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IDF: Sirens sounded in southern Israel after Yemen fired a missile for the second time today. The missile was intercepted before it entered Israeli territory.On January 18, the Financial Times reported, citing people familiar with the matter, that Commerzbank is considering laying off thousands of employees to fend off the strong stake of Italys UniCredit Group. Two people familiar with the matter said the plans have not yet been formalized and are expected to be announced to the workers committee in the coming weeks. A person familiar with the negotiations said the figure could be in the low range of "thousands." The report said that after approaching UniCredit Group, the German bank is under pressure to cut costs and improve returns. Bettina Orlopp, the new CEO of Commerzbank, will submit an updated strategy on February 13 to show that the bank can improve profitability and pay dividends to shareholders on its own. Earlier reports said that UniCredit Group suddenly took a stake in Commerzbank and could become the largest shareholder of Commerzbank if it obtains regulatory approval. Andrea Orcel, CEO of UniCredit Group, has made no secret of his ambitions for Commerzbank, including a full acquisition of the German competitor.On January 18, local time, the Houthi armed forces in Yemen issued a statement announcing that they had launched a military operation that day, using the "Zolfagar" ballistic missile to accurately strike the Israeli Ministry of Defense in Tel Aviv, and had successfully hit the target. In response, Israel has not yet responded. Earlier, the Israeli military said on the 18th that after a ballistic missile was launched from Yemen, air defense alarms sounded at Ben Gurion International Airport and other places. The Israeli military is investigating this.A spokesman for the Yemeni Houthi armed forces: They will coordinate closely with Palestinian resistance organizations to respond to any Israeli actions that violate the Gaza ceasefire agreement.According to the Financial Times: Commerzbank is considering cutting thousands of jobs to fend off a strong stake from Italys United New Low Group.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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