Page 3 - European Central Bank

ECB raises rates by unprecedented 75 bps to tame runaway inflation

The ECB lifted its deposit rate to 0.75% from zero and raised the main refinancing rate to 1.25%, their highest level since 2011

European Central Bank to join US Fed in rate hikes amid record inflation

The European Central Bank is set to join the U.S. Federal Reserve in making a jumbo interest rate hike Thursday as it tries to stamp out record inflation although it risks worsening a recession that economists say is bearing down on Europe. The meeting of the bank's governing council is not about whether to raise rates for the 19 countries that use the euro currency, but by how much: between half a percentage point or three-quarters of a point, analysts say. The bank made its first increase in 11 years at its last meeting in July, raising rates by a half-point when it usually changes by only a quarter-point. The ECB, which once predicted no rate increases at all this year, has torn up its road map in the face of record inflation of 9.1% last month, which has been driven by skyrocketing prices for natural gas and lasted much longer than expected. Inflation is far above the bank's goal of 2% considered healthiest for the economy. The central bank's rationale for an increase of ...

Europe waits on potentially record ECB rate hike to fight inflation

The euro slipped 0.19% to $0.99885, after hitting a 20-year low of $0.9864 earlier in the week

ICICI, Axis, HDFC Bank lift Sensex 659 pts, Nifty near 17,800; metals dip

CLOSING BELL: Shree Cement, BPCL, Tech M, Axis Bank, M&M, ICICI Bank, Ultratech Cement, Bharti Airtel, Bajaj Finserv, and SBI gained in the range of 2 per cent to 5 per cent

ECB talk weighs on euro as Europe's stocks and pound fight off gas woes

Russia's gas would remain the "Damocles sword" hanging over Europe's economy, he added, while the scale of interest rate rises likely to come and the risk of recessions was still not fully reflected

Amid global selloff, markets see intraday wild swings, Sensex down1,015 pts

The benchmark Sensex opened gap-down 827 points (down 1.4 per cent), then went on to fall -1,015 points, or 1.7 per cent over its previous day's close

ECB rate hike bets hoist euro; hawkish Fed comments bolster US dollar

Another month of manufacturing contraction is expected for August, with a reading of 49.2 forecast, marginally higher than the 49.0 reading in July

Dollar sags below 20-year peak as euro reinvigorated by ECB bets

By comparison, bets for a 75 bps increase by the Fed on Sept. 21, while higher at 70%, have receded from as much as 75% on Monday

Will RBI catch up with rest of the world on Friday in terms of rate hike?

On August 4, the Bank of England is expected to raise rates by 50 bps to 1.75 per cent. A Business Standard poll of 10 economists expects the RBI to raise rates by 35-50 bps

At 50 basis points, European Central Bank's rate hike higher than expected

Euro zone central bank's first rate hike in 11 years confirms that concerns about runaway inflation now trump growth considerations

Euro rallies after report that bigger ECB rate hike is on the cards

The euro rose to as high as $1.0254, up 1.1% on the day and its strongest since July 6 as money markets priced in a 60% chance of a 50 basis point hike on Thursday, up from 25% on Monday.

European Central Bank set to hike rates for the first time in 11 years

That outlook is getting murkier by the day because inflation is still accelerating and growth slowing sharply

Gold rises as dollar retreats; traders focus on Fed rate-hike path

Spot gold rose 0.7% to $1,719.49 per ounce by 0724 GMT, after falling to its lowest in nearly a year last week. U.S. gold futures gained 0.6% to $1,714.30.

Top headlines: Retail inflation eases to 7.01% in June; May IIP grows 19.6%

Industrial production growth zoomed to 19.6% in May, as per the National Statistical Office (NSO) data.

Euro teeters near parity versus US dollar, hits new two-decade low

The dollar index, a measure against six counterparts, with the euro most heavily weighted, was 0.2% higher at 108.43. It had earlier climbed to 108.47, its highest since October 2002.

Spain inflation soars to record 10% as ECB gears up for rate hikes

Energy and food costs drove Spanish inflation to 10% last month -- defying government efforts to curb it and raising pressure on Prime Minister Pedro Sanchez

Rate hike bets subdue gold prices even as economic slowdown fears mount

Spot gold fell 0.2% to $1,817.00 per ounce by 0920 GMT, holding a tight range between $1,814.30 - $1,822.76. U.S. gold futures were down 0.2% to $1,817.60.

Euro below $1.06 as Christine Lagarde keeps July policy options open

Oil prices are up 10% in barely a week on supply constraint concerns with Brent crude holding above $117, pushing the Canadian dollar and the Australian dollar up 0.3% and 0.4% respectively

Gold stuck in range as rate hike bets and recession fears collide

Although gold is considered a hedge against inflation and economic uncertainties, rate hikes dim bullion's appeal by increasing the opportunity cost of holding the asset which pays no interest.

Dollar up, euro down as ECB's Lagarde keeps July policy options open

The ECB is widely expected to follow its global peers by raising interest rates in July to try to check soaring inflation though economists are divided on the magnitude of any rate hike.