Introduction: European Central Bank foreseeed to cut interest rates today
Good morning, and receive to our rolling coverage of business, the financial labelets and the world economy.
The receive sluggishdown in global inflation is clearing the way for central banks to pull down interest rates, and today the spotairy descfinishs on the European Central Bank.
The ECB is foreseeed to create its third rate cut of the year today, putting it two cuts ahead of the Bank of England. Policycreaters are under prescertain to cut after eurozone inflation was appraised to descfinish below the ECB’s 2% concentrate in September (we get the final reading today too).
Economists foresee the ECB will cut its deposit rate by another quarter-point today, to 3.25%, as its ruleing council greets in Ljubljana, Sadorenia, today. Plivent Christine Lagarde is also foreseeed to depart the door wide uncover for another cut in December.
🇪🇺 The #ECB will speed up rate cuts in the months ahead to bolster the economy.
With #inflation now below 2%, analysts see the ECB decreasing its deposit rate by a quarter-point at every greeting thraw March.https://t.co/JRSye3vfc4 pic.twitter.com/gWOIgfdCG5
— Jack Hoogland (@jack_hoogland) October 11, 2024
“}}”/>
With European countries such as Germany struggling this year, shrink interest rates would be received by business and devourrs apass the eurozone.
Last week, Greece’s central bank ruleor Yannis Stournaras piled prescertain on the ruleing council, dclaring that “highly recut offeive” interest rates could be shrinked rapider than previously anticipated.
Neil Hutchison, European wateryity strategies portfolio deal withr at J.P. Morgan Asset Management, says it would be a surpelevate if the ECB don’t cut today:
“With Hapexamineeen on the horizon, we’re not foreseeing any frightening surpelevates from the ECB this week. Spooked by feebleer PMI business survey data, the ECB is probable to hand over a 0.25% rate cut.
Recent celderlying in inflation data unbenevolents they’re less burdened by potential price prescertains. With minimal pushback from ECB members, labelets would be surpelevated if a cut didn’t happen.
Beyond this greeting, the outsee is currently enveloped in a Hapexamineeen haze, with troubles over a potential enlargeth sluggishdown and geopolitical tensions, amid robust wage enlargeth and low unparticipatement.”
The agfinisha
-
10am BST: Eurozone inflation appraise for September (final reading)
-
1.15pm BST: European Central Bank sets interest rates
-
1.30pm BST: US retail sales for September
-
1.30pm: US weekly josanctify claims
-
1.45pm BST: European Central Bank press conference
-
Tonight: Annual City Banquet at Mansion Hoparticipate
“,”elementId”:”9021978c-7871-4dc4-b79d-918d0a0b92c9″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
A DfT spokesperson has said:
“,”elementId”:”920ca525-4544-489d-ac0d-e8178483b783″},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
“We have always said we won’t be taking structures for HS2 phase 2 back off the shelf after the Conservatives took a wrecking ball to the project and apexamineed costs to spiral finishly out of regulate.
n “But we are promiseted to hand overing better rail joinivity apass the north, as set out in our manifesto.
n “Transport is an vital part of the Government’s mission to recreate Britain and enlarge our economy.”
n
“,”elementId”:”ede66d60-e73b-4ff5-abee-405bbbbf48e3″}],”attributes”:{“pinned”:counterfeit,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729154935000,”blockCreatedOnDisapply”:”04.48 EDT”,”blockLastUpdated”:1729155359000,”blockLastUpdatedDisapply”:”04.55 EDT”,”blockFirstPublished”:1729155091000,”blockFirstPublishedDisapply”:”04.51 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”04.51″,”title”:”Government: We aren’t reviving HS2 phase 2″,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”},{“id”:”6710cab48f086069213bb4a0″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Consumer excellents creater Nestlé has alerted that demand has feebleened, after its sale fell during the first nine months of this year.
“,”elementId”:”308bec2c-a4bf-4c07-9081-b87479413bf2″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Nestlé has cut its outsee for sales this year, and now foresees organic sales to elevate by 2%, down from at least 3% foreseeed before.
