 million-euro fund to 80 percent in March from about 60 percent in October 2008, after the Federal Reserve, the Bank of England and the European Central Bank cut interest rates to record lows. The is managed for companies and individuals. (Bloomberg -- UK)
Eurozone joins U.S., Japan out of recession after 0.4% growth Nov 14, 2009
The European Central Bank slashed its benchmark interest rate to a record low of 1%, while governments across the eurozone increased spending to support their economies. "The European Central Bank faces the major challenge of balancing a return to growth in the stronger large eurozone economies with ongoing weakness in economies like Spain, Greece and Ireland," said Charles Davis, senior economist at the Centre for Economic and Business Research in London. (USA Today -- Money)
Geithner Lauds APEC's Currency Flexibility as China Praises Peg to Dollar Nov 13, 2009
Tensions over the yuans peg to the dollar may rise as European Central Bank President heads to Beijing in coming weeks to press for greater flexibility in the currency. Nobody will be hoping for a big bang approach where you get a significant appreciation of the Chinese currency, said , an economist at Standard Chartered Plc in Singapore. (Bloomberg -- Australia & New Zealand)
Merkel's `Wise Men' Push for EU Deficit Reductions, Handelsblatt Reports Nov 13, 2009
If states do not control their public finances the European Central Bank may be forced to raise interest rates faster, choking the economic recovery, Handelsblatt said. To contact the reporter on this story: in Frankfurt at. (Bloomberg -- Germany)
Britain's Retro Idea: Taxing Foreign Exchange Transactions Nov 13, 2009
Officials from Russia, China and the European Central Bank shied away from it, too. Why the poor reception. (Time.com)
Yen, Dollar Weaken Versus Euro as Global Optimism Prompts Demand for Yield Nov 13, 2009
The European Central Bank has kept its benchmark interest rate at 1 percent since May and is lending banks unlimited cash for up to a year to haul Europe out of the recession. President signaled Nov. 5 the ECBs December offer of 12-month loans to banks will be the last. (Bloomberg -- Japan)
BoE leeway as Bernanke, Trichet signal stimulus exit Nov 12, 2009
The Federal Reserve, led by Chairman Ben S. Bernanke, has committed to scale down buying of mortgage-backed debt in the first quarter and European Central Bank President Jean-Claude Trichet signaled last week that some long-term financing auctions will end next month. Australia and Norway have started raising interest rates as the global economic slump ends. (Sydney Morning Herald -- Business)
Monetary policy: Leaders and laggards Nov 12, 2009
At meetings on November 5th, as The Economist went to press, the Bank of England and the European Central Bank were both expected to keep rates on hold. These differing responses reflect the skewed global recovery. (The Economist)
Global asset bubble, inflation concerns 'premature': Fitch Nov 12, 2009
The Federal Reserve, the European Central Bank and the Bank of England last week moved to unwind some of the emergency steps they took to rescue the world economy from its sharpest slump since the Great Depression. UK chancellor of the Exchequer Alistair Darling said on November 6 the Group of 20 nations should develop a way to tackle asset-price bubbles as the worlds leading economies recover. (India Times)
Geithner Presses for Market-Set Exchange Rates as APEC Finance Chiefs Meet Nov 12, 2009
European Central Bank President said last week a stronger Chinese currency would help the global economy, and the International Monetary Fund has called it significantly undervalued. . (Bloomberg -- US)
Global Confidence Drops as Central Banks Begin to Exit Emergency Stimulus Nov 12, 2009
European Central Bank President said this month that the bank will withdraw some liquidity operations, while the Bank of England slowed the pace of bond purchases. Australia and Norway have started increasing borrowing costs, and the Fed this month indicated the circumstances in which it would be prepared to raise rates. (Bloomberg -- Asia)
China's Industrial Production, Trade Surplus Climb, Fueling Yuan Pressure Nov 11, 2009
