ECB's Rehn Says Disinflation on Track, Growth Outlook Weakening
The European Central Bank's outlook is unclear because of US tariff policy, according to Governing Council member Olli Rehn.
'Recent data has shown signs of recovery in the euro area, but the outlook remains clouded by exceptional uncertainty due to President Trump's trade war,' he told a conference in Helsinki, adding that 'disinflation on track and the growth outlook weakening' has allowed the ECB to cut interest rates seven times.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Geek Wire
13 minutes ago
- Geek Wire
Washington state joins fight to save EV rules after Trump signs congressional repeal
Sustainability: News about the rapidly growing climate tech sector and other areas of innovation to protect our planet. SEE MORE An EV in Seattle gets charged up at home. (GeekWire Photo / Lisa Stiffler) Washington Attorney General Nick Brown joined a lawsuit today aiming to save rules enacted by more than a dozen states to spur the adoption of electric vehicles and protect air quality. President Trump this morning signed joint resolutions of Congress to scuttle California's long-standing waiver allowing it to set stricter vehicle emissions standards than national limits, which permits the state to phase out of the sale of gas and diesel powered vehicles. Brown and the other attorneys general allege the action by the Republican-led Congress and the president are illegal. 'Waivers have never been subject to the Congressional Review Act nor have any other agency orders that adjudicate requests for permission — such as oil and gas leases or mining permits,' Brown's office said in a statement. 'The actions taken here contradict the non-partisan Government Accountability Office and Senate parliamentarian, who both determined that the law's process to disapprove federal regulations does not apply to these waivers.' Despite a White House photo-op in March with Elon Musk and multiple models of his Tesla vehicles, Trump has been a vehement opponent of U.S. EV manufacturing and sales. Countries internationally, however, are pushing for EV adoption to help address climate change and its increasingly harmful impacts, which include more severe weather events, wildfires and sea level rise. Last month, Washington signed on to co-lead a lawsuit against the Trump administration over its cancellation of billions of dollars in funding to pay for EV charging infrastructure. Washington alone could lose $71 million of funding. In 2022, Washington and Oregon joined California in adopting rules addressing zero-emission vehicle sales. Regulations regarding passenger vehicles kick in gradually, starting with model year 2026 and the requirement that 35% of new passenger vehicle sales are EVs. By 2035, 80% of the passenger vehicles sold must be zero-emission and 20% can be plug-in hybrids. Additional rules target sales of heavy-duty vehicles. The policies do not apply to the sale of used vehicles. Fifteen states plus Washington, D.C., have adopted California's Zero-Emission Vehicle Standards, while fewer have signed on to its Advanced Clean Trucks Standards. At today's White House signing of the joint resolutions, Trump called the California plan a 'disaster' and said it 'would effectively abolish the internal combustion engine, which most people prefer,' according to the New York Times. Brown countered Trump's sentiments in a statement, saying, 'Transportation is the single greatest contributor to greenhouse gas pollution in Washington, and our residents understand the transition to zero-emission vehicles is critical in the fight against climate change.'