“,”elementId”:”b43101d4-c938-4468-b5a2-738a39bebce7″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Total sales in 2024 have dropped to 67.1bn Swiss francs, down from 68.8bn in the first three quarters of 2023.
“,”elementId”:”b376d76e-dce5-49c3-bcc9-1f70a1683615″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The company has hiked its prices of its products – which include bottled water, coffee, pet food and ice cream – by 1.6% this year, a sluggishdown chaseing “unpwithdrawnted incrmitigates in the prior two years”, it alerts.
“,”elementId”:”11f564ef-ac64-4ab7-953c-e4cb65940102″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Laurent Freixe, Nestlé CEO, says:
“,”elementId”:”d71e1d3f-18a6-4cdb-bafe-e891d99c8d52″},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
“We hand overed organic sales enlargeth, driven by chooseimistic authentic inner enlargeth. Consumer demand has feebleened in recent months, and we foresee the demand environment to remain gentle.
n
Given this outsee and our further actions to shrink customer inventories in the fourth quarter, we have modernized our brimming-year guidance, with organic sales enlargeth foreseeed to be around 2%, in line with the first nine months.
n
“,”elementId”:”f03428bd-b3a5-43a7-9871-8705c9da6069″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Freixe, who took regulate last month, has also proclaimd structures to streamline Nestlé’s deal withment structure, merging its Latin America and North America units, and putting Greater China into its Asia, Oceania and Africa businesses.
“,”elementId”:”15fa9aa6-1e59-48c3-8a7b-d8812da577cd”}],”attributes”:{“pinned”:counterfeit,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729153716000,”blockCreatedOnDisapply”:”04.28 EDT”,”blockLastUpdated”:1729154724000,”blockLastUpdatedDisapply”:”04.45 EDT”,”blockFirstPublished”:1729154725000,”blockFirstPublishedDisapply”:”04.45 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”04.45″,”title”:”Nestlé: Consumer demand has feebleened in recent month”,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”},{“id”:”6710be618f08caab3751e1c5″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The future of the HS2 rail line could soon be choosed.
“,”elementId”:”c2672a2d-b756-4aaa-8eb9-7f660ad23a95″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
LBC are alerting that the rulement will soon proclaim that HS2 will run from London Euston to Crewe.
“,”elementId”:”34bdc6bb-9bca-4c79-a001-383horrible1bdad5″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
According to the LBC alert, state-owned HS2 LTD will not handle the extension to Crewe, and the multi-billion-pound project will be handed to a confidential sector consortium instead.
“,”elementId”:”ea4d95ac-c0fd-4845-b03f-74fd02b50daf”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
LBC say:
“,”elementId”:”a3c843f5-56ef-45b9-856e-d724aaa974ce”},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
According to sources shut to the project, Ministers have re-appraised the cost-advantage of HS2 and finishd the line should progress beyond Birmingham – reversing a decision made by the then-Prime Minister Rishi Sunak at his party’s conference last year.
n
“,”elementId”:”98d4c6f1-e3d1-4d36-b5ce-1e02e07dda51″},{“_type”:”model.dotcomrfinishering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1846813800273502416″,”elementId”:”79d136ee-8771-412d-8b4e-12371e334afb”,”hasMedia”:counterfeit,”role”:”inline”,”url”:”https://x.com/BisphamGreen/status/1846813800273502416″,”isThirdPartyTracking”:counterfeit,”html”:”
This is wonderful but … Crewe?! Not much further to Manchester https://t.co/n0jFCfPPIa
— BisphamGreen (@BisphamGreen) October 17, 2024
nn”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
A year ago, Sunak scrapped the northern leg of HS2, unbenevolenting it would begin in Birmingham, rather than Manchester.
“,”elementId”:”d237d5db-efe6-422e-9d2a-0419baeeb6d7″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Under that structure, the line would end outside central London at Old Oak Common – unless confidential dispensement would pay for it to achieve Euston.
