Markets Open: Green shoots across European and Asian markets
Markets
Markets Open: Green shoots across European and Asian markets
Fionn Thompson and
Emma Hanrahan
08:39
Markets across Asia and Europe were broadly in the green on Friday morning
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Irish Examiner
3 hours ago
- Irish Examiner
ECB set for last easy rate cut as trade fuels inflation discord
The European Central Bank is set to lower interest rates for the final time on Thursday, before an increasingly complicated inflation outlook risks bringing internal divisions to the fore. As price risks recede, officials have cut seven times in the last year with little friction on the 26-strong Governing Council. An eighth move is expected this week, bringing the deposit rate to 2%. But while some would like that to be the bottom — wary of a glut of spending to come by European governments — others want more to underpin flimsy economic growth. The key sticking point is Donald Trump's tariffs — specifically, their knock-on effects for eurozone prices. The ECB is mapping out various scenarios to try to better grasp what is coming, but confidence in any given outcome is in short supply. One policymaker puts the chances of the baseline materialising at less than 50%. The upshot is the ECB is shifting away from tackling elevated inflation to a phase characterised by the kind of unpredictability seen during covid and Russia's war in Ukraine. That means it must be attuned to the risk of price gains coming in either side of 2%, according to Katharine Neiss, chief European economist at PGIM Fixed Income. 'It's very possible that the macro picture warrants near-term cuts to support the economy through this period of uncertainty, but that higher rates are needed further out, assuming other policy levers such as fiscal come into play,' she said. That said, it will be important for the ECB to remain alive to the risk of returning to too-low inflation, as was the case in the decade before 2020. With price growth nearing the 2% goal, investors still reckon there will be one more decrease in rates after this week, but are not sure when. Analysts in a Bloomberg poll are more certain — predicting moves in June and September for a terminal rate of 1.75%. Trump's actions on trade could yet upend those views. While most European Union goods are currently subject to a 10% US levy, that could jump to 50% in July. The ECB's scenario analysis, due as part of its quarterly outlook, underscores the uncertainty. As things stand, the near-term inflation picture looks benign: Energy costs have cratered and the euro has strengthened since the US first unveiled 'reciprocal tariffs' in April. Eurostat figures for May will arrive on Tuesday, likely showing an on-target reading of 2%. But how prices evolve will hinge on possible retaliation from Brussels and how the US-China relationship pans out. In the longer term, European spending on defence and infrastructure, fractured supply chains and an aging workforce could feed inflation pressure. Against this backdrop, hawkish executive board member Isabel Schnabel has cautioned against more easing, arguing the ECB is 'in a good place to evaluate the likely future evolution of the economy' and act as needed. Dutch central-bank chief Klaas Knot and Bundesbank president Joachim Nagel have also warned the medium-term inflation outlook is murky. For Holger Schmieding, chief economist at Berenberg, the future will be dominated by upside threats to prices. 'The main reasons are demographics and the structural labour shortage,' he said. At the moment, much is overshadowed by Trump's policies. But monetary policy is already working, and there's no need to add significantly more stimulus now. Some Governing Council members are open to more forceful action. Belgium's Pierre Wunsch has said the ECB may need to support the economy 'a little bit' to ensure inflation does not fall below target. Lithuania's Gediminas Simkus said there were increasing risks of an undershoot on prices. Should the outlook start to point in that direction, it is not clear what the optimal strategy would be. While some may back more rate reductions to guard against price expectations falling too low, others would probably opt for Schnabel's 'steady-hand' approach. Investors may not get a lot more guidance from ECB president Christine Lagarde on Thursday. Rather than hinting what may happen, the ECB has recently preferred to highlight the factors on which its decisions will be based. 'There are massive uncertainties littering the road ahead and the ECB will take great care not to pre-commit itself during the next press conference,' said Sonja Marten, head of currency and monetary-policy research at DZ Bank. She sees two more cuts this year, with little reason to turn stimulative because growth should look rosier again in 2026. Some analysts expect more easing. AXA Group chief economist Gilles Moec said the continued headwinds from the US and the danger of Chinese goods being diverted to Europe point to softer inflation and rates dropping as low as 1.25% — even if policymakers will find it difficult to get there. 'Every single cut from now on is going to be much tougher,' he said. 'There'll be growing resistance, so it'll come down to the data to convince the Governing Council to go as far as I think they'll have to end up going. It'll make for complicated conversations after the summer.' Bloomberg Read More EU prepared to retaliate to Trump's steel and aluminum tariff hikes
Irish Daily Mirror
6 hours ago
- Irish Daily Mirror
Gerrard's huge net worth and daughter's relationship with Kinahan mobster's son
