Category: Cuts
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Volkswagen cuts forecasts again on demand, EV competition
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Volkswagen cut its guidance for the second time this year, warning that falling demand will undermine the German automaker’s profitability as it battles with unions over potential job cuts and unprecedented factory closures. The manufacturer said Friday that it now sees an operating margin of 5.6%. That’s down from expectations…
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Thyssenkrupp steel head prepares staff for ‘tough’ cuts By Reuters
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FRANKFURT (Reuters) – ThyssenKrupp’s (ETR:) steel division’s new head told a German newspaper that its 27,000 steelworkers should prepare for deep cuts, paving the way for a large number of layoffs. “Strict cuts are necessary. We have to become more profitable,” said Dennis Grimm, spokesman for the executive board of…
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Canada Q3 GDP still looking soft, larger cuts on the table
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Macklem The rates market is evenly divided on whether the Bank of Canada will cut by 50 or 25 basis points on October 23. Today’s GDP report was slightly better than expected at +0.2% vs. +0.1% expected but the advance reading for August was flat. This has led to RBC…
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Car parts supplier Forvia cuts 2024 outlook again, to speed up job cuts By Reuters
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Written by Nathan Fevlin (Reuters) – French auto parts supplier Forvia cut its annual sales and profit forecasts for the second time in three months on Friday, reflecting weakness in European and North American markets and a delay in China. “We have lost, compared to last year, about 2 million…
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Swiss National Bank Cuts Interest Rate to 1.00%
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The Swiss National Bank (SNB) announced a 25 basis point interest rate cut on Thursday 26 September 2024, to 1.00% as was widely expected. This marks the third consecutive interest rate cut by the central bank, which also indicated that further cuts may be necessary in the coming quarters to…
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ForexLive European FX news wrap: China uplifts broader markets; SNB cuts, dollar sluggish
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Headlines: Markets: AUD advances, USD lags during the day European stocks rise; S&P 500 futures up 0.8% The yield on the 10-year US Treasury note fell 0.9 basis points to 3.771%. Gold rises 0.8% to $2,678.03 West Texas Intermediate crude fell 2.8% to $67.77. Bitcoin price rises 1.3% to $64,330…
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ForexLive European FX news wrap: China uplifts broader markets; SNB cuts, dollar sluggish
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Headlines: Markets: AUD advances, USD lags during the day European stocks rise; S&P 500 futures up 0.8% The yield on the 10-year US Treasury note fell 0.9 basis points to 3.771%. Gold rises 0.8% to $2,678.03 West Texas Intermediate crude fell 2.8% to $67.77. Bitcoin price rises 1.3% to $64,330…
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SNB cuts key policy rate by 25 bps to 1.00% from 1.25% previously
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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SNB cuts key policy rate by 25 bps to 1.00% from 1.25% previously
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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Royal jeweller cuts prices by 20% to counter impact of tourist tax
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Kiki McDonough, a favourite jewellery designer of Princess Diana, Kate Middleton and Queen Camilla, has cut the prices of her products by 20% in an attempt to offset the effects of the so-called “tourist tax”. This summer, McDonough offered the discount to American and Australian shoppers, aiming to soften the…
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Centum cuts exchange rate risk with switch to shilling loans
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Investment firm Centum has restructured a N3.1 billion dual currency loan from Standard Bank of South Africa into a shell facility, allowing the company to avoid exchange rate risk on the facility in the event of future weakness of the local currency against the dollar. The loan, which was held…
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China Stimulus Hopes Rise as PBOC Cuts Rate, Plans Briefing
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China announced plans for a rare economic briefing by three top financial regulators as it cut one of its short-term interest rates, raising speculation that officials are preparing to step up efforts to revive growth. Most Read from Bloomberg Authorities announced Monday that central bank governor Pan Gongsheng would hold…
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US rate cuts won’t necessarily strengthen shekel
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On the eve of the first rate cut by the US Federal Reserve since 2020 and since it began raising interest rates sharply two years ago, the gap between the interest rates on the US dollar and the shekel was 1% higher in favor of the dollar. The aggressive 0.5%…
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People’s Bank of China rate cuts are expected today: LPRs, repo
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The People’s Bank of China is expected to cut its key reverse repo rate today, along with its key lending rates. The Fed’s rate cut this week is expected to pave the way for PBOC cuts. The People’s Bank of China has turned to the 7-day repo rate as the…
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Fed Cut Interest Rates by 0.50%, Dot Plot Suggests More Cuts in Next Meetings
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The Federal Open Market Committee cut interest rates by 50 basis points to 4.75% to 5.00% at its September meeting, marking a strong start to the monetary policy easing cycle. It was also the first cut in borrowing costs since the start of the pandemic in 2020, as major central…
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Fed Cut Interest Rates by 0.50%, Dot Plot Suggests More Cuts in Next Meetings
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The Federal Open Market Committee cut interest rates by 50 basis points to 4.75% to 5.00% at its September meeting, marking a strong start to the monetary policy easing cycle. It was also the first cut in borrowing costs since the start of the pandemic in 2020, as major central…
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Hong Kong’s central bank follows the Fed, cuts base rate by 50bp to 5.25%
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You will notice that the HKCB prime rate is slightly higher than the federal funds rate. The Hong Kong dollar is traded within a range pegged to the US dollar set by the Hong Kong Monetary Authority. You can see the boundaries of the range in the chart below. The…