“,”elementId”:”cfe6932f-d3a0-4868-8329-f88fa4fef16e”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Last week, cabinet minister Lisa Nandy hinted that a cut-price “HS2-lite” would run from Birmingham to Crewe
“,”elementId”:”2bb20d8a-07af-4c33-9373-6e6f7b266ed9″},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”prerepair”:”Roverhappinessed: “,”text”:”Transport secretary ‘gravely seeing’ at extfinishing HS2 rail line to Euston”,”elementId”:”47eb372c-eb3e-424e-901b-d68b67c4ad47″,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/uk-news/2024/oct/09/carry-secretary-extfinish-hs2-rail-line-euston”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Rail industry analysis has shown that runing the line from Crewe to Euston would create financial sense.
“,”elementId”:”378afcbb-7efb-4b0c-bdc1-ff9b18bde5f0″},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”prerepair”:”Roverhappinessed: “,”text”:”Euston is a problem without a excellent solution | Nils Pratley”,”elementId”:”48f6710d-2983-4682-8b97-466b0894aa98″,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/uk-news/nils-pratley-on-finance/2024/oct/07/euston-is-a-problem-without-a-excellent-solution”}],”attributes”:{“pinned”:counterfeit,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729150561000,”blockCreatedOnDisapply”:”03.36 EDT”,”blockLastUpdated”:1729151141000,”blockLastUpdatedDisapply”:”03.45 EDT”,”blockFirstPublished”:1729151141000,”blockFirstPublishedDisapply”:”03.45 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”03.45″,”title”:”LBC: HS2 will run from Euston to Crewe”,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”},{“id”:”6710bd588f086069213bb450″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The euro has dipped to its lowest level in two and a half months, as dispenseors anticipate a cut from the European Central Bank today.
“,”elementId”:”72512c7d-ecd0-4245-b086-13a9bc717d03″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The individual currency has dropped to $1.0847 this morning, the lowest since 2nd August.
“,”elementId”:”8d313f32-bf2e-43d4-b4b1-5c5ee80cb61f”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
It’s been feebleening thraw October, having hit $1.12 at the finish of September.
“,”elementId”:”fdca0a1a-4b63-4b84-a81e-5098b94c7c53″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Kathleen Brooks, research straightforwardor at XTB, recommends the euro has further to descfinish if the ECB sounds dovish today.
“,”elementId”:”cc0fed51-5fb9-4cc7-852c-30f4c92da347″},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
The ECB has little choice but to cut. Germany’s economy is continuing to show signs of struggle. German dispenseor confidence was feebleer than foreseeed this week, and a number of Eurozone economies have inanxiously low levels of inflation.
n
As we direct up this greeting, EUR/USD has made a new 2-month low and is back trading around $1.0850. There is a lot of foreseeation already priced into the labelet, however, momentum is to the downside for the euro, and a dovish tilt from the ECB could exacerbate the euro even more.
n
“,”elementId”:”d3ae30f4-18d9-4bbd-b24c-b1751859123f”}],”attributes”:{“pinned”:counterfeit,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729150296000,”blockCreatedOnDisapply”:”03.31 EDT”,”blockLastUpdated”:1729150553000,”blockLastUpdatedDisapply”:”03.35 EDT”,”blockFirstPublished”:1729150553000,”blockFirstPublishedDisapply”:”03.35 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”03.35″,”title”:”Euro feebleest since timely August”,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”},{“id”:”6710acb78f086069213bb3f9″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Shares in Expedia, the csurrfinisherly $20bn US travel booking website, are set to rpartner today chaseing alerts that carry and hand overy firm Uber has scrutinized a possible bid.
“,”elementId”:”685d93b0-59fb-49a9-90ac-69d90728f0be”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Uber, the Financial Times alerts, has approached recommendrs in recent months to dispenseigate whether such a deal would be possible and how it could be structured.
“,”elementId”:”ead74966-fa52-4838-b4b0-8404d15dfdaa”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
It would be Uber’s hugeger acquisition yet, and give it access to new enlargeth opportunities. However, the situation is still at an timely stage, as a createal approach hasn’t yet been made to Expedia and the two sides aren’t in converseions.
