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Eurozone inflation unexpectedly jumps to 2.6% in a challenge for the European Central Bank – live updates from the business world


Eurozone inflation unexpectedly rose to 2.6% in July, slightly higher than economists had predicted. This increase may give pause to the European Central Bank (ECB) as it considers more rate cuts. The ECB aims for 2% inflation, and if prices continue to rise, additional rate cuts may be unnecessary. The unexpected rise in inflation comes as the Eurozone, particularly Germany, grapples with economic challenges.

In other news, oil prices rebounded by 2.5% after Iran vowed to avenge the killing of Hamas political leader Ismail Haniyeh by Israel. Iran blamed Israel for the killing, which has heightened tensions in the region and raised concerns about potential oil supply disruptions. Despite the temporary spike in oil prices, some analysts doubt whether this increase will be sustained.

Meanwhile, the Bank of Japan announced an interest rate hike to 0.25% and signaled the end of massive bond purchases used to stimulate the economy. The BoJ’s governor emphasized a shift in monetary policy and a possible end to Japan’s long-running stimulus program. This move sent a positive signal to the yen in the short and long term, but analysts remain cautious about the economy’s trajectory.

Overall, the unexpected inflation rise in the Eurozone, heightened geopolitical tensions in the Middle East, and changes in monetary policy in Japan highlight the complex economic landscape facing global markets. Investors will be closely monitoring these developments in the coming weeks.

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Photo credit www.theguardian.com

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