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Livesquawk - Closing Wrap - Thursday 30.09
Closing Wrap - Thursday 30.09
Headlines
  • Senate Passes Stopgap Bill To Avert Government Shutdown
  • OPEC+ Considers Options For Releasing More Oil To The Market
  • Fed’s Powell Sees Inflation Cooling, Evading ‘Difficult Situation’
  • Fed’s Bostic: Time To End Emergency Aid For Recovering US Economy
  • Fed's Evans: 'Let's Be Patient' On US Inflation
  • Pelosi Vows To Press Ahead With Make-Or-Break Infrastructure Vote
  • German Inflation Jumps Above 4%, Highest In Three Decades
  • BMW Lifts Annual Profit Forecast To 9.5%-10.5%
  • Allianz Asset Management Chief Jacqueline Hunt To Step Down
Commentary
Eurozone Inflation To Continue Climb

Consumer price growth in the Eurozone is expected to have risen again in September as energy prices move higher and central bankers around the world wonder about when inflation will finally ease.

 

A poll of economists forecasts this month’s annual euro-area inflation rate at 3.3% versus the August mark of 3.0%, the highest level in a decade. Core inflation is projected to increase to 1.8% from 1.6%, analysts said. The EU statistics office Eurostat is scheduled to release preliminary data for September at 09:00 GMT on Friday.

 

Spain, Europe’s fourth largest economy, set the stage Wednesday for a jump in European consumer price growth when its preliminary EU harmonised inflation rate surged to 4.0% – the highest in 13 years – from 3.3% in August.

 

The rest of Europe’s four largest economies reported national, EU harmonised annual inflation rates on Thursday, and all pointed to a higher number for the single-currency area. Germany, the largest economy, said inflation rocketed to 4.1% versus 3.4% last month. Number-two economy France announced a headline rate of 2.7% versus 2.4% last month, and Italy, the number-three economy, noted that inflation this month rose to 3.0% from 2.5% in August. (LiveSquawk – Continue Reading)

German Inflation Jumps Above 4%, Highest In Three Decades

German consumer prices are rising at the fastest pace in nearly three decades, fueled by supply bottlenecks and a series of temporary pressures accompanying the economy’s pandemic recovery.

 

Inflation jumped to 4.1% in September, exceeding economists’ median estimate, according to data from the Federal Statistics Office. Energy alone was 14% more expensive than last year, when wide-ranging coronavirus restrictions curbed demand and prices.

 

Europe’s largest economies -- all experiencing strong growth following the end of lockdowns at the start of summer -- are reporting a similar trend. France, Italy and Spain were among those with inflation rates far above 2% -- the goal the European Central Bank aims to achieve sustainably for the euro area.

 

Economists predict price growth in the 19-nation region accelerated to 3.3% this month, the highest in 13 years. Those data are due on Friday. (Bloomberg – Continue Reading)

S&P Says It Expects US Congress To Address Debt Ceiling On Time

S&P Global Ratings said on Thursday it anticipates the U.S. Congress will address the debt ceiling in a timely manner, either by raising it or suspending it.

 

If not, the credit rating agency pointed to "severe and extraordinary consequences" on the financial markets.

 

"It would be unprecedented in modern times for an advanced G-7 country, like the U.S., to default on its sovereign debt," S&P said in a bulletin.

 

S&P noted that during the last decade, Congress passed legislation to raise or suspend the debt limit five times during periods of political impasse. (Reuters – Continue Reading)

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