Russia Inflation Expected to Reach 8% by Year-End: Putin
Russian President Vladimir Putin stated during a press conference that inflation in Russia could approach 8% by the end of the year. He acknowledged that inflation has increased and mentioned that measures are being taken by the Central Bank and the government to address this issue, including raising the key rate. Putin expressed confidence in returning to target indicators with these measures. According to national statistics, Russian inflation was 7.5% year-on-year in November, up from 6.7% in October.
Norway’s Central Bank Raises Interest Rates
The Norwegian central bank announced an increase of 25 basis points in its interest rates, bringing the main policy rate to 4.5%. Norges Bank Governor Ida Wolden Bache stated that despite a slowdown in the economy, inflation remained too high. The central bank plans to maintain the current policy rate for the foreseeable future. This decision came as a surprise to economists who had predicted no change in rates.
Germany’s DAX Surpasses 17,000 Points for the First Time
The German stock market index, DAX, reached a milestone by crossing the 17,000 point mark for the first time ever. Although the German economy has faced challenges recently and is expected to contract this year, the index has still experienced significant growth, with a year-to-date increase of over 21%.
Swiss National Bank Keeps Interest Rates Unchanged
A Swiss National Bank logo is pictured on the SNB building in Bern, Switzerland May 20, 2020.
Arnd Wiegmann | Reuters
The Swiss National Bank decided to maintain its interest rates at 1.75%, in line with analysts’ expectations. After several rate hikes over the past 18 months, the central bank has kept its interest rate on sight deposits steady as well.
European Markets Rally Following Federal Reserve’s Dovish Signal
European stocks experienced a surge at the opening bell after the Federal Reserve signaled a dovish stance. The pan-European Stoxx 600 index rose by 1.6%, with mining stocks leading the gains. All sectors and major bourses were trading in positive territory.
Stocks on the Move: AMS-Osram, Vivendi, EQT
AMS-Osram shares saw a significant increase of over 10% following an upgrade by Jefferies, which raised the stock’s rating from “hold” to “buy.” French media giant Vivendi also experienced a jump of 9% after announcing plans to potentially break up into multiple listed entities. Swedish investment firm EQT posted double-digit gains as well.
Hot Take: European Markets Set to Open Higher Amid Monetary Policy Decisions
European markets are expected to open higher today. The FTSE 100 is projected to open 61 points higher, the DAX up by 188 points, the CAC up by 92 points, and the FTSE MIB up by 365 points. Investors will closely monitor monetary policy decisions from both the European Central Bank and Bank of England. These decisions will likely have an impact on market dynamics throughout the day.
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