Fed’s unwanted ally in bid to tame inflation: Credit crunch
March 23, 2023 GMTWASHINGTON (AP) — The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending.
The upheaval in the financial system that's followed the collapse of two major U.S.
ECB’s Lagarde: Future rate hikes open amid banking turmoil
March 22, 2023 GMTFRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde said future interest rate decisions are open after upheaval in the global banking system left the economic outlook “blurrier” than just a few weeks ago.
Europe’s central bank backs big rate hike despite bank chaos
March 16, 2023 GMTFRANKFURT, Germany (AP) — The European Central Bank carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S.
Vaughan gives evidence in English cricket racism hearing
March 3, 2023 GMTFormer England cricket captain Michael Vaughan was made to confront his historic racially aggravated tweets while giving evidence at a hearing where he denied using a racist phrase toward teammates when playing for Yorkshire.
England bowler Rashid gives evidence in cricket racism case
March 2, 2023 GMTLONDON (AP) — England cricketer Adil Rashid broke from his national team duties during a limited-overs tour of Bangladesh to give evidence at a hearing examining racism allegations which have shamed storied county team Yorkshire and involve the country’s former captain, Michael Vaughan.
European Central Bank hikes rates, vows ‘we are not done’
February 2, 2023 GMTFRANKFURT, Germany (AP) — The European Central Bank chugged ahead with another outsized interest rate hike Thursday and vowed more will follow, underlining its drive to subdue inflation even as the economy slows and the U.S.
European inflation eases for 3rd month but prices still bite
February 1, 2023 GMTLONDON (AP) — Europe's inflation rate dipped at the start of the year, giving some relief to consumers but still leaving them facing higher prices that have driven protests and will likely press the European Central Bank into another interest rate hike Thursday.
Asian markets rise after Wall St losses amid recession fears
January 20, 2023 GMTBEIJING (AP) — Asian stock markets rose Friday after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession.
Shanghai, Tokyo and Hong Kong advanced. Seoul declined.
Croatia rings in New Year as fully integrated EU member
January 1, 2023 GMTZAGREB, Croatia (AP) — At the stroke of midnight on Saturday, Croatia switched to the shared European currency, the euro, and removed dozens of border checkpoints to join the world’s largest passport-free travel area.
Asian markets follow Wall St lower amid gloomy outlook
December 20, 2022 GMTBEIJING (AP) — Asian stock markets extended their losses Tuesday amid gloom about weaker global economic growth as central banks raise interest rates to cool inflation.
Asian stock markets sink under global recession fears
December 19, 2022 GMTBEIJING (AP) — Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation.
European Central Bank slows rate hikes but vows more ahead
December 15, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank slowed its record pace of interest rate increases slightly Thursday but promised that more hikes are on the way, joining the U.S.
Europe’s inflation likely hasn’t peaked, ECB’s Lagarde says
November 28, 2022 GMTBRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record.
ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those price spikes.
Sweden’s big interest rate hike follows other central banks
November 24, 2022 GMTSTOCKHOLM (AP) — Sweden’s central bank followed other central banks in undertaking a big increase to its key interest rate to combat inflation, saying Thursday that high prices are undermining people's purchasing power and making it tough for households and companies to plan their finances.
Lagarde warns ECB may do more to rates than remove stimulus
November 18, 2022 GMTFRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde warned Friday that the bank may have to raise interest rates beyond merely withdrawing stimulus and into territory that could restrain growth as the bank fights to control record inflation in the 19 countries that use the euro.
European Central Bank: Recession ‘has become more likely’
November 16, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank sees an increased likelihood of a recession in the 19 countries that use the euro currency, warning that soaring energy prices and high inflation fed by Russia's war in Ukraine have raised risks for bank losses and turmoil on financial markets.
European Central Bank leader doubles down on rate increases
November 4, 2022 GMTFRANKFURT, Germany (AP) — The head of the European Central Bank underlined the bank's determination to fight rampant inflation with more interest rate increases on top of record hikes, saying Friday that “our job is far from being completed” and that even a mild recession would not be enough to bring rising prices back under control.
