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[ad_1] WASHINGTON: Major European central banks on Thursday stuck with plans to keep their policy interest rates higher for longer to fight inflation that is proving stickier in some parts of the world than others, dashing any hope that a US Federal Reserve pivot towards interest rate cuts marked a global turning point. Extending the hawkish stance that has dominated global central banking for two years the Bank of England said in a statement that the rate would remain high for "an extended period",- while the European Central Bank said the euro zone's benchmark rates would remain "at sufficiently restrictive levels for as long as necessary." [ad_2] Source link https://worldnews2023.com/business/european-central-banks-bank-of-england-stick-to-higher-rate-regime-times-of-india/?feed_id=322114&_unique_id=671d216d6ae51

[ad_1] Global stocks mostly fell Tuesday following a smaller-than-forecast Chinese interest rate cut, while a pullback in US markets suggested a rally was running out of steam. Asian stocks finished mostly lower, as did European equities. All three major US indices also pulled back, with the S&P 500 losing 0.5 percent. London stocks firmed on the eve of critical UK inflation data and ahead of Thursday’s expected interest rate increase from the Bank of England. “Developments in China, where the central bank cut its reference interest rate by ten basis points, continue to point to a slower-than-predicted post-pandemic recovery in the world’s second-largest economy," said ActivTrades analyst Ricardo Evangelista. “With China’s economy struggling to regain momentum, the headwinds for the global economy get stronger," he warned. The People’s Bank of China reduced its benchmark five-year rate by 10 basis points, less than the 15 points expected, though it did meet forecasts