Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
Investors bought bank stocks because there's a chance the Federal Reserve's interest rate cut may "put an end to this artificially inverted yield curve," Jim Cramer says.Mad Money with Jim Cramerread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
(Adds details, quote, context)
BERLIN, Sept 12 (Reuters) - The Ifo institute on Thursday cut its 2019 growth forecast for Germany and said a recession would hit Europe's largest economy in the third quarter, the latest gloomy forecast that raises pressure on the European Central Bank to loosen policy.
Ifo cut its growth forecast for this year to 0.5% from 0.6%. It also said the German economy would probably shrink by 0.1% in the third quarter, which would amount to a recession after a similar contraction in the April-June period.
"The outlook is weighed down by high uncertainties," said Ifo's Timo Wollmershaeuser, pointing to possible risks to the economy from a no-deal Brexit and an escalation of U.S. President Donald Trump's trade wars.
The German economy has weakened as its export-dependent manufacturing sector languishes in recession due to trade conflicts and uncertainty linked to Britain's planned departure from the European Union.
Ifo said the manufacturing sector's weakness is gradually spreading to other parts of the economy, including logistics and the services sector. This was leaving a mark on the labor market, it said.
The institute expects a slight recovery in the fourth quarter. It said its forecasts were based on the assumption that there will be neither a no-deal Brexit nor an escalation Trump's trade conflicts, which suggests even weaker growth in Germany should either of those eventualities materialize.
For 2020, Ifo cut its growth forecast to 1.2% from 1.7%.
Germany's Macroeconomic Policy Institute (IMK) earlier on Thursday said there was an almost 60% chance that the German economy could fall into recession.
The Kiel Institute for the World Economy (IfW) on Wednesday slashed its growth forecasts due to trade disputes and Brexit uncertainty. (Reporting by Thomas Seythal Writing by Joseph Nasr Editing by Madeline Chambers)