European Central Bank President said last week a stronger Chinese currency would help the global economy, and the International Monetary Fund has called the yuan significantly undervalued. Japanese Vice Finance Minister told reporters last week it is desirable for the yuan to be flexible. (Bloomberg -- Asia)
Norway to Lift Key Interest Rate to 2.75% Around End-2010, Qvigstad Says Nov 11, 2009
5 percent on Oct. 28, the first European central bank to reverse an easing cycle. In its monetary report, it said the key rate will average 2. (Bloomberg -- Europe)
World stocks ignore history by retreating before expected interest rate hikes Nov 10, 2009
European Central Bank president Jean-Claude Trichet said last week that he would withdraw some of the emergency measures aimed at ending the credit crisis and the Bank of England slowed the pace of bond purchases. A day earlier, the Fed outlined the circumstances in which it would be prepared to raise interest rates. (Business Report, South Africa)
China to Overlook Calls for Stronger Yuan as Exports Fall, Researchers Say Nov 10, 2009
European Central Bank President and Japanese Vice Finance Minister called last week for the yuan to strengthen. The U.S. Treasury Department said last month that a lack of flexibility in Chinas exchange- rate and a buildup of foreign-exchange reserves risk unwinding some of the progress made in reducing imbalances. (Bloomberg -- Asia)
Consumer Prices Unexpectedly Declined in October, Statistics Office Says Nov 10, 2009
European Central Bank President said last week that while inflation in the 16-nation euro area will return to positive territory in coming months, price pressures will remain subdued. Germanys economy, which emerged from its worst recession since World War II in the second quarter, continued its recovery in the third, the Bundesbank said on Oct. 19. (Bloomberg -- Germany)
G-20 Summit: Disharmony Rears Its Head Nov 10, 2009
Jean-Claude Trichet, the president of the European Central Bank, was also lukewarm on the issue. "I am not personally convinced," he said. (BusinessWeek)
Stock Rally Just Getting Started in History of Period Preceding Rate Rises Nov 10, 2009
European Central Bank President said Nov. 5 that he will withdraw some of the emergency measures aimed at ending the credit crisis and the Bank of England slowed the pace of ... 4 percent and 16 percent before increases by the European Central Bank in 1999 and 2005. (Bloomberg -- Canada)
G-20 Finance Officials: Too Early To End Stimulus Nov 9, 2009
Germany, France and Russia have called for a joint plan on when countries should start repaying debt, and the European Central Bank has indicated it will soon start withdrawing some of its emergency lending to banks. On climate change, the G-20 officials also said they wanted "an ambitious outcome" at a major UN conference in Copenhagen next month -- but did not commit to a funding package to help poorer nations adapt to a warming climate. (KCRA 3, CA)
World markets get G-20 boost Nov 9, 2009
European shares sold off ahead of interest rate decisions from the European Central Bank and the Bank of England. Both banks are expected to keep borrowing costs low for some time. (Fresno Bee -- Business)
Markets inflation readings edge upwards Nov 9, 2009
Last week, the Federal Reserve, Bank of England and European Central Bank indicated that interest rates would remain very low for months to come and played down the risks of inflation. EDITORS CHOICE. (FT.com -- Markets)
China's Ratings Outlook Changed to Positive by Moody's on Strong Economy Nov 9, 2009
European Central Bank President Jean-Claude Trichet and Japanese Vice Finance Minister Yoshihiko Noda last week called for the yuan to gain, while an International Monetary Fund report published Nov. 7 said the currency was significantly undervalued. . (Bloomberg -- Asia)
Roubini Versus Rogers Is Right Debate for 2010 Nov 9, 2009
Only a fool would dismiss inflation risks at a time when the Federal Reserve, Bank of Japan and Bank of England are holding short-term rates near zero and the European Central Bank isnt far behind. Central banks are starting to unwind emergency measures introduced to stave off disaster, and thats appropriate. (Bloomberg -- Columnists)
UK change of heart on bank tax plan Nov 9, 2009
