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Europe: Economy

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  • NEW YORK, Nov 21- Wall Street was poised to open higher on Friday, setting major stock indexes up for a fifth week of gains, after China's central bank cut its benchmark interest rate for the first time in more than two years to boost its cooling economy. China's move came after European Central Bank head Mario Draghi said "excessively low" inflation had to be raised...

  • French investigate HSBC over possible tax dodging Friday, 21 Nov 2014 | 7:38 AM ET

    PARIS— HSBC bank was placed under formal investigation in France over services it offered to clients required to pay taxes in France, just days after the private banking branch was charged in Belgium with organized fiscal fraud. Switzerland- based HSBC Private Bank said Friday that French investigators demanded a 50 million euro bond. HSBC said the...

  • NEW YORK, Nov 21- U.S. stock index futures rose on Friday, setting major indexes up for a fifth week of gains, after China's central bank cut its benchmark interest rate for the first time in more than two years to boost its cooling economy. *The People's Bank of China said it was cutting one-year benchmark lending rates by 40 basis points to 5.6 percent.

  • European shares extend rally after China rate cut Friday, 21 Nov 2014 | 6:48 AM ET

    PARIS, Nov 21- European stocks extended an early rally on Friday morning, led by mining shares after China's central bank cut its benchmark interest rate for the first time in more than two years in an attempt to lift its cooling economy. European mining shares, strongly affected by China's economic growth, featured among the top gainers, with Rio Tinto up 3.9...

  • Greek budget forecasts strong growth next year Friday, 21 Nov 2014 | 6:48 AM ET

    ATHENS, Greece— Greece's government on Friday submitted its 2015 budget to Parliament, sticking with high-growth and low-deficit predictions that rescue lenders say are too rosy. The budget projects Greece's primary surplus— state income without taking into account interest payments on outstanding debt— will be 3 percent of gross domestic product.

  • Russian FM: politics must not affect oil decisions Friday, 21 Nov 2014 | 6:39 AM ET

    MOSCOW— Russia's foreign minister said Friday that political issues should not influence decisions on global oil production, even as the country's economy takes a hit from falling oil prices. Russia is weighing how to respond to this year's 30 percent drop in the price of crude, to below $80 per barrel. When asked whether Russia was willing to cut oil production...

  • *Draghi says stronger recovery unlikely in coming months. *Short-term inflation expectations seen "excessively low". FRANKFURT, Nov 21- European Central Bank President Mario Draghi threw the door wide open on Friday for more dramatic action to rescue the euro zone economy, saying "excessively low" inflation had to be raised quickly by whatever means necessary.

  • China cuts rates, Draghi ready to act     Friday, 21 Nov 2014 | 6:10 AM ET

    CNBC's Michelle Caruso-Cabrera reports China is cutting interest rates and liberalizing deposit rates, and the ECB's Mario Draghi signals the central bank is ready to tackle low inflation.

  • Nov 21- The People's Bank of China said on Friday it will lower its one-year benchmark lending rate by 40 basis points to 5.6 percent and cut its one-year benchmark deposit rate by 25 basis points, effective Nov. 22. It also said it would raise the ceiling for deposit rates to 1.2 times the benchmark level from the previous 1.1 times. VINCENZO LONGO, STRATEGIST AT IG.

  • China unexpectedly cuts rates to support economy Friday, 21 Nov 2014 | 5:52 AM ET

    BEIJING— China's central bank unexpectedly slashed interest rates on Friday to re-energize the world's No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown. Meanwhile, the president of the European Central Bank said Friday he was ready to step up stimulus for the 18- country eurozone...

  • FRANKFURT, Nov 21- European Central Bank President Mario Draghi threw the door wide open on Friday for more dramatic action to rescue the euro zone economy, saying "excessively low" inflation had to be raised quickly by whatever means necessary. Draghi had said on Monday further measures could involve large-scale purchases of government bonds, also known as...

  • ECB head willing to step up stimulus Friday, 21 Nov 2014 | 4:08 AM ET

    FRANKFURT, Germany— European Central Bank head Mario Draghi says the eurozone's chief monetary authority is willing to "step up the pressure" and increase its efforts to stimulate the struggling economy. Draghi said Friday at a banking congress in Frankfurt, Germany that if current efforts do not achieve the desired effect the ECB could "broaden even more the...

  • RUESCHLIKON, Switzerland, Nov 21- The Swiss National Bank's cap on the franc remains a key part of monetary policy and it will be maintained as long as required, a central bank board member said on Friday. "It's clear that the minimum exchange rate of 1.20 is absolutely central to prevent an unwanted tightening of monetary policy conditions," Fritz Zurbruegg said in...

  • European Central Bank President, Mario Draghi, explains why unconventional monetary policy has been deployed.

  • Euro zone recovery 'fragile': ECB's Draghi     Friday, 21 Nov 2014 | 3:00 AM ET

    Confidence in the euro zone's economic prospects are "fragile", according to European Central Bank President Mario Draghi.

  • ECB could 'broaden' policy: Draghi     Friday, 21 Nov 2014 | 3:00 AM ET

    European Central Bank President, Mario Draghi, says he could change the "size, pace and composition" of asset purchases if current policy is not effective.

  • Philippe Legrain, former economic advisor to the President of the European Commission, says the European Central Bank's bank stress tests failed to draw a line under the region's banking issues.

  • Philippe Legrain, former economic advisor to the President of the European Commission, says if the euro zone falls into deflation it could be stuck there, a scenario that would be "catastrophic".

  • US stocks jump after surprise rate cut from China Friday, 21 Nov 2014 | 1:35 AM ET

    News of an interest rate cut in China and the possibility that Europe's central bank will do more to stimulate economic growth drove the rally. Design software company Autodesk led the gainers, adding $4.33, or 7.4 percent, to $62.77. Software maker Splunk rose $3.72, or 5.7 percent, to $68.66.

  • What's QE, anyway? A look at central bank stimulus Friday, 21 Nov 2014 | 1:11 AM ET

    LONDON— It's the stimulus measure with the long, baffling name. Quantitative easing, or QE— the large-scale purchase by a central bank of government bonds and other securities— has been used by the U.S. Federal Reserve, Bank of England, and the Bank of Japan.

Contact Europe: Economy

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