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The Latest Breaking News from ING

FRANKFURT: The European Central Bank (ECB) announced the largest interest rate increase in its history on Thursday and said there were more to come as it scrambles to pull inflation down from record heights.

Bangkok Post

ECB makes biggest rate hike in eurozone history lifting rates by 0.75%

European Central Bank intensifies its fight against inflation but euro falls under parity with the dollar

Evening Standard

Pound falls to lowest level since 1985 against dollar – as it happened

IFS boss says Liz Truss’s plans to freeze energy bills ‘very poorly targeted’; Putin threatens to cut off energy supplies if price caps are imposed; UK housing market shows signs of slowing

The Guardian - UK

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Oil Prices Ease on OPEC+ Output Cut

Oil prices inched lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market's recent slide. Brent crude futures had fallen 81 cents, or 0.9%,…

Asharq Al-Awsat

Gas Prices Soar as Indefinite Halt of Nord Stream 1 Kindles Winter Fears

Dutch and British wholesale gas prices soared on Monday morning, reversing most of a downward trend seen the previous week, after Russian gas deliveries to Germany via the Nord Stream 1 were suspended indefinitely over the weekend. The British contract for day-ahead delivery sky-rocketed 200 pence, or 133% to 350…

Asharq Al-Awsat

Pressure mounts on ECB for a more aggressive rate hike as inflation hits record 9.1%

Rate-setting meeting is due next week for the shared currency area

Evening Standard

ASX plunges on Powell comments, Fortescue drags on subdued earnings, A2 Milk soars nearly 10pc

Australian shares have plunged, tracking Wall Street losses last week after US Federal Reserve Chair Jerome Powell reiterated a hawkish tone to battling inflation, while miner Fortescue Metals skidded after posting a lower annual profit.

ABC News

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How high can inflation go as soaring energy prices stoke cost-of-living crisis?

Citi says 18%, official forecasts say just over 13% -- why so high and when will inflation peak?

Evening Standard

Europe on the brink: the states battling to stave off recession

War, drought and Covid have blighted prospects not just in Britain but continent-wide. Which countries are most at risk?

The Guardian - UK

Philippine central bank delivers big rate hike

MANILA: The Philippine central bank on Thursday delivered another large interest-rate increase and signalled it has space to raise borrowing costs further to tackle broadening price pressures.

Bangkok Post

Glitch lets ING Australia customer see others’ account information

Two customers’ account numbers and balances pop up on screen when NT resident Nick Oliver was using bank’s site

The Guardian - AU

Companies hoarding workers could keep the labor market strong

Some employers say they are hesitant to reduce headcount, even as economic growth deteriorates.

Axios

Eurozone inflation hits record high of 8.9% as energy prices soar

Cost of living crisis comes as 19-member currency bloc beats growth forecasts in second quarter

The Guardian - UK

Eurozone inflation hits record 8.9% despite better-than-expected growth

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia's war in Ukraine, but the economy still managed better-than-expected, if meager, growth in the second quarter.

France 24

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Asharq Al-Awsat

Inflation Hits Record 8.9% in 19 Countries Using the Euro

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices driven partly by Russia's war in Ukraine, but the economy still managed some meager growth. Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase…

Al Jazeera

China drops reference to economic growth target amid COVID fight

Ruling Communist Party drops previous calls to reach 5.5 percent growth this year.

StockNews.com

The 3 Best Stocks to Hedge Against Inflation

With inflation at a multi-decade high and the Fed’s aggressive interest rate hikes increasing the odds of a recession, the stock market is expected to remain highly volatile in the upcoming months. So we think investing in fundamentally sound stocks Coca-Cola (KO), Marathon Oil (MRO), and Weis Markets (WMK) could…

Tribune News Service

Putin is set to halt gas, and Germany fears it’s not coming back

FRANKFURT, Germany — On calendars in Germany’s industrial heartland and the halls of power in Berlin, July 11 has been marked in red for weeks.

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news in one place.

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Al Jazeera

‘Abenomics’: Abe’s economic legacy aimed for Japan’s revival

Former prime minister had mixed success trying to revive economy after more than two decades of stagnation.

Wales Online

Is UK inflation worse than in the EU? Cost of living pressures squeeze household finances

Energy, fuel and food costs are among the biggest contributors to inflation at present. We take a look at how the UK's economic situation compares with our neighbours in the European Union.

The Guardian - UK

Crypto crisis: how digital currencies went from boom to collapse

Savers talk of devastating losses as assets such as bitcoin and ‘stablecoins’ like terra fell sharply

The Independent UK

Asian markets mostly lower ahead of US holiday

Asian markets are mixed in cautious trading ahead of a federal holiday in the U.S. Worries over inflation and risks of a global recession from central bank efforts to bring it under control appeared to outweigh Wall Street's positive close on Friday

The Guardian - UK

Why are central banks pushing to raise interest rates?

Banks are raising rates to bring down inflation but there is a risk to economic growth

The Guardian - UK

Cryptocurrency ‘bloodbath’ threatens multibillion-dollar hedge fund

Three Arrows Capital founder takes to Twitter to assuage fears after 25% drop in price of bitcoin in a single day

The Guardian - UK

ECB to devise new tool to help indebted countries as markets await Fed rate rise – as it happened

Investors wait to see how aggressive US Federal Reserve will be in raising rates; Italian bond yields tumble, euro and stocks rise as ECB holds surprise meeting

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