12 May

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Europe’s Economic Prospects Brighten on Fiscal Support, Vaccines By Bloomberg

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(Bloomberg) -- The euro-area economy will grow more quickly this year than previously forecast as the region’s vaccination campaign gathers speed, fiscal support is rolled out and a strong global rebound helps exports. The European Commission upgraded the euro area’s growth for this year to 4.3% from 3.8% after taking account of the 800 billion-euro ($971 billion) joint recovery fund for the first time. Output in the European Union’s 27 member states is now expected to reach its pre-pandemic size by the end of this year, earlier than initially thought. The currency bloc is also expected...

12 May

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Bank of England’s Haskel not worried by inflation By Reuters

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LONDON (Reuters) - Bank of England Monetary Policy Committee member Jonathan Haskel said on Wednesday that he was not too concerned about the medium-term inflation outlook in Britain. "I am not that worried about inflation," Haskel said during an online panel discussion hosted by the Tuck School of Business, part of Dartmouth College in the United States. Haskel said there were likely to be short-term price pressures from supply chain difficulties as the economy rebounded after the pandemic, and that he would be looking to see if scarring from the crisis led to longer-term supply difficulties....

12 May

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Amazon wins $303 million court fight in blow to EU tax crusade By Reuters

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By Foo Yun Chee BRUSSELS (Reuters) - Amazon (NASDAQ:AMZN) won its fight against an EU order to pay about 250 million euros ($303 million) in back taxes to Luxembourg in a blow to competition chief Margrethe Vestager's crusade against preferential deals. The setback renewed calls from EU lawmakers for a global corporate tax deal and legal analysts said Vestager was unlikely to give up her pursuit of large companies over the amount of tax they pay. The bloc failed to show that Luxembourg had given the U.S. online retailer special treatment in violation of state...

12 May

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Hertz Soars After Accepting $6 Billion Bid To Exit Bankruptcy By Investing.com

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By Dhirendra Tripathi Investing.com – Hertz (OTC:HTZGQ) soared 56% Wednesday as traders lapped up the news that the company has accepted a $6 billion bid from a clutch of investors to exit Chapter 11. Funds and accounts affiliated to Knighthead Capital Management, Certares Opportunities and Apollo Capital Management will provide the equity capital to fund Hertz's revised plan of reorganization and exit Chapter 11 proceedings. The fate of the offer hinges on two court hearings now, one on May 14 and the other on June 10. The Knighthead group's proposal would eliminate approximately $5 billion...

12 May

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BP shareholder vote shows increased support for tougher climate targets By Reuters

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By Ron Bousso LONDON (Reuters) -A resolution from a climate activist group demanding BP (LON:BP) set tougher emission reduction targets was supported by 20.6% of shareholder votes on Wednesday, pointing to growing investor pressure. Although the level of support at the company's annual general meeting (AGM) meant the resolution filed by Dutch group Follow This was rejected, it was significantly higher than the last climate resolution it filed at BP's 2019 AGM, when it won 8.4% support. The activist group had called on BP to publish short, medium and long-term targets to reduce emissions...

12 May

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Fed’s Clarida Plays Down Significance of Rising U.S. Inflation By Bloomberg

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(Bloomberg) -- Federal Reserve Vice Chairman Richard Clarida played down the significance of rising inflation, saying it was due largely to transitory forces. “Readings on inflation on a year-over-year basis have recently increased and are likely to rise somewhat further before moderating later this year,” he said in the text of remarks to be delivered to the National Association for Business Economics on Wednesday. However, “I expect inflation to return to -- or perhaps run somewhat above -- our 2% longer-run goal in 2022 and 2023.” U.S. consumer prices climbed in April by the most...

12 May

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BoE’s Bailey calls for fix to “dangerous gap” in money market rules By Reuters

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LONDON (Reuters) - Bank of England Governor Andrew Bailey said regulators needed to come up with reforms that address vulnerabilities in the money market fund sector which were exposed by the "dash for cash" at the onset of the coronavirus pandemic last year. "The dash for cash provided an unwelcome reminder that the post-financial crisis did not finish the job and left a dangerous gap in our exposure to the risk of financial instability," Bailey said in a speech to the International Swaps and Derivatives Association. "We must finish the task this time," he said....

12 May

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FTSE 100 reclaims 7,000, US inflation at 13-year high, USD & yields jump By Investing.com

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Key Points FTSE 100 closing price of 7,002.45, +0.8% US CPI hits 13-year high UK grows more than expected in Q1 USD and US yields jump after data Oil remains higher after inventory data Ethereum market cap breaches $500bln By Samuel Indyk Investing.com – The FTSE 100 and other major European bourses outperformed their US counterparts on Wednesday as US inflation stoked fears of rate hikes in the US, while European indices were supported by strong earnings and faster than expected growth. US CPI hit a 13-year high, rising to 4.2% on a yearly...

12 May

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Tech Shares Slide On Inflation Worries; Most In FAANG Down 2% By Investing.com

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By Dhirendra Tripathi Investing.com – Technology shares were big losers in Wednesday’s broader market selloff as worries over inflation gripped market players. April consumer prices ran up 4.2% from a year ago, the fastest acceleration since 2008 and higher than the expected 3.6% as per a Dow Jones estimate. While the Fed has on more than one occasion said it was focused on employment and that it was comfortable with an inflation rate higher than its target of 2%, a reading this high is causing anxiety. Barring Netflix (NASDAQ:NFLX), the other FAANG stocks were all down...

12 May

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Sterling hurt by stronger dollar, still near recent highs By Reuters

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By Elizabeth Howcroft LONDON(Reuters) -The pound fell after higher-than-expected U.S. inflation data prompted the dollar to strengthen on Wednesday, although sterling held up better than other risk currencies and was still hovering around the $1.41 level. Sterling rose above $1.41 for the first time since February on Monday, due to a combination of dollar weakness, market relief over Scottish election results, lockdown easing measures, and the Bank of England raising its forecast for economic growth. It had largely held on to these gains this week until it dropped after U.S. data showed that consumer prices increased...

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Europe’s Economic Prospects Brighten on Fiscal Support, Vaccines By Bloomberg

Bank of England’s Haskel not worried by inflation By Reuters

Amazon wins $303 million court fight in blow to EU tax crusade By Reuters

Hertz Soars After Accepting $6 Billion Bid To Exit Bankruptcy By Investing.com

BP shareholder vote shows increased support for tougher climate targets By Reuters

Fed’s Clarida Plays Down Significance of Rising U.S. Inflation By Bloomberg

BoE’s Bailey calls for fix to “dangerous gap” in money market rules By Reuters

FTSE 100 reclaims 7,000, US inflation at 13-year high, USD & yields jump By Investing.com

Tech Shares Slide On Inflation Worries; Most In FAANG Down 2% By Investing.com

Sterling hurt by stronger dollar, still near recent highs By Reuters

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