Delaware cleaning firm keeping educational opportunity open
WILMINGTON, Del. (AP) — Faced with the prospect of the COVID-19 pandemic forcing them and others to lose out on...
09:43
In New York, the Dow Jones industrial average has hit a fresh record high at the start of trading.
The Dow jumped by 188 points, or 0.5%, to 36,516 points at the open.
The rally is led by construction equipment maker Caterpillar (+3.8%), financial services groups American Express (+2%) and Visa (+1.5%), chemicals firm Dow Inc (+2%) and chipmaker Intel (+1.6%).
Materials, energy, financial stocks and industrials are the best-performing sectors across the market.
Investors are in upbeat mood after the US economy added more jobs than expected in last Friday’s non-farm payroll report, and the House of Representatives finally passed a $1tn bill to rebuild the nation’s infrastructure.
09:16
Tightening monetary policy now to fight the surge in inflation across the eurozone would be counterproductive, European Central Bank chief economist Philip Lane has warned today.
Lane pushed back against pressure to take action, after consumer prices inflation hit 4.1% last month – more than double the ECB’s target.
In a speech to the ECB Conference on Money Markets, Lane said three temporary factors were pushing up inflation today but are projected to fade over the course of next year.
First, the pandemic initially exerted powerful downward pressure on inflation, hitting activity and leading to temporary tax cuts (such as VAT in Germany) which are now being reversed
Second, the unexpectedly-strong European and global recovery from the pandemic shock has caused bottlenecks, and mismatches between supply and demand of commodities and manufactured goods
Third, energy prices have been the largest single contributor to the currently-high inflation rate. And as Europe is a net importer of energy, that actually pushes down underlying inflation as it depressing the net revenues of European firms and the disposable income of European households.
As such, Lane argues there are “solid reasons” to expect inflation to decline through the course of next year. And as it takes time for monetary policy to affect the inflation rate, tightening too early would hurt the economy.
As Lane puts it:
…
Read More: US lifts UK travel ban; UK consumer confidence lowest since March; Dow hits
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