The most coveted trophy in European club football was on the line over the weekend as Paris Saint-Germain defeated Inter Milan in the Champions League final in Munich. PSG ran out 5-0 winners in Saturday's decider to become only the second French side to win the trophy after Marseille in 1993. A global audience of millions tuned in to witness the highly anticipated showdown, with TNT Sports providing the UK broadcast. Laura Woods led the coverage, supported by an impressive panel of pundits including Steven Gerrard, Rio Ferdinand, Karen Carney and Owen Hargreaves. Gerrard, naturally, is no stranger to Champions League glory, having hoisted the trophy as Liverpool's captain following their extraordinary comeback victory over AC Milan in the 2005 Istanbul final, reports Wales Online. An Anfield icon, the former midfielder retired in 2016, drawing the curtain on a career that saw him clinch numerous individual accolades, two FA Cups, three League Cups, a UEFA Cup and a UEFA Super Cup. Since hanging up his boots, Gerrard has transitioned into management, helming Rangers, Aston Villa and Saudi Arabian team Al-Ettifaq. However, he parted ways with the Saudi Pro League side in January. Here's a glimpse into the life of the Liverpool legend away from the pitch: Following a profitable playing career, Gerrard boasts an impressive estimated net worth of around £75 million, as per 888Sports. It's believed that he raked in approximately £22.5 million over his career, which spanned 17 years at Liverpool before he hung up his boots at MLS side LA Galaxy. The 45 year old has also pocketed a tidy sum in management, reportedly earning a whopping £15.2 million-a-year salary while managing Al-Ettifaq. This salary placed Gerrard as the fourth-highest paid manager globally at the time, with only Jurgen Klopp, Pep Guardiola and Diego Simeone out-earning him. His substantial net worth has been further bolstered by various sponsorship deals throughout his career, endorsing brands such as Adidas, Jaguar and Lucozade. This month, Gerrard marks 18 years of wedded bliss with his wife Alex Curran, having said their vows in a lavish Buckinghamshire ceremony in June 2007. Interestingly, the pair - who began dating in 2002 - tied the knot on the same day as his England teammates Gary Neville and Michael Carrick. Formerly a nail technician, Curran later transitioned into modelling and worked as a fashion columnist for the Daily Mirror and OK! Magazine. Together, the couple have four children - Lilly-Ella, Lexie, Lourdes and Lio. During Gerrard's stint with Al-Ettifaq, Curran and the kids opted for the glitz of Bahrain over Saudi Arabia, living it up in a swanky villa. While helming Rangers, the ex-Liverpool star confessed his missus would have him chuck in football management "tomorrow" to ease the strain on their home life. He poured his heart out on the High Performance Podcast: "There are times when it dominates your life and you can't control that. That's what it is. "But there will be a stage in my life where I have to give it up, for the sake of my family and for myself. To cut it, and live life with a bit of peace. There's got to be a stage of your life where you have calm and peace, but at the moment I don't feel ready for it. "I do still feel full of energy. I do think I can help players. I do see opportunities to have more highs, and buzzes, and adrenaline rushes. "For Alex and the kids, at some stage, I'm going to have to give me self to them, 100%. When that will be, who knows? Alex would take it tomorrow. She'd take it tomorrow." Gerrard went on to add: "Alex is the one who brings me down, when I've come in, and think I'm fantastic. If I've scored a goal, or we've won a game, she pipes me down. "And when you're on the floor, and you're staring at the wall, she's the one who helps pick you up." In January, Gerrard's eldest daughter Lilly-Ella revealed that she is expecting her first child with boyfriend Lee Byrne. The 20-year-old took to her social media with a snap of her positive pregnancy test, captioning the image: "Our little secret. "The best news," she continued. "Mini us is on the way." Her partner Lee is the son of notorious Dublin criminal Liam Byrne, who was sentenced to five years in prison for weapons charges in October 2024. Meanwhile, Lee's grandfather, James 'Jaws' Byrne, who died last year at the age of 77, was a career criminal. Nevertheless, according to LBC, Gerrard doesn't treat Lee any differently than he would anyone else and expressed his excitement at the prospect of becoming a grandad at just 45. Reacting to Lilly-Ella's big reveal, he said: "We can't wait, great news and congratulations - we love you."
RTÉ News
9 hours ago
- RTÉ News
Kildare man who was 'lost' in LC finds his way in tech
As thousands of students prepare to sit their Leaving Cert exams, we are hearing from young people who took alternative paths to the CAO points race. In 2020, Kildare native Jack Yeates was not sure what he wanted to do when his time in secondary school wrapped up. Diagnosed with dyslexia as a young child, he knew that taking an academic route after school was not something that he wanted to do. "My idea was always that I wasn't going to be this big academic scholar by any means, but I still wanted to do as best as I could," he said. When he was discussing his options with career guidance counsellors, Jack said that he was more drawn to apprenticeships and community colleges. "I always enjoyed more physical subjects in school, like construction, and it was from that that I was recommended maybe being an electrician or a network site engineer. That's where my focus was." In the year after he graduated from school, Jack worked full time in retail and in September of 2021, he did a Post Leaving Cert course in Advanced Computer Science at St Conleth's Community College in Newbridge. PLC courses usually last one to two years and after Jack completed his year-long course, he began making applications for a two-year apprenticeship in software development. After receiving offers from three companies, Jack began his apprenticeship at Salesforce, a cloud-software company which has its European headquarters based in Dublin. "The PLC was a bit of a shot in the dark," Jack said. "It was something that I got real enjoyment out of and it gave me a broad scope of the industry and I thought 'You know what? Maybe I could make something of myself in this industry'." In August of last year, Jack completed his apprenticeship and won the ICT Apprenticeship of the Year Award the following October. After his apprenticeship ended, Jack was on the lookout for jobs and came across a role in Salesforce, which he felt suited him. He secured the position and began working as a Customer Centric Engineer for the company last February. "I found that the job scope and what they were looking for really suited what I had done in the past, and I believe my apprenticeship stood to me massively," he said. Now, Jack is keen for people to know that exams are not the only option and that there are other paths that can be taken after secondary school. "There were days when a lot of my classmates would be going off to college open days and writing down their dream colleges and dream courses," he said. "It did get a little disheartening at a stage, you do generally feel a little bit lost in that kind of way when you've made up your mind that 'college isn't for me'." "One exam isn't the 'be all, end all' for you," he said. "There's so many doors that can open if you just go looking for them. "Sometimes they won't show to you, you just have to really go and look for them yourself."