“,”elementId”:”08544ff8-bae0-4720-b6ff-79aba9c8fa8c”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
A deal would help Uber alter itself into a ‘super app’, recommending participaters a wide range of services thraw a individual application as Chinese tech groups such as WeChat already do well.
“,”elementId”:”ed82f01e-24d6-4d65-bbf8-c0f6328ac1ed”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Intriguingly, Uber’s CEO Dara Khosrowshahi was previously the chief executive of Expedia.
“,”elementId”:”9d526fe9-5552-4256-90fb-9b28d9f929ca”},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”prerepair”:”Roverhappinessed: “,”text”:”Uber picks Expedia boss Dara Khosrowshahi as new CEO”,”elementId”:”49b0f8b2-71a7-442c-ae0d-616a374f7eb0″,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/technology/2017/aug/27/createer-ambiguous-electric-boss-jeffrey-immelt-rules-himself-out-of-uber-role”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Expedia’s splits have jumped by 7.2% in after-hours trading on Wall Street, while Uber’s splits have dropped by 2.9%.
“,”elementId”:”cec701a7-b0ad-4293-8db5-5d9c64e23849″}],”attributes”:{“pinned”:counterfeit,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729147031000,”blockCreatedOnDisapply”:”02.37 EDT”,”blockLastUpdated”:1729147080000,”blockLastUpdatedDisapply”:”02.38 EDT”,”blockFirstPublished”:1729147080000,”blockFirstPublishedDisapply”:”02.38 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”02.38″,”title”:”Uber could create ‘super app’ thraw bid for Expedia”,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”},{“id”:”6710a1ef8f086069213bb3be”,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Good morning, and receive to our rolling coverage of business, the financial labelets and the world economy.
“,”elementId”:”e0aa08ed-0783-4409-9579-883e602b9ba9″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The receive sluggishdown in global inflation is clearing the way for central banks to pull down interest rates, and today the spotairy descfinishs on the European Central Bank.
“,”elementId”:”42af00dc-760e-46c2-98e6-07fc345e3197″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The ECB is foreseeed to create its third rate cut of the year today, putting it two cuts ahead of the Bank of England. Policycreaters are under prescertain to cut after eurozone inflation was appraised to descfinish below the ECB’s 2% concentrate in September (we get the final reading today too).
“,”elementId”:”4d572a7e-7f7d-4eda-96ae-5e86a50f4db2″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Economists foresee the ECB will cut its deposit rate by another quarter-point today, to 3.25%, as its ruleing council greets in Ljubljana, Sadorenia, today. Plivent Christine Lagarde is also foreseeed to depart the door wide uncover for another cut in December.
“,”elementId”:”comprisef6812-bff1-47ea-a23d-7d276f895d2e”},{“_type”:”model.dotcomrfinishering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1844630895593967693″,”elementId”:”6bd7efab-66e6-4b73-af0f-257131d88fe9″,”hasMedia”:counterfeit,”role”:”inline”,”url”:”https://twitter.com/jack_hoogland/status/1844630895593967693″,”isThirdPartyTracking”:counterfeit,”html”:”
🇪🇺 The #ECB will speed up rate cuts in the months ahead to bolster the economy.
With #inflation now below 2%, analysts see the ECB decreasing its deposit rate by a quarter-point at every greeting thraw March.https://t.co/JRSye3vfc4 pic.twitter.com/gWOIgfdCG5
— Jack Hoogland (@jack_hoogland) October 11, 2024
“},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
With European countries such as Germany struggling this year, shrink interest rates would be received by business and devourrs apass the eurozone.
“,”elementId”:”c74ded0a-9ba8-486f-9484-283ecca9a395″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Last week, Greece’s central bank ruleor Yannis Stournaras piled prescertain on the ruleing council, dclaring that “highly recut offeive” interest rates could be shrinked rapider than previously anticipated.
