- German 'Maddie' suspect could be free in 2025 after cleared of other sex crimes
- Italy seek Nations League consistency as Germany continue rebuild
- From boom to budgeting as reality bites for Saudi football
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- England 96-1 after Salman's century lifts Pakistan to 556
- Hollywood star Idris Elba champions African cinema in Ghana
- Djokovic rolls Cobolli to make Shanghai Masters last 16
- Milan's Hernandez receives two-game suspension after referee rant
- Geoffrey Hinton, soft-spoken godfather of AI
- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
RBGPF | -0.46% | 60.52 | $ | |
CMSC | 0.04% | 24.58 | $ | |
AZN | -0.21% | 76.71 | $ | |
SCS | -0.47% | 12.89 | $ | |
NGG | 0.18% | 65.6 | $ | |
GSK | -1.07% | 38.22 | $ | |
BTI | -0.09% | 35.17 | $ | |
CMSD | 0.1% | 24.815 | $ | |
RIO | -4.66% | 66.52 | $ | |
RELX | 0.8% | 46.41 | $ | |
BP | -3.59% | 31.99 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
BCC | 0.39% | 141.82 | $ | |
JRI | 0.11% | 13.195 | $ | |
BCE | -0.6% | 33.33 | $ | |
VOD | -0.42% | 9.649 | $ |
Euro hits two-year low as ECB holds fire
The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it will raise interest rates in the face of soaring inflation.
Meanwhile oil prices, whose recent surge has contributed to inflation around the globe reaching the highest levels in decades, came off the boil.
The ECB stood still in the face of record eurozone inflation, keeping its stimulus plans and rates unchanged, as the war in Ukraine cast a pall over the eurozone economy.
Meeting for the second time since the outbreak of the conflict, the bank's 25-member governing council stuck to a plan that "should" see its bond-buying scheme come to an end in the third quarter.
An interest rate hike would follow "some time" after the stimulus programme comes to an end, and any increases "will be gradual".
The decision leaves the ECB further out of step with many of its peers. Central banks such as the Bank of England, US Federal Reserve and the Bank of Canada have already triggered their first interest rate rises in response to soaring inflation.
The euro took a knock after the ECB's decision, slipping under $1.08 for the first time since May 2020, falling as low as $1.0758.
The ECB "continues to show little sign of looking to hike rates after leaving rates unchanged at their policy meeting today, while being even handed over the risks facing the eurozone economy," said market analyst Michael Hewson at CMC Markets UK.
The ECB's provided a boost for eurozone stocks, however, which moved into positive territory and ended the day higher.
- Musk Twitter bid -
Wall Street was mixed, with another major bank reporting a big fall in profits and setting aside money due to Russia's invasion of Ukraine.
Citigroup said its first quarter profits tumbled 46 percent to $4.3 billion, in a similar performance to JPMorgan Chase which reported Wednesday a sharp drop in profits and warned of downside risks from the Ukraine war and surging inflation.
Its shares nevertheless rose 2.1 percent in late morning trading.
Elsewhere on the corporate front, Tesla chief Elon Musk launched a hostile takeover bid for Twitter, offering to buy 100 percent of its stock and take it private, according to a stock exchange filing.
Musk offered $54.20 a share, but the company's share price was up by around 0.4 percent to $46.03 in late morning trading.
The reaction "appears to suggest little enthusiasm on the part of investors" said Hewson at CMC Markets.
While this may indicate they believe Musk is not serious, Hewson said the share price would likely take a hit if he is rebuffed and dumps his holding.
"Given the recent share price performance of Twitter they ought to be ripping his arm off, because it’s unlikely they will get a better offer from anybody else," he said.
Despite falling Thursday, both main oil contracts stayed firmly above the $100 per barrel mark, with fears swirling about global supply constraints over the invasion of Ukraine by Russia -- a major producer of oil and gas.
- Key figures around 1530 GMT -
New York - Dow: UP 0.4 percent at 34,701.82 points
Frankfurt - DAX: UP 0.6 percent at 14,163.8 (close)
Paris - CAC 40: UP 0.7 percent at 6,589.35 (close)
London - FTSE 100: UP 0.5 percent at 7,616.38 (close)
EURO STOXX 50: UP 0.6 percent at 3,785.46
Tokyo - Nikkei 225: UP 1.2 percent at 27,172.00 (close)
Hong Kong - Hang Seng: UP 0.7 percent at 21,518.08 (close)
Shanghai - Composite: UP 1.2 percent at 3,225.64 (close)
Brent North Sea crude: DOWN 0.9 percent at $107.85 per barrel
West Texas Intermediate: DOWN 1.1 percent at $103.13 per barrel
Euro/dollar - DOWN at $1.0803 from $1.0894 at 2100 GMT
Pound/dollar - DOWN at $1.3060 from $1.3109
Euro/pound - DOWN at 82.72 pence from 83.03 pence
Dollar/yen - UP at 125.95 from 125.59
M.Thompson--AMWN