1) The European Central Bank (ECB) will not cut interest rates for at least several more quarters. ECB President Christine Lagarde said this today at a conference organized by the British newspaper Financial Times (FT). At the same time, she pointed out that inflation in the eurozone could increase in the coming months. However, if interest rates remain at current levels long enough, she said, inflation will eventually fall back to the central bank’s two percent target.
2) The Banking Council of the CNB, during the discussion on the setting of interest rates last week, expressed concerns about the January price list changes and with regard to the expected increase in energy prices. According to her, this could increase inflation for the coming period. Board members also discussed an alternative forecast scenario that calls for stable rates through the end of the first quarter of next year. This follows from the record that the central bank published today. The Banking Council left the key interest rate at seven percent last week, despite some market expectations for the first rate cut.
3) Growth in the UK economy stalled in the third quarter. Gross domestic product (GDP) was unchanged from the previous three months, while it increased by 0.2 percent in the second quarter. This is according to preliminary data published today by the British Office for Statistics (ONS). However, the result exceeded expectations and the economy managed to reach the pre-pandemic level.
4) Groupon shares were down more than 25% in extended US trading after posting a 3Q adjusted loss per share, announcing the departure of co-founder Eric Lefokfsky from the board on 11/9. and above all the plan to strengthen liquidity by USD 100 million through a new subscription, the success of which may be ensured by Pale Fire Capital SICAV a.s. $128.2 million.
5) Year-on-year growth in consumer prices in Hungary slowed to 9.9 percent in October from September’s 12.2 percent. A significant drop in energy prices contributed to this, the Hungarian Statistical Office announced today. Inflation slowed for the ninth consecutive month and returned to single digits for the first time since last spring. It thus surpassed the goal that the Hungarian government had set for itself by the end of the year. Analysts on average expected inflation to slow to 10.4 percent.
Source: Investing.com, Bloomberg, Reuters, CTK
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