Global News

[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] Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b

[ad_1] Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b