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11.12.24 - 17:00
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U.S. Stocks Rebounding Amid Positive Reaction To Inflation Data (RTTNews)
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Following the pullback seen over the two previous sessions, stocks have moved back to the upside during trading on Wednesday. The tech-heavy Nasdaq has led the rebound, surging to a new record intraday high. Currently, the Nasdaq and the S&P 500 are hovering near their best levels of the day....
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11.12.24 - 16:58
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After CPI EUR/USD may fall further on Fed, ECB policy paths (Reuters EN)
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BUZZ-COMMENT-After CPI EUR/USD may fall further on Fed, ECB policy paths Dec 11 (Reuters) - EUR/USD fell Wednesday even as German-U.S. spreads US2DE2=RR and Fed SRAM26 , ECB FEIZ5 terminal rate spreads tightened after November CPI as investors appear to be betting on shallower Fed rate cuts over time and a more dovish ECB after its meeting on Thursday....
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11.12.24 - 16:51
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South African rand firms after local, US inflation data (Reuters EN)
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UPDATE 1-South African rand firms after local, US inflation data Updates prices to reflect afternoon trade JOHANNESBURG, Dec 11 (Reuters) - South Africa's rand strengthened on Wednesday after a domestic inflation reading was better than expected and U.S. price data reinforced bets that the U.S. Federal Reserve will cut interest rates next week. At 1525 GMT, the rand traded at 17.74 against the U.S....
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11.12.24 - 16:46
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As Argentina inflation dips, locals dare to hope the worst is over (Reuters EN)
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As Argentina inflation dips, locals dare to hope the worst is over Inflation slows, sparking cautious economic optimism Milei's austerity measures help rein in prices, deficit Support for Milei still robust amid success on inflation By Horacio Fernando Soria and Miguel Lo Bianco BUENOS AIRES, Dec 11 (Reuters) - As Argentina's soaring inflation rate slowly returns to earth, locals are starting to believe the worst of a biting economic crisis is over and hoping that slowing price rises will lead t...
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11.12.24 - 16:45
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Wall Street Reacts To CPI Report, Even As Markets Price In Certainty Of Dec Rate Cut (ZeroHedge)
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Wall Street Reacts To CPI Report, Even As Markets Price In Certainty Of Dec Rate Cut
Today's CPI report - the final important economic report of 2024 - came on the screws with every Inflationary metric coming in as expected (if somewhat hotter when looked at a bit closer). Still, the market was relieved that the print did not beat estimates (as some whispers hinted), and for many this was enough to assure that the Fed cuts rates by 25bps next week before potentially pausing in January. Many... but not all.
As the following kneejerk reaction snapshots from a selection of Wall Street analysts, strategists and economists suggests, even today's print wasn't enough to assure everyone that a 25bps cut is a done deal, even if market implied odds are now up to 97.9%
Below we excerpt several key post-CPI soundbites:
Neil Birrell, Premier Miton Investors
"This report will give the Fed confidence. Investors will also take heart, as the lack of a surprise, good or bad, allows for more certainty in dec...
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11.12.24 - 16:45
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Loonie Strengthens After BoC Slashes Rates By 50bps Again, Blames De-Growth On Trump & Immigration (ZeroHedge)
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Loonie Strengthens After BoC Slashes Rates By 50bps Again, Blames De-Growth On Trump & Immigration
The Bank of Canada just slashed rates by 50bps (to 3.25%) - as expected - and the second 50bps cut in a row as the central bank claimed growth looks weaker than expected... but they were careful to tamp down any exuberance over future cuts.
The bank said it cut by 50 basis points to “support growth and keep inflation close to the middle of the 1-3% target range,” citing inflation near 2%, excess supply, and softer-than-expected growth.
The decision was expected by markets and most economists in a Bloomberg survey.
Slightly hawkish shift in language...
The central bank said it will be “evaluating the need for further reductions in the policy rate one decision at a time.”
By comparison, October's policy statement said that “if the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further.”
Who's to blame for the slower growth? Trump ...
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11.12.24 - 16:37
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Air Canada CEO to address Canadian government hearing on carry-on baggage fees (Reuters EN)
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UPDATE 1-Air Canada CEO to address Canadian government hearing on carry-on baggage fees Adds context Dec 11 (Reuters) - The CEO of Air Canada AC.TO will address a Canadian government committee panel on Friday about carry-on baggage fees, according to a meeting notice, after the country's largest carrier recently announced such charges for some passengers....
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