Guindos Says ECB Not Following Pre-Determined Interest-Rate Path

The Telegraph
Forget the manifesto, the double death tax is coming
The rush to effect “change” in the next 100 days will become irresistible and the need to tear up the Labour manifesto to justify painful taxes on pensions, savings and “wealth” held in assets will play out.
The Telegraph
Ukraine goes to war... with Western moneymen
For months, the West’s most respected military experts have been insisting that Vladimir Putin’s war machine is close to running out of steam in Ukraine. However, it is a prediction that seems completely at odds with the reality of life for millions of Ukrainians living close to the frontline.
The Telegraph
Labour’s secret tax plans – explained
With Labour now in power, the threat of higher taxes is looming large. I am going to make a few suggestions about how we might prepare.
The Telegraph
The 12 hazards waiting to trip up Keir Starmer
One year from now, our new Labour government may be finding it as hard as the outgoing Conservatives to govern effectively, despite its substantial mandate. Here are the principal problems likely to sour its staggering success from day one:
CityAM
Election 2024: What will a Labour government mean for inflation, interest rates and mortgages
Inflation has fallen fairly rapidly over the last few months, hitting two per cent in June. As a result markets expect the Bank of England to start cutting interest rates in the next couple of months, either in August or September.
The Telegraph
When will Labour’s first Budget be – and when will tax changes come into effect?
Sir Keir Starmer has been elected Britain’s 58th prime minister after campaigning with a manifesto entitled “Change”.
CityAM
Election 2024: Which taxes will go up under Starmer’s Labour government?
Tax and spend was one of the major points of contention during the election campaign. What will a Labour landslide mean for your taxes?
Bloomberg
Starmer May Get a Boost From Bank of England Rate Cut Next Month
(Bloomberg) -- The Bank of England may ease interest rates as early as next month, but economists warned Prime Minister Keir Starmer’s new Labour government risks slowing down the shift away from the highest borrowing costs in 16 years.Most Read from BloombergBiden Narrows Gap With Trump in Swing States Despite Debate LossIran Elects President Who Wants to Revive Nuclear Talks With WestBiden’s Defiant Interview Unlikely to Calm Democratic NervesTrump Distances Bid From Second-Term Agenda Pushed
Reuters
UK election-winner Starmer inherits weak economy with 'no magic wand'
Britain's next prime minister Keir Starmer spent the election campaign accusing Rishi Sunak's Conservatives of "14 years of economic failure", but he has no obvious quick fix to lift the country out of its slow-growth rut. Living standards have stagnated since Conservatives took power in 2010 and Britain's recovery from the COVID pandemic has been the weakest among big rich nations after Germany. Starmer will be under pressure to use Labour's huge majority in parliament to end the sense of decline, from creaking public services and inflation-hit personal finances to a shortage of housing and weak business investment.
Reuters
UK house prices edge down in June, Halifax says
British house prices fell slightly in June but are likely to rise over the rest of this year and into 2025 with interest rates expected to start falling soon, mortgage lender Halifax said on Friday. Property prices fell by 0.2% last month from May and over the 12 months to June they rose by 1.6%, Halifax said. "This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering," Amanda Bryden, head of mortgages at Halifax, said.
Fortune
Rishi Sunak may have lost his $177,000 Prime Minister gig, but a multimillion-dollar corporate payday awaits the man richer than King Charles
Book deals, speaking engagements, and a return to finance will add to Sunak’s massive net worth.
Yahoo Finance
June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%
The June jobs report comes at a crucial moment as economists debate whether the US labor market is still normalizing to pre-pandemic levels or showing the early signs of a broader slowdown.
Barrons.com
How Europe Grew a Spine
Amid the messy elections in the U.K. and France, it’s easy to miss Europe’s slow and steady progress into a more coherent and purposeful global actor, Christopher Smart writes.
Investing.com
NFP: What are analysts saying
The latest Non-Farm Payroll (NFP) report for June has landed, and analysts have been quick to release notes interpreting the implications for the U.S. economy.
PA Media: UK News
What is next for household finances following Labour’s landslide victory?
Labour faces challenges as the repercussions from the cost-of-living squeeze continue to be felt by households.
Associated Press
Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts
U.S. stocks rose to more records Friday after a highly anticipated report on the job market bolstered Wall Street’s hopes that interest rates may soon get easier. The S&P 500 climbed 0.5% to set an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The Dow Jones Industrial Average rose 67 points, or 0.2%, while the Nasdaq composite added 0.9% to its own record.
Yahoo Finance Video
June jobs data could factor into a July rate cut: Economist