Russia, Canada, IMF and European Central Bank also criticized plan ... But London's emphasis switched after the idea of a tax came under fire from the US, Canada, Russia, the International Monetary Fund and the European Central Bank, in effect killing a proposal that Mr Brown said needed global support to be effective. (CNN -- International)
Why Some Countries Are Stopping Their Stimulus Nov 9, 2009
The European Central Bank is mulling an end to its 12-month loans to banks next year. "Not all our liquidity measures will be needed to the same extent as in the past," says ECB president Jean-Claude Trichet. (Time.com)
Zhou Seeks to Deflect European, Japanese Appeals for Yuan to Strengthen Nov 8, 2009
A day earlier, European Central Bank President called for an orderly and progressive appreciation of the Chinese currency. The eurozone and other G-10 nations wish to see the yuan strengthen, somewhat in contrast to Governor Zhous view, said , currency strategist in London at UBS AG. We believe the yuan will remain stable. (Bloomberg -- Asia)
G20 wants 'ambitious outcome' at climate talk Nov 8, 2009
" onclick="Next();" src="/images/butt_next. " But there were signs of discord on the issue. A French source told AFP late Friday that some emerging countries say the G20 is not the "appropriate forum" to discuss the issue. Darling earlier acknowledged there were "different views" around the table which would lead to "arguments". "But I think it really is imperative that when we reach the end of the day, we have shown we've made some real progress," he added. "If there isn't an agreement on... (Channelnewsasia.com)
Study Urges EU Exit Strategy for Monetary Policy Before Fiscal Roll-Back Nov 8, 2009
Nov. 8 (Bloomberg) -- European central bankers should begin reversing expansionary monetary policies before governments roll back their economic stimulus measures, according to a study by Allianz SE, Europes biggest insurer ... European Central Bank President said on Nov. 5 that the ECB will withdraw some after evidence mounted that the regions economy is pulling out of the recession. (Bloomberg -- Europe)
Dollar Falls on Bets U.S. Jobless Rate of 10.2% Will Keep Fed Rates Low Nov 7, 2009
The European Central Bank signaled an exit from economic stimulus before a report next week expected to show the euro zones economy expanded ... European Central Bank President took a step toward removing emergency stimulus measures designed to end the recession on Nov. 5, saying commercial banks wont be offered unlimited 12-month loans next year. (Bloomberg -- US)
Australia raises growth forecasts Nov 7, 2009
This week has seen the US Fed, European Central Bank and Bank of England all keep their interest rates unchanged at very low levels. The RBA said the country's growth would be based on strong demand for its resources such as coal and iron ore, especially from India and China. (BBC News -- Asia-Pacific)
* Monetary chaos once again rears its ugly head Nov 7, 2009
But the European Central Bank (ECB) will be more worried ... In Europe, a similar debate about the political accountability of European central banks has been simmering since before the ECB was even established. (Taipei Times, Taiwan -- World)
G-20 debates growth, cost of climate change Nov 7, 2009
The European Central Bank hinted Thursday that it will soon begin cutting back some of its emergency lending to banks. There are also disagreements on banking reform, with Canadian Finance Minister Jim Flaherty acknowledging "disparate views" on how to address the problem of banks being too big to fail. (The Augusta Chronicle)
Leveragenot level Nov 7, 2009
The European Central Bank (ECB) kept rates on hold and also mentioned a gradual approach to removing stimulus funding (code for keeping emergency measures in place for a little while longer). While the Federal Open Market Committee "continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period", ECB president... (Asia Times Online)
Eurozone heads for exit from loan measures Nov 6, 2009
The European Central Bank moved significantly closer on Thursday to implementing a softly-softly exit strategy to unwind the exceptional measures it has taken to combat continental Europes severe recession. Jean-Claude Trichet, ECB president, signalled that an offer of unlimited emergency one-year liquidity planned for December would be the last. (FT.com -- Markets)
