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Economy

Swiss central bank cuts interest rates for second time this year

The Swiss National Bank cut interest rates for a second time running in response to predictions of cooling inflation. The country’s key banking and financial services sector has been under pressure recently from the rising dominance of other financial hubs such as Hong Kong, Singapore and the US.

Economy

Krone rises as Norway holds firm over interest rate decision

Unlike its counterparts for Sweden, Switzerland and the euro zone, Norges Bank is holding back on interest rate cuts.

Economy

German wholesale inflation continues to drop on energy price falls

Falling natural gas and electricity prices were the main contributors to May’s figure, as well as the declining cost of intermediate goods.

Economy

Swedish unemployment rate falls to three-month low in May

The Swedish labour market is still relatively resilient at the moment, but is likely to become more sluggish in the coming months, according to the European Commission.

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Economy

BoE rate decision: No change despite latest drop in inflation

The Bank of England has left the interest rate on hold, even though inflation has now fallen to its target level of 2%.

Economy

UK inflation rate hits target of 2%: Is this a signal for rate cuts?

The United Kingdom's overall inflation rate fell to 2% year-on-year in May, hitting the Bank of England's target for the first time since July 2021, just ahead of the bank's June meeting.

Economy

Hungary moves on interest rate as inflation creeps up

A further reduction comes on the back of more than a year of rate cuts, although a drop in the forint is curtailing dramatic changes.

Economy

French inflation up in May driven by higher energy and food prices

French inflation inched up to 2.3% in May. Increases in food prices and energy costs contributed to this higher figure. However, services inflation softened over the same period.

Economy

Inflation in Spain rises to 3.6% in May driven by the cost of housing

Inflation rise in Spain: housing costs, transport and fuel price rises are the main drivers. However, the price of food and non-alcoholic beverages dropped in May 2024.

Economy

German inflation on the rise again for the first time in five months

Increases in services and food costs contributed significantly to May's rise in German inflation, although energy prices continued to fall.

Economy

UK long-term sickness record rise fuels fears over economic growth

Long-term sickness leads to a growing number of people who are neither working nor looking for a job, known as economically inactive. This poses a significant risk to economic growth.

Economy

Eurozone economy growth thanks to increased household spending

In the first quarter of 2024, the eurozone economy grew by 0.3% compared with the previous quarter, according to the third estimate published by Eurostat, the statistical office of the European Union.

Economy

ECB delivers a “hawkish” rate cut, Lagarde stresses data dependency

The ECB reduced interest rates by 25 basis points, signalling a moderation in monetary policy restrictions. However, Frankfurt also issued an upward revision to its inflation projections, now expecting headline inflation to average 2.5% in 2024 and 2.2% in 2025.

Economy

Germany announces €23 billion tax cuts to help inflation-hit household

The coalition government set aside week's of disagreement to agree the tax cuts package. However, the move has already seen a considerable backlash, with opposing political parties arguing that tax cuts will heap yet more pressure on Germany’s already strained budget.

Travel News

Schengen visas will be more expensive from 11 June

The European Commission has blamed the price hike on inflation in member states.

Economy

Eurozone inflation accelerates in May: Are ECB rate cuts in doubt?

The harmonised index of consumer prices rose by 2.6% year-on-year in May, surpassing forecasts. Core inflation also increased to 2.9%. This comes as the European Central Bank (ECB) prepares for a potential rate cut on June 6.

Economy

Spanish inflation rises for third consecutive month after VAT hike

A jump in electricity prices linked to higher VAT rates is pushing up inflation in Spain. Upticks are being seen across the eurozone, although the causes are varied.

Economy

WEF: Economic outlook improves for 2024, but geopolitical woes remain

Although the United States and Asia are expected to see decent growth, European prospects remain bleak.

Economy

German inflation rises as consumer confidence hits 2-year high

Germany's annual inflation rose to 2.4% in May, matching forecasts, while the core rate held at 3.0%. Consumer sentiment improved to an over 2-year high as market watchers anticipate an ECB interest rate cut in June.

Economy

Fresh hint that ECB might be set to cut interest rates at June meeting

Eurozone inflation has dropped from above 10% at its 2022 peak to a near three-year low of 2.4% in April. Forecasts see a rise to 2.5% when May's data comes out later this week.