ECB hikes rates by 75 basis points and scales back support for European banks
The ECB announced another 75-basis-point rate hike — its third consecutive increase this year — while also scaling back support for European banks.
Financial News
France and Germany’s relationship questioned as Scholz goes alone on policy
The leaders of Germany and France are meeting Wednesday in Paris, but this encounter almost got cancelled as tensions between both sides grow.
‘Our country is facing a profound economic crisis’: Rishi Sunak pledges to fix mistakes as he becomes UK PM
The U.K.’s third prime minister of the year faces a packed in-tray including a looming recession and the European energy crisis.
Rishi Sunak to be Britain’s new prime minister as rivals quit race
Rishi Sunak will be named the U.K.’s new prime minister, following a fast-tracked Conservative Party leadership race initiated to fill the void left by Liz Truss’ resignation.
China names Xi Jinping loyalists for core leadership group
In remarks Sunday, Xi emphasized the Party’s leadership in “a new journey to turn China into a modern socialist country,” according to an official translation.
China shuffles leadership committee and retains many Xi allies
But the new list for China’s central committee left off several officials with more market-leaning tendencies.
British pound slides on political uncertainty, reversing Liz Truss resignation bounce
“Overseas investors are likely to see this political volatility as another reason to get out of U.K. assets,” one strategist told CNBC.
UK Prime Minister Liz Truss resigns after failed budget and market turmoil
U.K. Prime Minister Liz Truss resigned following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
UK PM Liz Truss says she’s a ‘fighter not a quitter’ as lawmakers plot to oust her
Truss described her U-turn on tax cuts as “in the national interest to make sure that we have economic stability.”
Liz Truss’ ‘trickle-down economics’ is dead. Now the UK faces an uncertain future
Just six weeks into U.K. Prime Minister Liz Truss’ tenure and the political future of yet another Conservative leader looks to be in jeopardy.