World Business Briefing: Hungary: Interest Rate Is Lowered Unexpectedly
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Hungaryâs central bank unexpectedly cut its benchmark interest rate, the European Unionâs highest, for the first time since 2005 after inflation slowed. Policy makers, led by the central bankâs governor, Andras Simor, left, cut the two-week deposit rate a quarter-point, to 7.75 percent, after holding it since October. A leveling of wage growth also persuaded rate setters to lower borrowing costs, Mr. Simor said. Hungaryâs annual inflation rate has quadrupled in the last year as Prime Minister Ferenc Gyurcsanyâs government raised taxes and utility bills. Inflation excluding food and energy prices slowed for a second month in May, and an easing of pressures in the labor market reduced concern that prices would rise faster than the inflation target in the medium term.
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It was a dismal week for the stock market, despite an interest rate cut by the Federal Reserve.
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The upcoming modification of an EU directive on working hours may impose big financial burdens on Hungarian businesses and the central budget.
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European equities fell on Thursday as interest rate concerns resurfaced, with comments due from US Federal Reserve and European Central Bank officials, while the Bank of England is seen keeping UK rates on hold.
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Interest rate fears add to jitters in financial markets.
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Business & money: Sixth successive month of price falls, and mortgage lending at two-year low despite rate cuts
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TOKYO, Tuesday, Nov. 28 (Bloomberg News) Â JapanÂs retail sales unexpectedly fell for a second month, undermining the central bankÂs case that consumer spending will accelerate and help justify raising its interest rates, which are the lowest among major economies.
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Responding to a worldwide stock sell-off and fears about a U.S. recession, the Federal Reserve slashed its benchmark interest rate before the opening of the U.S. markets.
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European equities were a little lower on Friday as the global interest rate backdrop caused concerns.
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The pound falls to a fresh all-time low against the euro on growing expectations of a cut in UK interest rates.
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Â· Pound falls as news swirls around money marketsÂ· US Fed poised to cut rates amid global liquidity crisis
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The Federal Reserve slashes interest rates to 3.5%, as it aims to reduce the risk of a US recession.
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The Bank of England's Monetary Policy Committee cuts interest rates to 5.25% from 5.5%.
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Business & money: Â· Dollar at 15-year low and stock markets plunge Â· Federal Reserve expected to cut interest rates
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Hungary's central bank again lowered its benchmark interest rate by 50 basis points, from 10.5 to 10%, the bank said.
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Usually, when the Federal Reserve lowers interest rates, it's a good time to buy bonds.
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Thailandâs central bank cut its benchmark interest rate for the fifth consecutive time this year to spur an economy blighted by slumping consumer confidence after last yearâs coup. The Bank of Thailand reduced its one-day bond repurchase rate to 3.25 percent from 3.5 percent. Lower interest rates may help the baht retreat from a 10-year high against the dollar, making exporters more competitive. âConsumption and investment remain weak,â said Usara Wilaipich, an economist at Standard Chartered Bank in Bangkok. âInflation is not a concern now because a slump in spending has curbed price increases.â