European Stocks Open Lower; Bank of England Expected to Raise Rates

European markets moved sharply lower Thursday morning, ahead of a Bank of England meeting, which is expected to deliver a rate hike despite uncertainty over Brexit.

The pan-European Stoxx 600 was down by 0.5 percent at 388.02 with almost every sector in the red.

Asian and U.S. markets told a similar story as trade worries hit investor sentiment. Overnight, President Donald Trump’s administration sought to push China harder on trade by suggesting that it could increase import taxes to 25 percent on $ 200 billion-worth of goods.

Source : CNBC

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Trump says he’s ‘not happy’ with Fed raising interest rates

President Donald Trump on Thursday said he’s not happy with the raising of interest rates by the Federal Reserve and suggested the central bank is working at cross purposes with his administration’s economic program.

In an interview published on CNBC, Trump said he wasn’t thrilled with the Fed’s rate hikes — despite calling Jerome Powell, whom he picked to replace Janet Yellen, a “good man” — and said he didn’t care that he was breaking a precedent under which presidents do not comment on the Fed so as to safeguard its independence.

“So somebody would say, ‘Oh, maybe you shouldn’t say that as president. I couldn’t care less what they say, because my views haven’t changed,” Trump said.

Second-quarter GDP is estimated to run at an annual rate north of 4%.

“Because we go up and every time you go up they want to raise rates again. I don’t really – I am not happy about it. But at the same time I’m letting them do what they feel is best.” He added, “But I don’t like all of this work that goes into doing what we’re doing.”

“I don’t like all of this work that we’re putting into this economy and then I see rates going up,” Trump said.

Source: Marketwatch

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Nikkei rises as trade jitters ease, banks weakened by low rates and bad debt

Japan’s Nikkei share average rose on Thursday morning as investor jitters over trade issues that hit markets early this week appeared to recede, while technology stocks rallied on the Nasdaq strong performance overnight.

The Nikkei index rose 0.8 percent to 22,734.28 at the midday break.

The broader Topic lagged the Nikkei, rising only 0.3 percent, spiking the so-called NTH ratio to 12.94, its highest level since 1999.

Source : Reuters

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