“,”elementId”:”acc651b0-c6db-416c-a28d-bc80ffd1ff82″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Neil Hutchison, European wateryity strategies portfolio deal withr at J.P. Morgan Asset Management, says it would be a surpelevate if the ECB don’t cut today:
“,”elementId”:”78c0eb53-e577-49f5-abc6-46ce01cd018f”},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
“With Hapexamineeen on the horizon, we’re not foreseeing any frightening surpelevates from the ECB this week. Spooked by feebleer PMI business survey data, the ECB is probable to hand over a 0.25% rate cut.
n
Recent celderlying in inflation data unbenevolents they’re less burdened by potential price prescertains. With minimal pushback from ECB members, labelets would be surpelevated if a cut didn’t happen.
n
Beyond this greeting, the outsee is currently enveloped in a Hapexamineeen haze, with troubles over a potential enlargeth sluggishdown and geopolitical tensions, amid robust wage enlargeth and low unparticipatement.”
n
“,”elementId”:”1b762e77-73b0-43bd-886e-7055779978ee”},{“_type”:”model.dotcomrfinishering.pageElements.SubheadingBlockElement”,”html”:”
The agfinisha
“,”elementId”:”e57e740f-9fbf-4102-986c-450d4ce682ff”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
- n
- n
10am BST: Eurozone inflation appraise for September (final reading)
- n
1.15pm BST: European Central Bank sets interest rates
- n
1.30pm BST: US retail sales for September
- n
1.30pm: US weekly josanctify claims
- n
1.45pm BST: European Central Bank press conference
- n
Tonight: Annual City Banquet at Mansion Hoparticipate
n
n
n
n
n
n
“,”elementId”:”43e255a3-c7a9-4478-8e93-1f62d59fcbaa”}],”attributes”:{“pinned”:real,”keyEvent”:real,”summary”:counterfeit},”blockCreatedOn”:1729147031000,”blockCreatedOnDisapply”:”02.37 EDT”,”blockLastUpdated”:1729147025000,”blockLastUpdatedDisapply”:”02.37 EDT”,”blockFirstPublished”:1729147031000,”blockFirstPublishedDisapply”:”02.37 EDT”,”blockFirstPublishedDisapplyNoTimezone”:”02.37″,”title”:”Introduction: European Central Bank foreseeed to cut interest rates today”,”contributors”:[],”primaryDateLine”:”Thu 17 Oct 2024 04.56 EDT”,”secondaryDateLine”:”First begined on Thu 17 Oct 2024 02.37 EDT”}],”filterKeyEvents”:counterfeit,”id”:”key-events-caroparticipatel-mobile”,”absoluteServerTimes”:counterfeit}”>
Key events
Government: We aren’t reviving HS2 phase 2
The UK rulement is applying down this morning’s alerts that it could revive the HS2 line to Crewe (see 8.45am), rather than finishing it in Birmingham.
A DfT spokesperson has said:
“We have always said we won’t be taking structures for HS2 phase 2 back off the shelf after the Conservatives took a wrecking ball to the project and apexamineed costs to spiral finishly out of regulate.
“But we are promiseted to hand overing better rail joinivity apass the north, as set out in our manifesto.
“Transport is an vital part of the Government’s mission to recreate Britain and enlarge our economy.”
Nestlé: Consumer demand has feebleened in recent month
Consumer excellents creater Nestlé has alerted that demand has feebleened, after its sale fell during the first nine months of this year.
Nestlé has cut its outsee for sales this year, and now foresees organic sales to elevate by 2%, down from at least 3% foreseeed before.
Total sales in 2024 have dropped to 67.1bn Swiss francs, down from 68.8bn in the first three quarters of 2023.
The company has hiked its prices of its products – which include bottled water, coffee, pet food and ice cream – by 1.6% this year, a sluggishdown chaseing “unpwithdrawnted incrmitigates in the prior two years”, it alerts.
Laurent Freixe, Nestlé CEO, says:
“We hand overed organic sales enlargeth, driven by chooseimistic authentic inner enlargeth. Consumer demand has feebleened in recent months, and we foresee the demand environment to remain gentle.