Wall Street Journal
34 minutes ago
- Wall Street Journal
Nikkei Down 1.3%, Dragged by Electronics, Auto Stocks
0030 GMT — Japanese stocks are lower as geopolitical tensions escalate in the Middle East and uncertainty persists over U.S. tariffs. Electronics and auto stocks are leading the declines. Tokyo Electron is down 4.3% and Sony Group is 2.6% lower. Toyota Motor is down 2.5% and Subaru is 4.1% lower after President Trump said he might raise tariffs on imported automobiles. USD/JPY is at 142.90, down from 143.73 as of Thursday's Tokyo stock market close. Investors are closely watching any developments related to Iran nuclear talks and U.S. tariffs. The Nikkei Stock Average is down 1.3% at 37681.03. ( @kosakunarioka)
Yahoo
38 minutes ago
- Yahoo
How Home Depot got caught in the immigration raid crossfire
Protests against immigration raids have been occurring nationwide this week, most notably in Los Angeles. Yahoo Finance Senior Columnist Rick Newman joins Market Domination Overtime with Josh Lipton and Julie Hyman to explain how the Trump administration's immigration policy is affecting the labor force and economy, and how companies like Home Depot (HD) have gotten caught in the crossfire. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Well, intensifying immigration raids this week have triggered protests across the country, particularly in cities like Los Angeles. That's where the National Guard was called in. And some companies like Home Depot are being caught in the crosshairs of President Trump's deportation efforts. For more, we want to bring in Yahoo Finance's Rick Newman, our political commentator, um, or, I should say crossroad, crossroads of politics and economy commentator. Sure. Call me anything, Julie. Okay. Um, I'll call you Rick. Um, so Rick, you know, we have seen, um, sort of a change in tack from the administration. Sort of the first wave, focusing on immigrants who were in the US illegally who had also committed other crimes, Right. to now doing more of a broad sweep of folks. They're going to Home Depot parking lots, right? Um, and they're, you know, this affects, as we've talked about with the economists before, certain workforces in particular. So what should we be watching? Yeah. I mean, that's the thing I'm thinking about is the parts of the labor force. Uh, migrant workers are a very important source, source of labor in construction. That's why this is happening at Home Depot, also in agriculture, retail, hospitality. Um, so what's happening now is Trump's immigration policy is now starting to touch the, uh, informal workforce and the informal economy, if you will. And I mean, there, there's a lot of reason to pay close attention to this because if you could just all at once take all the migrant workers out of the US economy, you would have a massive problem. I mean, this is a big source of workers. I mean, food would not get picked, um, projects would not get completed, homes would not get built. So it's starting. Um, I don't know what's going to happen, but if you look at why they're focusing on Home Depot, and of course, Home Depot, like almost any company, they want nothing to do with the controversy. They try hard, every company tries to stay as far away from this as they can, but um, a lot of contractors use Home Depot. Some of those contract workers shop at Home Depot for the stuff they need for projects. So, so the immigration authorities got the idea, let's go looking around at some Home Depots. And apparently, they are actually going into, um, some Home Depot outlets and places where they think they can, they can find some of these people. Um, there is actually a Reddit thread on, uh, you know, people who work at Home Depot saying, what do you do if you think ICE is coming into your location? This is not going to happen at every Home Depot across the country. And I think if the Trump administration were smart, maybe they would stop going into like retail establishments and find some other way to, you know, hit their numbers, but um, it's a problem. Yeah, and it's a problem, I think, like we can think about this from a business and economic perspective on, on a number of different fronts. I mean, the Wall Street Journal had a story looking at retailers, not just like a Home Depot, but food establishments that maybe are seeing a drop in traffic because people are afraid to shop in them because they're afraid a raid is going to come in. So you have that kind of effect on publicly traded companies potentially. You have the effect on unemployment numbers, which may not be the same. You, then maybe you have an effect on wages as well as we're seeing this situation play out. So there are a lot of potential repercussions. Right. Right. So, if I, I would guess that the strategy of the Trump administration, I mean, it has been reported that they want higher numbers. Um, so if you just went to farms and fields, um, where a lot of crops are picked, you would probably find tons of undocumented migrants. Do you want to do that? Um, do you want to, do you want to take everybody out of a, a field, I mean, it would be easy pickings, pardon the pun. Do you want to do that, though? But do remember, just aren't there some actual programs where people do come in seasonally legally, right? Yes, that's a, that's a different, yeah, that's a different thing. But we, we know that all of these things are happening. Right. Um, you could go to big construction sites and probably take half the workers off the job. Then what happens to the construction project? I mean, do you really want to do that? So I, what I detect is the Trump administration is dabbling with this idea of let's, let's interfere with business a little bit and see what happens. So if you're picking up five workers, you know, five-day laborers from a Home Depot parking lot, is that going to, um, show up in, you know, the GDP of Los Angeles? Probably not, um, but I'm trying to find contractors and I'm just starting to do a lot of this reporting, talk to them and see, is this affecting your business yet? Do you have a backup plan? Can you get workers from someplace else? This is not to defend, um, illegal immigration, but the fact is that these migrants are an important part of the labor force and you can't just take them all out of the labor force without any problems. All right, we'll keep watching. Thank you, Rick. Yeah. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
