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Top StoriesGerman EU-harmonised Consumer Prices up 8.8% Y/y in August
Top StoriesFloods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050 -Report
Top StoriesChina July Industrial Profits Down as Covid Curbs, Heatwaves Hit
Top StoriesEuropean Stocks Slip on Dour German Sentiment Survey Ahead of Powell Speech
Ukraine War, Energy Crisis Send German Business Sentiment to Lowest Level Since June 2020
Date: August 25, 2022
By Miranda Murray BERLIN (Reuters) -German business morale in August fell to its lowest reading since June 2020 amid high uncertainty due to the Ukraine war, the resulting energy crisis and fears of an economic downturn in the third quarter, a survey said on Thursday. The Ifo institute’s closely watched business climate index fell for...
Energy Stocks Boost European Shares Ahead of ECB Minutes
Date: August 25, 2022
By Anisha Sircar (Reuters) -European shares firmed on Thursday on a boost from oil stocks ahead of minutes from the last policy meeting of the bloc’s central bank, although gains were capped on mounting concerns of a recession induced by an energy crisis. The pan-European STOXX 600 rose 0.6% in early trade to 434.5, eyeing...
German Exporters Pinched by 70-billion-euro Price Squeeze – Dihk
Date: August 25, 2022
By Rene Wagner BERLIN (Reuters) – German exporters are in an “extreme price squeeze” and incurred extra costs of 70 billion euros ($69 billion) this year due to soaring producer and import prices, the Association of German Chambers of Industry and Commerce (DIHK) said on Wednesday. According to surveys and calculations made by the Association,...
Turkey’s Economy Expanded 7.5% in Q2, Seen Slowing in H2 – Reuters Poll
Date: August 24, 2022
By Ezgi Erkoyun ISTANBUL (Reuters) – Turkey’s economy expanded 7.5% annually in the second quarter of the year, a Reuters poll showed on Wednesday, while the full-year growth forecast stood at 4%, pointing a drop in economic activity in the second half of the year reflecting weaker demand conditions. The economy expanded 7.3% year-on-year in...
UBS Ups Greek Economy’s 2022 Growth Forecast on Tourism Tailwind
Date: August 24, 2022
ATHENS (Reuters) – Greece’s economy could grow by 5.7% this year from 4.0% previously forecast as the country benefits from a strong rebound in tourism, UBS said in a research report on Wednesday. “Our new growth projection is 150 basis points above market consensus of 4.2%,” UBS economist Gyorgy Kovacs said in the report. Tourism...
Euro Zone Business Activity Contracted Again in Aug, Outlook Bleak
Date: August 23, 2022
By Jonathan Cable LONDON (Reuters) -Business activity across the euro zone contracted for a second straight month in August as the cost of living crisis forced consumers to curtail spending while supply constraints continued to hurt manufacturers, a survey showed on Tuesday. The global economy is increasingly at risk from sliding into recession as Russia’s...