Europe: ECB and BOE keep low rates Nov 6, 2009
The European Central Bank (ECB) left its main interest rate unchanged at a record low 1 percent yesterday amid signs that the 16-nation euro zone is slowly emerging from recession. The Bank of England (BOE) also left its main rate at 0. (Business Report, South Africa)
Europe.view: An easterner to the front Nov 6, 2009
Whether in the higher ranks of NATO, the Organisation for Security and Cooperation in Europe, the European Central Bank, or the European Union, the easterners are conspicuous by their rarity or invisibility. That is partly a matter of time (the post-communist generation will be better candidates than their parents), and partly the result of disunity, bad tactics and outright sabotage from the home side when an east European candidate does have a chance. (The Economist)
Royal Bank of Scotland posts $3 billion Q3 loss Nov 6, 2009
Separately, the European Central Bank kept its main interest rate unchanged at 1 percent. CNA Financial posts profit. (Fresno Bee -- Business)
ECB, BoE hold interest rates at record lows Nov 6, 2009
The European Central Bank and Bank of England both kept interest rates at record lows Thursday, but the ECB was more upbeat on economic growth while the BoE planned to pump billions more pounds into Britain's recession-hit economy. FRANKFURT (AFP) - The European Central Bank and Bank of England both kept interest rates at record lows Thursday, but the ECB was more upbeat on economic growth while the BoE planned to pump billions more pounds into Britain's recession-hit economy. (Yahoo! Asia News)
G-20 Members Will Seek Asian Currency Gains to Solve Imbalances, UBS Says Nov 6, 2009
G-20 finance ministers and central bankers, including U.S. Treasury Secretary Timothy Geithner and European Central Bank President Jean-Claude Trichet, start two days of talks today in St. Andrews, Scotland. While exchange rates wont be on the agenda, many nations will seek to bring it up, , foreign-exchange strategist in London at UBS, wrote in a research report to clients today. (Bloomberg -- Germany)
Eurozone interest rates unchanged Nov 6, 2009
The European Central Bank (ECB) has kept interest rates on hold at a record low of 1% for the sixth month in a row ... After the rates announcement was made the president of the European Central Bank, Jean-Claude Trichet, predicted the eurozone economy would recover gradually in 2010 ... FROM OTHER NEWS SITES Bank signals end is nigh for printing money - 1 hr ago Dollar steadies ahead of US jobless data - 5 hrs ago European central bank keeps key rate at 1% - 7 hrs ago Central banks set path for... (BBC News -- Business)
Gold prices rise as $US weakens against euro Nov 6, 2009
25 per cent. The European Central Banks rate is 1 per cent, and the Bank of Englands rate is at 0 ... European Central Bank President Jean-Claude Trichet said "extraordinary" measures to provide banks with funds will be phased out "in a timely and gradual fashion". (Sydney Morning Herald -- Business)
Stocks Rally, Dow Above 10,000 Nov 6, 2009
The U.K. boosted its economic stimulus, while the European Central bank left rates unchanged. The dollar index was higher. (BusinessWeek)
US eyes covered bond comeback Nov 5, 2009
The European Central Bank kick-started the market in May when it pledged to buy 60bn ($89bn) of these securities to revive the eurozone economy. EDITORS CHOICE. (FT.com -- Markets)
Gold at record, dollar down as Fed holds on rates Nov 5, 2009
Both the European Central Bank and the Bank of England announce interest rate policy decisions on Thursday. The ECB is seen leaving interest rates unchanged while BoE policymakers face a tough decision over whether or not to extend a 175 billion pound asset purchase programme. (Business Report, South Africa)
German Bonds Drop on Speculation Central Banks Prepare to Remove Stimulus Nov 5, 2009
The European Central Bank will probably keep its main refinancing rate at a record low of 1 percent today, according to all 56 economists surveyed by Bloomberg. The Federal Reserve yesterday outlined the conditions under which it would be compelled to lift borrowing costs for the first time since the start of the global financial crisis. (Bloomberg -- Germany)