European Central Bank pushes banks to speed up climate work
November 2, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank is warning that many of the financial institutions it oversees are moving too slowly to shield themselves and Europe's banking system from the impact of climate change, and it is setting new deadlines to meet those requirements.
Europe’s outlook ‘darkening,’ ECB head hedges on recession
September 26, 2022 GMTFRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power.
Europe’s central bank to use climate scores as it buys bonds
September 19, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank said Monday that it will give corporations climate scores before it buys their bonds and intends to prioritize those doing more to reveal and reduce greenhouse gas emissions, filling in details of its efforts to help Europe meet its environmental goals.
How major US stock indexes fared Thursday 9/8/2022
September 8, 2022 GMTThe stock market recovered from a midday stumble and ended higher, staying on track for its first weekly gain in four weeks.
The S&P 500 rose 0.7% Thursday. The Nasdaq composite and the Dow Jones Industrial average also ended higher after bumpy rides of their own.
European Central Bank makes largest-ever interest rate hike
September 8, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank made its largest-ever interest rate increase Thursday, following the U.S.
Inflation hits 9.1% in countries using euro currency
August 31, 2022 GMTLONDON (AP) — Inflation in the European countries using the euro currency hit another record in August, fueled by soaring energy prices mainly driven by Russia’s war in Ukraine.
Annual inflation in the eurozone’s 19 countries rose to 9.1%, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency Eurostat.
Business Highlights: Cool housing market, jobless claims
July 21, 2022 GMT___
Housing market chills as mortgage rates, prices scare buyers
NEW YORK (AP) — Rising mortgage rates have combined with already high home prices to discourage would-be buyers. Mortgage applications have declined sharply.
Europe’s central bank backs larger-than-expected rate hike
July 21, 2022 GMTFRANKFURT, Germany (AP) — The European Central Bank raised interest rates Thursday for the first time in 11 years by a larger-than-expected amount, joining steps already taken by the U.S.
Italy political turmoil a headache for Europe’s central bank
July 20, 2022 GMTFRANKFURT, Germany (AP) — Italian Prime Minister Mario Draghi's offer to resign has sent unsettling ripples through financial markets, bringing back bad memories of Europe's debt crisis a decade ago and complicating the European Central Bank's job as it raises interest rates for the first time in 11 years to combat record inflation.
European Central Bank head targeted in hacking attempt
July 12, 2022 GMTBERLIN (AP) — The European Central Bank said Tuesday that its president, Christine Lagarde, was targeted in a hacking attempt but no information was compromised.
The attempt took place “recently,” the Frankfurt-based central bank for the 19 countries that use the euro said in an emailed response to a query about a report by Business Insider.
Croatia clears final hurdle to adopting the euro next year
July 12, 2022 GMTBRUSSELS (AP) — The European Union on Tuesday removed the final obstacles to Croatia adopting the euro, enabling the first expansion of the currency bloc in almost a decade as the exchange rate fell to its weakest level against the dollar in 20 years.
Report: Europe’s banks need to raise game on climate risk
July 8, 2022 GMTFRANKFURT, Germany (AP) — Europe's banks aren't sufficiently considering risks from climate change and must “urgently step up efforts” to make sure they understand the possible impact of floods, wildfires and losses on investments.
Powell: ‘No guarantee’ Fed can tame inflation, spare jobs
June 29, 2022 GMTWASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market.
Europe’s central bank ready to ‘stamp out’ surging inflation
June 28, 2022 GMTSINTRA, Portugal (AP) — The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out" inflation if it surges faster than expected.
EU leaders endorse Croatia’s switch to euro currency
June 24, 2022 GMTBRUSSELS (AP) — European Union leaders agreed Friday that Croatia will join the group of countries using the euro, bringing the number of nations sharing the currency to 20 starting in January.
“The euro is the monetary expression of our shared destiny and has been part of our European dream," said EU Council President Charles Michel, who chaired a summit of bloc leaders in Brussels.