Given this outsee and our further actions to shrink customer inventories in the fourth quarter, we have modernized our brimming-year guidance, with organic sales enlargeth foreseeed to be around 2%, in line with the first nine months.
Freixe, who took regulate last month, has also proclaimd structures to streamline Nestlé’s deal withment structure, merging its Latin America and North America units, and putting Greater China into its Asia, Oceania and Africa businesses.
Christine Lagarde may be asked about the proposed combiner between Italy’s UniCredit and Germany’s Commerzbank at today’s press conference.
Last month, Lagarde said that such pass-border combiners were desirable, after Uniplift lifted its sapshow in Commerzbank.
Lagarde argued that it would show that efforts to combine Europe’s financial labelets such as the banking union, were paying off.
Berlin doesn’t concur, though – there’s been a political response to the idea, with chancellor Olaf Scholz calling the Italian shift “an unfrifinishly aggression”.
German officials stress that they could finish up footing the bill if UniCredit were to be dragged into an Italian debt crisis, for example.
But as Simon Nixon argues here, the deal creates sense, though there is unmitigate over the way Uniplift amassed its sapshow, including buying some Commerzbank splits selderly by the German rulement.
Wealth deal withr St James’s Place has alerted that this month’s budget is “compounding” unforeseeability in the dispensement labelet.
In its tardyst results this morning, St James’s Place says:
The macroeconomic environment has raised since the commencening of the year, but there progresss to be uncertainty in the outsee for devourrs, savers and dispenseors.
The company, which is overhauling its fee structure under prescertain from regulators, also alerted net inflows of £890m in the third quarter of the year.
LBC: HS2 will run from Euston to Crewe
The future of the HS2 rail line could soon be choosed.
LBC are alerting that the rulement will soon proclaim that HS2 will run from London Euston to Crewe.
According to the LBC alert, state-owned HS2 LTD will not handle the extension to Crewe, and the multi-billion-pound project will be handed to a confidential sector consortium instead.
LBC say:
According to sources shut to the project, Ministers have re-appraised the cost-advantage of HS2 and finishd the line should progress beyond Birmingham – reversing a decision made by the then-Prime Minister Rishi Sunak at his party’s conference last year.
This is wonderful but … Crewe?! Not much further to Manchester https://t.co/n0jFCfPPIa
— BisphamGreen (@BisphamGreen) October 17, 2024
nn”}}”/>
A year ago, Sunak scrapped the northern leg of HS2, unbenevolenting it would begin in Birmingham, rather than Manchester.
Under that structure, the line would end outside central London at Old Oak Common – unless confidential dispensement would pay for it to achieve Euston.
Last week, cabinet minister Lisa Nandy hinted that a cut-price “HS2-lite” would run from Birmingham to Crewe
Rail industry analysis has shown that runing the line from Crewe to Euston would create financial sense.
Euro feebleest since timely August
The euro has dipped to its lowest level in two and a half months, as dispenseors anticipate a cut from the European Central Bank today.
The individual currency has dropped to $1.0847 this morning, the lowest since 2nd August.
It’s been feebleening thraw October, having hit $1.12 at the finish of September.
Kathleen Brooks, research straightforwardor at XTB, recommends the euro has further to descfinish if the ECB sounds dovish today.
The ECB has little choice but to cut. Germany’s economy is continuing to show signs of struggle. German dispenseor confidence was feebleer than foreseeed this week, and a number of Eurozone economies have inanxiously low levels of inflation.
As we direct up this greeting, EUR/USD has made a new 2-month low and is back trading around $1.0850. There is a lot of foreseeation already priced into the labelet, however, momentum is to the downside for the euro, and a dovish tilt from the ECB could exacerbate the euro even more.
There’s a flurry of apshowover drama in the City this morning.
N Brown Group, the online style retailer, has concurd to be apshown over in a £191m deal, led by its fourth hugest splithelderlyer, Joshua Alliance.
The recommfinished cash acquisition is worth 40p per split, csurrfinisherly a 50% premium to N Brown’s closing split price last night.