World stocks slide ahead of ECB Nov 5, 2009
LONDON: World stocks slid on Thursday following the Federal Reserve's decision to keep interest rates near zero for "an extended period" and ahead of policy decisions by the European Central Bank and Bank of England. The dollar climbed against major currencies, recovering from a p 00004000 ost-Fed sell off and as the stock sell-off hit the euro. (India Times)
Fed sees rates near zero for extended period Nov 5, 2009
The European Central Bank is expected to keep rates on hold at a record-low 1 percent on Thursday, while there is a good chance the Bank of England will expand its large asset purchase program at a meeting the same day. Reuters. (Sydney Morning Herald -- Business)
Stock futures point to lower open for Wall Street shares Nov 5, 2009
93 points, ahead of rate decisions due from the European Central Bank and the Bank of England. Initial weekly jobless claims, due at 1330 GMT, are set to fall to 523,000, from 530,000 in the previous week, according to a Reuters poll. (Yahoo News -- Press Releases)
European stocks weaken at open Nov 5, 2009
The European Central Bank also meets Thursday and is widely expected to left its benchmark lending rate unchanged at 1. 0 per cent.. (India Times)
Yen Gains Against Euro, Dollar as Asian Stocks Slide on Recovery Concerns Nov 5, 2009
The euro fell as some investors bet the European Central Bank will signal today its moving closer to withdrawing emergency stimulus measures. Policy makers meeting in Frankfurt will also keep the benchmark interest rate at a record low of 1 percent, according to all economists in a Bloomberg News survey. (Bloomberg -- Japan)
Asian Stocks Edge Higher Ahead of Fed Decision Nov 4, 2009
Most investors turned their attention to upcoming policy statements from the Fed, European Central Bank and the Bank of England. The U.S. central bank, which ends its two-day meeting on Wednesday. (ABC News -- Business)
Fed seen staying on easy-money path Nov 4, 2009
The European Central Bank is expected to keep rates on hold at a record-low 1 percent on Thursday, while there is a good chance the Bank of England will expand its large asset purchase program at a meeting the same day. Most analysts at top U.S. banks expect the Fed to keep interest rates on hold until mid-2010 or later, although interest rate futures markets are pricing in an increase earlier in 2010. (Yahoo News -- Press Releases)
Japan's 10-Year Bond Futures Fall as Fujii Signals Debt Supply to Increase Nov 4, 2009
head of Germanys Bundesbank, signaled last week the European Central Bank may pull back its handouts of emergency liquidity next year while Australia and Norway have raised interest rates. To contact the reporter on this story: in Tokyo at. (Bloomberg -- Japan)
Asian stocks rise ahead of Fed meeting Nov 4, 2009
The European Central Bank and the Bank of England are expected to keep rates unchanged on Thursday. Gold eased slightly as investors took profits a day after it hit record highs, though sentiment remained good on bullion's growing status as a destination for diversifying official reserves. (Sydney Morning Herald -- Business)
RBA's Stevens Tones Down Australia Rate Rhetoric as Currency Nears Parity Nov 4, 2009
The European Central Bank and Bank of England benchmark rates are at record lows of 1 percent and 0. 5 percent respectively. (Bloomberg -- Asia)
Canadian Currency Strengthens From One-Month Low as Gold, Crude Oil Gain Nov 4, 2009
The Federal Reserve, European Central Bank and Bank of England are scheduled to release monetary-policy decisions over the next two days. The will probably say tomorrow that it will keep the benchmark interest rate unchanged at a range of zero to 0. (Bloomberg -- Canada)
Dollar at crossroads Nov 3, 2009
The Federal Reserve delivers its verdict on monetary policy on Wednesday, while the European Central Bank and the Bank of England give their verdicts on Thursday. EDITORS CHOICE. (FT.com -- Markets)
EU lifts 2010 growth forecast Nov 3, 2009
Inflation will also remain low for the next two years, it said, staying well below the European Central Bank guideline of just under 2 percent. This may sap the case for raising rates from an all-time low of 1 percent in the eurozone. (WCAX.com, VT)