European Central Bank vows backstop against market turmoil
June 15, 2022 GMTA European Central Bank poised to raise interest rates for the first time in 11 years vowed Wednesday to create an unspecified market backstop that could buffer member countries against financial turmoil like that seen during a debt crisis more than a decade ago.
Business Highlights: Tumbling US stocks, inflation crunch
June 9, 2022 GMT___
Stocks tumble as rate pressures grow, inflation report looms
NEW YORK (AP) — Stocks on Wall Street tumbled Thursday following the latest reminder that central banks now care more about fighting inflation than propping up markets.
How major US stock indexes fared Thursday
June 9, 2022 GMTStocks are closing sharply lower on Wall Street Thursday following the latest reminder that central banks now care more about fighting inflation than propping up markets.
The S&P 500 fell and is on track for its ninth losing week in the last 10.
Europe’s central bank to hike rates in July, 1st in 11 years
June 9, 2022 GMTAMSTERDAM (AP) — The European Central Bank will raise interest rates next month for the first time in 11 years and add another hike in September, catching up with other central banks worldwide as they pivot from supporting the economy during the COVID-19 pandemic to squelching soaring inflation.
Asian shares fall as oil lingers above $120, yen sinks
June 9, 2022 GMTTOKYO (AP) — Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above $120 a barrel, adding to price pressures.
Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher.
European Central Bank chief signals possible July rate hike
May 23, 2022 GMTFRANKFURT, Germany (AP) — The president of the European Central Bank on Monday gave the clearest sign yet that policymakers will aim to raise interest rates as soon as July to ease surging inflation.
European Central Bank gives no clear date for rate hikes
April 14, 2022 GMTThe head of the European Central Bank reiterated Thursday that the bank would raise interest rates “some time after” ending its pandemic stimulus efforts later this year, sticking to a gradual path even as the United States, United Kingdom and other countries take a harder line to combat soaring consumer prices.
European Central Bank head says she’s positive for COVID-19
April 7, 2022 GMTFRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde tweeted Thursday that she tested positive for COVID-19 and has mild symptoms but will continue working from home.
“I am vaccinated and boosted, and my symptoms are thankfully reasonably mild,” Lagarde, 66, wrote on Twitter.
European Central Bank chief: No data suggests stagflation
March 30, 2022 GMTNICOSIA, Cyprus (AP) — No data currently suggests Europe will fall into stagflation, a combination of high inflation, little or no economic growth and high unemployment, the European Central Bank 's president said Wednesday.
Cyprus’ RCB Bank to close, cites Russia’s Ukraine invasion
March 24, 2022 GMTNICOSIA, Cyprus (AP) — RCB Bank in Cyprus said Thursday an “extremely volatile geopolitical situation” has prompted it to wind down operations and turn itself into an asset management company.
The announcement came exactly a month after the start of Russia’s invasion of Ukraine.
Europe’s central bank to speed up end to economic stimulus
March 10, 2022 GMTThe European Central Bank said Thursday that it will make an early exit from its economic stimulus efforts as it combats record inflation that threatens to go ever higher as energy prices soar during Russia's war in Ukraine.
With sanctions, Russian Sberbank faces ‘failure’ in Europe
February 28, 2022 GMTBELGRADE, Serbia (AP) — Faced with a rush of people withdrawing money, Sberbank and the Russian bank’s subsidiaries in southeastern and central Europe are facing closures or takeovers following international sanctions imposed on Moscow for its invasion of Ukraine.
Asian stocks mixed after Wall St falls amid rate hike unease
February 8, 2022 GMTBEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street fell as investors watched for signs of whether global central banks will try to cool inflation by speeding up the withdrawal of economic stimulus.
Europe’s central bank worried about inflation but holds off
February 3, 2022 GMTFRANKFURT, Germany (AP) — The head of the European Central Bank said record inflation could linger for “longer than expected” and appeared to open the door at least a crack for an interest rate increase this year.
Inflation in 19 countries using the euro hits another record
February 2, 2022 GMTFRANKFURT, Germany (AP) — Inflation fed by high oil and gas prices hit record levels in Europe for the third month in a row, extending pain for consumers and sharpening questions about future moves by the European Central Bank.