USA: Industrial production rises slightly
WASHINGTON – US industry produced slightly more in November. Compared to the previous month, total manufacturing rose by 0.2 percent, as the US Federal Reserve announced in Washington on Friday. Analysts had expected a slightly more significant increase of 0.3 percent. The increase follows a sharp decline of 0.9 percent in the previous month. Capacity utilization rose slightly to 78.8 percent. This was below market expectations of 79.1 percent.
Fed central banker Williams: Not talking about interest rate cuts at the moment
FRANKFURT – The President of the regional central bank of New York, John Williams, has dampened expectations of imminent interest rate cuts in the USA. “We’re not really talking about rate cuts at the moment,” Williams told CNBC on Friday. It is “premature” to talk about one Interest rate cut to think about in March.
Von der Leyen: EU budget solution without Hungary if necessary
BRUSSELS – Commission President Ursula von der Leyen believes a way out of the EU budget dispute with Hungary without consent from Budapest is possible. We are working hard on a solution that all EU states can agree to. “But I think it is now also necessary to work on possible alternatives,” said von der Leyen on Friday after a meeting EU summit in Brussels. “We will have a solution that works.”
Switzerland and the EU are aiming for a cooperation agreement in 2024
BERN – Switzerland and the European Union want to overcome their differences next year and conclude a framework agreement to regulate their relations. Both sides set this goal according to a joint statement published on Friday.
OVERALL ROUNDUP: USA relies on Palestinian Authority for time after Gaza war
TEL AVIV/GAZA – The US sees the more moderate Palestinian Authority in the West Bank in a central role for a lasting Middle East peace solution after an end to the Gaza war between Israel and the Islamist Hamas. However, the organization, which is led by 88-year-old Mahmoud Abbas, must first be reformed, US National Security Adviser Jake Sullivan said in Tel Aviv on Friday.
Athens is once again paying off debts early
ATHENS – Greece on Friday prematurely repaid loans totaling 5.29 billion euros that would not have been due until 2024 and 2025. These are bilateral loans that were granted to Greece in 2010 as part of the first rescue package from other EU states so that the country would not become insolvent, as the Finance Ministry announced.
USA: Industrial sentiment deteriorates unexpectedly significantly – Empire State Index
NEW YORK – The industrial mood in the US state of New York unexpectedly deteriorated significantly in December. The Empire State Index fell from plus 9.1 points in the previous month to minus 14.5 points, as the regional central bank of New York announced on Friday. Analysts on average had expected a decline to plus 2.0 points.
Habeck would like to restart the traffic lights after budget negotiations
BERLIN – Federal Minister of Economics Robert Habeck would like to see a restart of the traffic light coalition after the difficult negotiations on the 2024 budget. The Green politician told the news portal “t online“: “The government coalition has shown that it can reach agreements even on difficult issues. This would be a good moment for a new start.”
ROUNDUP: Supplementary budget for 2023 approved – debt brake suspended
BERLIN – The Bundestag has approved a supplementary budget for the current year. Parliament suspended the debt brake again on Friday. According to the Karlsruhe budget ruling, it puts the budget for 2023 on a legally secure footing. The New debt is now at 70.61 billion euros, 44.8 billion euros above the permitted borrowing.
ROUNDUP: Corporate sentiment in the euro area is surprisingly deteriorating
LONDON – The mood in companies Eurozone surprisingly deteriorated in December. S&P Global’s purchasing managers’ index fell by 0.6 points to 47.0 points compared to the previous month, as S&P announced on Friday in London. Analysts, however, had expected an increase to an average of 48.0 points. The mood in the service sector deteriorated and in industry it stagnated at a low level. At less than 50 points, the key figures still indicate an economic contraction.
Eurozone: Corporate sentiment is surprisingly deteriorating
LONDON – Sentiment among eurozone companies unexpectedly deteriorated in December. S&P Global’s purchasing managers’ index fell by 0.6 points to 47.0 points compared to the previous month, as S&P announced on Friday in London. Analysts, however, had expected an increase to an average of 48.0 points. The mood in the service sector deteriorated and in industry it stagnated at a low level. At less than 50 points, the key figures still indicate an economic contraction.
Italy: Inflation slightly lower than expected
ROME – In Italy, the inflation rate fell somewhat more significantly in November than previously known. Consumer prices (HICP), recorded using the European method, rose by 0.6 percent compared to the same month last year, as the statistics office Istat announced on Friday in Rome. Preliminary data showed a rate of 0.7 percent. In October, price inflation was 1.8 percent. On a monthly basis, prices fell by 0.6 percent in November.
France: Inflation slightly higher than expected
PARIS – In France, the inflation rate did not fall quite as significantly in November as previously thought. Consumer prices (HICP), recorded using the European method, rose by 3.9 percent compared to the same month last year, as the Insee statistics office announced on Friday in Paris. Preliminary data showed a rate of 3.8 percent. In October the price increase was 4.5 percent. On a monthly basis, prices fell by 0.2 percent in November.
Customer note:
ROUNDUP: You read a summary in the economic overview. There are several reports on this topic on the dpa-AFX news service.
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