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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The European Central Bank is "very confident" in achieving its 2% inflation target sooner than anticipated, according to Francois Villeroy de Galhau, the Bank of France governor. He emphasized that policymakers are not "behind the curve" and will act based on data to prevent inflation from declining excessively in the future. While price gains were at 2% in October, an acceleration is expected before stabilizing at the ECB's goal.
India's foreign reserves experienced their largest weekly decline ever, dropping by $17.76 billion to $657.9 billion as of November 15. This marks the seventh consecutive week of decline, reflecting the central bank's intervention to support the local currency, which hit a record low. The reserves are now at their lowest level since July 5.
European Central Bank Governing Council member Mario Centeno indicated that discussions on larger interest rate cuts could occur if economic risks materialize, particularly due to US trade tariffs. He emphasized a preference for gradual and predictable adjustments, though more aggressive measures may be warranted if conditions worsen.
Economy Minister Gianfranco Giorgetti announced an increase in funding for public healthcare, raising total allocations from 134 billion in 2024 to 141 billion by 2027, with an additional 1.3 billion earmarked for strengthening and modernizing health assets from 2027 to 2036. He emphasized the importance of promoting demand amid uncertainty to achieve expected growth in 2025, while ensuring that the health sector remains unaffected by the planned freeze on civil servant turnover in 2025.
President-elect Donald Trump is reportedly considering Kevin Warsh for the position of Treasury secretary, with plans for him to eventually become Federal Reserve chair after Jerome Powell's term ends in 2026. Warsh, a former Fed governor, is among the finalists for the role, alongside Marc Rowan and Scott Bessent. However, Trump is known for changing his decisions, and no final choice has been made yet.
Swiss National Bank President Martin Schlegel has stated that the bank's equity is currently insufficient to cover the risks associated with its large balance sheet. He emphasized the need to prioritize strengthening the central bank's capital base over profit distribution to the government and cantons.
Mexico's inflation slowed to 4.56% in early November, slightly below analysts' expectations and down from 4.83% in the previous period. This deceleration, alongside a weakening economy, may allow the central bank to implement a fourth consecutive interest rate cut next month.
At the APEC summit in Lima, the looming presence of Donald Trump overshadowed discussions, with diplomats expressing anxiety over his potential return to power and the threat of universal tariffs. Meanwhile, President Xi Jinping advocated for economic globalization, contrasting Trump's protectionist stance, as global leaders navigated a divided landscape marked by geopolitical tensions and uncertainty. The atmosphere was one of cautious anticipation, with many waiting to see how Trump's policies might reshape international trade dynamics.
Zambia is exploring a $900 million coal-fired power plant proposal from a Chinese-owned company amid severe electricity shortages due to a historic drought. With hydro-electricity generation, which supplies 85% of the country's power, severely impacted, households and businesses face prolonged outages, forcing copper producers like First Quantum Minerals Ltd. to import expensive electricity to sustain operations.
The USD/JPY exchange rate may see a pullback as Japanese inflation raises expectations for a Bank of Japan rate hike, with a 76% probability of a 25 basis point increase in December. Additionally, a potential Fed rate cut could further pressure the dollar, influencing the currency pair's movement. Technical analysis indicates a stabilization at a four-month high, with key support levels at 152 and 150.
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