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Gold prices are on a record trajectory as EU inflation rises unexpectedly to 2.0%, dampening hopes for further ECB interest rate cuts. Meanwhile, the US national debt could surge post-election, with potential increases of $7.5 trillion under Trump and $3.5 trillion under Harris by 2025. Investors are eyeing the $2,800 mark for gold, with significant focus on upcoming US labor market data and the PCE deflator.
European Central Bank President Christine Lagarde has announced plans to start policy meetings earlier, with many sessions now beginning with a Tuesday night dinner ahead of interest-rate decisions. This change, effective from January, was positively received during a recent gathering of officials.
European Central Bank President Christine Lagarde stated that the disinflation process is progressing well, despite ongoing wage pressure risks. She noted that recent economic activity indicators have been somewhat disappointing and that financing conditions continue to be restrictive.
Investor flows are likely to continue favoring the U.S. over Europe due to differing economic conditions and regulatory environments. Central banks are diversifying away from the dollar, with rising gold prices indicating increased purchases by both private and institutional investors. The fragmented European banking market faces challenges from protectionism, which could hinder innovation and lead to higher borrowing costs, while large banks remain stable despite recent turmoil.
Investors are in a frenzy over gold prices, driven by hopes of interest rate cuts from the US Federal Reserve and the European Central Bank. With a 93% probability of a 25 basis point cut at the Fed's upcoming meeting, attention is also on US economic data that could push gold towards the $3,000 mark. ECB President Christine Lagarde remains optimistic about achieving price stability, despite recent rate cuts.
Christine Lagarde cautioned that the winner of the upcoming US election should be mindful of the potential negative impact on global trade. Speaking at an Atlantic Council event, the European Central Bank chief emphasized that history illustrates the harm caused by rising tariffs and the importance of free commerce.
The European Central Bank (ECB) has blocked efforts by the African Development Bank (AfDB) and Inter-American Development Bank (IDB) to secure special drawing rights (SDRs) from Eurozone nations for climate finance, citing legal incompatibilities. Despite support from France and Italy, Germany opposes reallocating SDRs, which the ECB views as a risk to financial stability. Economists suggest that direct allocation of SDRs to multilateral development banks could be a solution, but achieving the necessary consensus within the IMF remains challenging.
European Central Bank President Christine Lagarde expressed satisfaction with the progress made in reducing inflation, which has fallen below the 2% target. Speaking at an Atlantic Council event in Washington, she noted a significant decline in consumer-price growth from a peak exceeding 10%.
European Central Bank policymakers are divided on the potential for a significant half-point interest rate cut in December, following recent back-to-back quarter-point cuts. While some officials, like Mario Centeno and Klaas Knot, see data trends supporting larger cuts, others, including Christine Lagarde and Robert Holzmann, emphasize a cautious approach, focusing on incoming economic data. Inflation in the eurozone has recently dipped below the ECB's 2% target for the first time since June 2021, raising expectations for further rate adjustments.
Investors are closely monitoring economic data as the US election looms, with a key speech by Christine Lagarde expected to influence monetary policy. Upcoming reports include purchasing managers' indices and the ifo index, which may provide insights into the German economy. Following a record high of 19,674 points, profit-taking is anticipated, with a trading range between 19,000 and 20,000 points in focus.
Christine Lagarde
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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