Nonfarm payrolls rose above expectations in June, with the US Bureau of Labor Statistics reporting 206,000 new jobs compared to the expected 190,000. However, the US unemployment rate ticked up to 4.1%, higher than the estimated 4.0%. RSM chief economist Joe Brusuelas joins Morning Brief to discuss the print and what it means for the overall health of the economy. "This is what full employment looks like. This is what you want to see. This is a very good number," Brusuelas says. He explains that the print is good news for the Federal Reserve, as the economy is responding to higher interest rates and cooling down: "A policy rate in a range between 5.25% and 5.5% is no longer appropriate for an economy that has an inflation rate of 2.6% — taken out to three decimals is 2.563%. Moreover, growth is cooling, hiring is cooling, the economy is normalizing. We're moving back to that pre-pandemic trend." Brusuelas adds, "I'm more comfortable with the Fed actually hinting in July that they were going to go in September. If I'm a Fed member, I'm actually thinking about July. They want to get out in front of what's going to be a decelerating job market." He anticipates inflation to hit 2.3% by the end of the year, stating "we're within shouting distance" of the Fed's target of 2%. While many have their sights set on September for the first rate cut, he says, "I'm comfortable even with them considering July at this point, because I do think the economy is just normalizing. I want to be clear here, guys: This isn't a crack in the job market. It's not the economy's foundations cracking. We're moving back to trend." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl
Yahoo Finance Video
US adds 206K jobs in June, while unemployment rises to 4.1%
Nonfarm payrolls rose above expectations for the month of June, the US Bureau of Labor Statistics reporting 206,000 new jobs added to the economy against economist estimates of 190,000. The US unemployment rate ticked up to 4.1%, while many experts were originally forecasting it to hold at 4.0%. The Morning Brief's Brad Smith and Brian Sozzi break down the latest jobs print. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
Reuters Videos
Kenyan president to cut spending amid violent protests
STORY: :: June 18, 2024After deadly protests against the Kenyan president’s finance bill – containing tax increases – the bill has been scrapped... and now, President William Ruto has unveiled plans to plug the massive hole in the budget.At least 39 people were killed in recent clashes with police, amplifying the biggest crisis of Ruto’s term so far.In a Friday speech, Ruto said he would ask for - not tax increases - but spending cuts amounting to over $1 billion U.S. for the fiscal year that began this month, as well as additional borrowing."Whatever we are going to borrow, the difference, will increase our fiscal deficit from what I intended..."The president has been caught between the demands of lenders - like the International Monetary Fund - to cut deficits, AND citizens reeling from rising living costs.According to Ruto, austerity measures will include the end of 47 state corporations, a 50% reduction in the number of government advisers… along the removal of budget lines for the president and deputy president's spouses."I believe these changes will set out our country on a trajectory towards economic transformation.”Following the speech, Ruto hosted a live audio forum on X meant to engage with young people. He faced sharp questioning about police brutality, alleged abductions by state security agents and economic policy.Many protesters are still calling for the president to resign.Activists have blamed the violence on thugs hired by politicians to discredit the protest movement. But the government has said that opportunistic criminals are responsible.
Bloomberg
German Coalition Ends Weeks of Squabbling With 2025 Budget Deal
(Bloomberg) -- Germany’s ruling coalition sealed a delayed agreement on a €481 billion ($521 billion) budget for next year and new measures to boost the economy, ending weeks of wrangling that had raised questions about the three-party alliance’s ability to govern.Most Read from BloombergBiden Narrows Gap With Trump in Swing States Despite Debate LossBiden’s Defiant Interview Unlikely to Calm Democratic NervesA $14 Billion Walmart Heir Joins Novogratz Urging Biden ExitIran Elects President Who W

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What the new Labour government means for your money

Guindos Says ECB Not Following Pre-Determined Interest-Rate Path

Latest stories

Forget the manifesto, the double death tax is coming

Ukraine goes to war... with Western moneymen

Labour’s secret tax plans – explained

The 12 hazards waiting to trip up Keir Starmer

Election 2024: What will a Labour government mean for inflation, interest rates and mortgages

When will Labour’s first Budget be – and when will tax changes come into effect?

Election 2024: Which taxes will go up under Starmer’s Labour government?

Starmer May Get a Boost From Bank of England Rate Cut Next Month

UK election-winner Starmer inherits weak economy with 'no magic wand'

UK house prices edge down in June, Halifax says

Rishi Sunak may have lost his $177,000 Prime Minister gig, but a multimillion-dollar corporate payday awaits the man richer than King Charles

June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%

How Europe Grew a Spine

NFP: What are analysts saying

What is next for household finances following Labour’s landslide victory?

Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts

June jobs data could factor into a July rate cut: Economist

US adds 206K jobs in June, while unemployment rises to 4.1%

Kenyan president to cut spending amid violent protests

German Coalition Ends Weeks of Squabbling With 2025 Budget Deal