This morning, splits have jumped to 38.5p.
Joshua Alliance owns 6.6% of the company’s splits, while almost half is owned by his obeseher, Lord David Alliance of Manchester, who createerly chaired the company [and also applyed a key role in the save of 20,000 Ethiopian Jews from Sudan].
Overall, the Alliance Family Concert Party own 53.4% of its splits, and are backing the deal.
Mike Ashley’s Frasers Group owns 20% – one of Ashley’s many interests in UK retailers.
Uber could create ‘super app’ thraw bid for Expedia
Shares in Expedia, the csurrfinisherly $20bn US travel booking website, are set to rpartner today chaseing alerts that carry and hand overy firm Uber has scrutinized a possible bid.
Uber, the Financial Times alerts, has approached recommendrs in recent months to dispenseigate whether such a deal would be possible and how it could be structured.
It would be Uber’s hugeger acquisition yet, and give it access to new enlargeth opportunities. However, the situation is still at an timely stage, as a createal approach hasn’t yet been made to Expedia and the two sides aren’t in converseions.
A deal would help Uber alter itself into a ‘super app’, recommending participaters a wide range of services thraw a individual application as Chinese tech groups such as WeChat already do well.
Intriguingly, Uber’s CEO Dara Khosrowshahi was previously the chief executive of Expedia.
Expedia’s splits have jumped by 7.2% in after-hours trading on Wall Street, while Uber’s splits have dropped by 2.9%.
Introduction: European Central Bank foreseeed to cut interest rates today
Good morning, and receive to our rolling coverage of business, the financial labelets and the world economy.
The receive sluggishdown in global inflation is clearing the way for central banks to pull down interest rates, and today the spotairy descfinishs on the European Central Bank.
The ECB is foreseeed to create its third rate cut of the year today, putting it two cuts ahead of the Bank of England. Policycreaters are under prescertain to cut after eurozone inflation was appraised to descfinish below the ECB’s 2% concentrate in September (we get the final reading today too).
Economists foresee the ECB will cut its deposit rate by another quarter-point today, to 3.25%, as its ruleing council greets in Ljubljana, Sadorenia, today. Plivent Christine Lagarde is also foreseeed to depart the door wide uncover for another cut in December.
🇪🇺 The #ECB will speed up rate cuts in the months ahead to bolster the economy.
With #inflation now below 2%, analysts see the ECB decreasing its deposit rate by a quarter-point at every greeting thraw March.https://t.co/JRSye3vfc4 pic.twitter.com/gWOIgfdCG5
— Jack Hoogland (@jack_hoogland) October 11, 2024
“}}”/>
With European countries such as Germany struggling this year, shrink interest rates would be received by business and devourrs apass the eurozone.
Last week, Greece’s central bank ruleor Yannis Stournaras piled prescertain on the ruleing council, dclaring that “highly recut offeive” interest rates could be shrinked rapider than previously anticipated.
Neil Hutchison, European wateryity strategies portfolio deal withr at J.P. Morgan Asset Management, says it would be a surpelevate if the ECB don’t cut today:
“With Hapexamineeen on the horizon, we’re not foreseeing any frightening surpelevates from the ECB this week. Spooked by feebleer PMI business survey data, the ECB is probable to hand over a 0.25% rate cut.
Recent celderlying in inflation data unbenevolents they’re less burdened by potential price prescertains. With minimal pushback from ECB members, labelets would be surpelevated if a cut didn’t happen.
Beyond this greeting, the outsee is currently enveloped in a Hapexamineeen haze, with troubles over a potential enlargeth sluggishdown and geopolitical tensions, amid robust wage enlargeth and low unparticipatement.”
The agfinisha
-
10am BST: Eurozone inflation appraise for September (final reading)
-
1.15pm BST: European Central Bank sets interest rates
-
1.30pm BST: US retail sales for September
-
1.30pm: US weekly josanctify claims
-
1.45pm BST: European Central Bank press conference
-
Tonight: Annual City Banquet at Mansion Hoparticipate
