Economy

President-elect Donald Trump has nominated Kevin Hassett to lead the National Economic Council (NEC), placing the veteran economist at the forefront of the administration's decision-making on trade, taxes and deregulation. The announcement, made by Trump on his social media platform Truth Social, marks a significant step in finalizing his economic team ahead of Inauguration Day on Jan. 20. Hassett, who previously served as chairman of the White House Council of Economic Advisers (CEA) during Trump's first term, is no stranger to the administration's economic agenda. During his tenure at CEA, Hassett played a critical role in supporting the 2017 Republican…

European markets fell on Friday, with trading characterized by volatility as investors processed new economic indicators and the implications of potential interest rate cuts following remarks by US Federal Reserve Chairman Jerome Powell. By mid-morning, the pan-European Stoxx 600 index was down 0.43%, reflecting mixed performance across major stock exchanges and diversified sector results. Technology stocks suffered a notable decline of 1.82%, while sectors such as mining, oil and gas posted gains of more than 1%. Among decliners, Nordic Bavarian fell sharply, plunging 16% after announcing a drop in third-quarter revenue attributed to fluctuating demand for its vaccine. This decline…

On October 3, 2024, the Federal Reserve building in Washington was the backdrop for the latest developments in US economic indicators. This report is part of CNBC's Daily Open, designed to inform investors around the world about major market updates. To stay informed you can sign up to the newsletter. Highlights American inflation trend upwardsIn October, the overall inflation rate in the United States reached 2.6%, in line with market expectations. Core inflation, which excludes food and energy price volatility, remained stable at 3.3%. This overall figure exceeds the Federal Reserve's target, potentially complicating its monetary policy easing plans. Mixed…

Former Federal Reserve policymaker Loretta Mester has indicated that the US Federal Reserve may implement fewer interest rate cuts than previously expected next year, particularly if President-elect Donald Trump's proposed global tariffs are implemented. Speaking at UBS's annual European conference in London, Mester stressed that the Fed's monetary policy will be significantly influenced by the fiscal strategies of a future Republican administration. Mester noted that the market's revised expectations for interest rate cuts may actually be correct, suggesting that the number of cuts may be fewer than the four previously expected. “Next year, the pace of cuts will be influenced…

On 23 September 2024, Rachel Reeves, UK Finance Minister, gave a significant speech at the Labor Party Conference held at the ACC Liverpool Convention Centre. His speech outlined the Government's latest tax proposals, which have raised eyebrows among tech leaders and venture capitalists over the UK's ambitions to establish itself as a major global hub for artificial intelligence. Reeves revealed plans to increase capital gains tax (CGT), which is the tax levied on profits made from the sale of investments. The changes include increasing the lowest CGT rate from 10% to 18% and increasing the highest rate from 20% to…

Nasdaq 100 futures showed a positive trend Thursday evening as traders priced important earnings reports ahead of the release of the crucial jobs report. Futures tied to the tech-heavy index rose 0.4%, while Dow Jones Industrial Average futures rose 152 points, also reflecting a 0.4% gain. S&P 500 futures followed suit, rising 0.4%. A notable driver of this upward momentum was Amazon, whose shares rose more than 5% after beating Wall Street's earnings expectations, buoyed by solid performance in the cloud computing and advertising sectors. Likewise, Intel saw its shares rise more than 5% after its revenue beat analysts' forecasts…

Recent data reveals a worrying trend in consumer credit: nearly 40% of credit card users have reached or are close to reaching their credit limit. This trend highlights the growing financial strain faced by many individuals, influenced by rising prices and rising interest rates. Credit cards, often used as a financial backup during tough times, are seeing higher usage rates as consumers cope with the economic pressures of everyday life. Dependence on credit cards is indicative of broader economic challenges, including stagnant wages and rising costs of living. As a result, many people find themselves in a precarious financial situation,…