The pan-European STOXX 600 index rose 0.5% to its strongest level since August 18.
Riksbank raised borrowing costs by 0.75 points to 2.5 per cent and signalled more tightening is needed to tame inflation even as it predicted a worsening slump for Sweden’s economy.
The Bank of England must continue raising interest rates to bring inflation back to 2 per cent despite the economic hardship facing households, two policymakers said.
Citing worries about the tight labour market and high inflation expectations, deputy governor Dave Ramsden said his bias was for further tightening. Those concerns were echoed by fellow rate setter Catherine Mann, who said there is little monetary policy can do to help households struggling with soaring energy and food prices.
Banks force Labor rethink on $1m executive fines After a furious day of lobbying in Canberra, Labor has pulled the vote on the Financial Accountability Regime after banks hit back at a deal to add fines on executives.
How Craig Tiley came back from a tennis near-disaster The Tennis Australia chief went from being booed to delivering one of the most spectacular Australian Opens in history.
Another twist in Australia’s erratic march to renewable energy Is a taxpayer subsidy to keep AGL’s Torrens Island B gas power station running really the transition Mike Cannon-Brookes had in mind?
Rex accuses Qantas of gouging customers The regional challenger has taken a swing at the national carrier as the domestic airfare war heats up, saying airfares are out of step with their costs.
New Prime Minister Anwar Ibrahim takes on Malaysia’s demons After decades in the wilderness, Anwar Ibrahim has finally landed the country’s top job leading a centralist government. But pro-Malay forces are already circling, ready to attack.
Local data: NZ third quarter retail sales volume, ANZ November consumer confidence
Overseas data: China will release its October industrial profits on Sunday
ASX futures up 14 points or 0.19 per cent to 7267 near 6.30am AEDT
Fundstrat’s Mark Newton sees further S&P 500 advance: “Trends remain pointed higher and US indices are likely to finish out the week at new highs for November.
“Interestingly enough, Technology was one of the key sectors which has lost ground over the course of the week, and Tech’s lagging will continue to likely be a factor which serves to limit US outperformance in the short run.
“Bottom line, it’s expected that SPX push higher above 11/15 intra-day peaks of 4028.84, which should allow for prices to reach 4055-4075 and ultimately near 4120.”
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JPMorgan Chase & Co and Deutsche Bank were accused of enabling the sexual abuse of Jeffrey Epstein in New York class action suits that allege the banks turned a blind eye in order to “churn profits”.
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Thousands of Amazon warehouse workers across about 40 countries plan to take part in protests and walkouts to coincide with Black Friday sales, one of the busiest days of the year for online shopping.
Employees in the US, UK, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, in a campaign dubbed “Make Amazon Pay”. The campaign is being coordinated by an international coalition of trade unions, with the support of environmental and civil society groups.
The European Central Bank’s minutes of the October meeting showed policymakers feared that inflation may be getting entrenched, justifying more rate hikes, but for how long and how much remained a debate.
Separately, ECB board member Isabel Schnabel, the most influential hawk, pushed back against recent calls from many of her colleagues for smaller interest rate increases, saying this was premature and could even prove counter-productive.
“Recent comments by ECB officials suggest that the discussion at the December meeting will be much more heated and controversial,” Carsten Brzeski, global head of macro at ING said in a note.
“We currently expect the ECB to hike rates by 50bp in December and by another 25bp in February. The big question will be around quantitative tightening (QT) or in other words, the shrinking of the ECB’s balance sheet.”
Germany has set out its plan to claw back 90% of the earnings from some clean power generators as the government seeks funding for its consumer aid package.
The government is planning to skim earnings above €130 a megawatt-hour for solar, wind and nuclear, according to a draft law seen by Bloomberg News. Politicians are trying to reclaim some of the profits that companies like RWE AG are making from high power prices.
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Europe’s hottest summer on record likely resulted in more than 20,000 excess deaths in France, Germany, Spain and the United Kingdom, according to official data.
Biden warns against allowing Russia to 'brutalize' Ukraine without consequencesBiden says the UN gathering this week is “darkened by the shadow of war”, whi
Tradition dictates that the first leader to speak is always from Brazil, followed by the host country, the USBrazil kicks things off because in the early days w
Dutch actor and climate activist Sieger Sloot took to social media, as he typically does, to encourage people to join a protest planned in The Hague in January.
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