Der Antriebsspezialist Wittenstein hat neue Wege gefunden, in einer komplexen Situation die Unternehmensnachfolge zu regeln. Anna-Katharina Wittenstein erklärt, was sich daraus lernen lässt.
Nach der britischen Parlamentswahl ändert sich der Ton. London zeigt sich offen für eine wirtschaftliche Annäherung an Brüssel. Aber ein wichtiges Thema wird sich nicht ändern.
Was passiert, wenn Menschen Hunderte Millionen Kilometer von der Erde auf einem anderen Planeten leben? In Texas haben vier Freiwillige und die Nasa eine Antwort gesucht.
Der Thüringer AfD-Landeschef Höcke trieb über Jahre die Bundespartei immer weiter nach rechts. Doch zuletzt hatte er einen schlechten Lauf. Was bedeutet das für seine Stellung in der AfD?Generals always fight the last war and central bankers are going to continue to fight the ghost of inflation, even as it becomes increasingly clear that the inflationary threat is over and the bigger risk is recession.
On Thursday, ECB chief economist Phillip Lane noted that firms are telling them that wage pressures are coming down. Their wage tracker also shows much slower wage growth in 2025 and 2026. There won’t be any second-round effects.
With the benefit of hindsight, it will soon be clear that the past-pandemic inflation was a one-off perfect storm caused by:
We combined all three and all it got was 9% inflation. All it took to quell it were 5% rates.
Does that sound like a new inflationary normal, or a blip in a long disinflationary cycle?
To illustrate how insane the monetary policy was. This is what the Reserve Bank of Australia did:
They certainly weren’t alone as central banks the world over were caught in an easing mania — they went ‚full nuclear‘. Ten-year US note yields were below 2% for two years and below 1% for much of that. It was free money.
It was the same with governments. The US Paycheck Protection Program scam gave away $800 billion with minimal oversight. Much of that went straight into the pockets of small business owners. There were $850 billion in stimulus checks, followed by another $900 dose, enhanced unemployment benefits cost $680 billion. Compare that to the financial crisis, which authorized $700 billion in loans that actually had to paid back.
Finally, a great source of inflation via supply chains. All this money and low-interest lending was going to consumers who did things like decide to renovate, build fence and decks. Lumber prices went parabolic.
Supply chains were wrecked in autos, computer chips, consumer goods, meat, steel and dozens of other places.
Yet still: Just 9% inflation.
I’m not saying it wasn’t painful and I think the lags in measuring things like housing mean that inflation was more in the 12-15% range but it was a once-in-a-lifetime event.
Yet somehow central bankers are treating it like it was the start of a new normal. Compounding that insanity is that we’ve seen the dawn of generative AI in the past 20 months. That’s undoubtedly deflationary, something I talked about yesterday with BNNBloomberg (near the end):
I also wrote about it here.
When the economic history of the pandemic is definitively written, it will emphasize that it was a one-off event in a long, disinflatioary cycle that was worsened by central banks keeping rates too high for too long.
I believe this is a rare moment to lock in investments with high rates for a long duration in the same way that the pandemic was a once-in-a-lifetime to lock in low borrowing rates.
This article was written by Adam Button at www.forexlive.com.
The US jobs report showed Non-Farm Payroll up a greater than expected 206K vs 190K estimate. However, the details of the report were less than stellar.
Below is a summary of the jobs data:
The initial reaction in the forex market was the dollar moving higher, but those gains were quickly reversed as yields also reversed to the downside.
The USD is ending the day as the 2nd weakest of the major currencies behind the CAD. The largest declines were versus the GBP (-0.45%), the CHF (-0.49%) and the NZD (-0.48%).
In the US debt market, yields moved lower with the shorter end moving the most as traders increased the expectations for rate cuts in September and through the end of the year.
Looking at the yield curve, a snapshot shows:
For the trading week yields were solidly lower as well with :
The declining yields also helped to push stocks higher and complete a week that saw the NASDAQ index close at record levels for each day the holiday shortened week.
Despite the sharp rise in broader stock indices, bitcoin had a horrible week on by nearly $6000 to -$56,718 currently.
Crude oil prices did rise by $1.62 or 1.99% despite being lower today by $0.72 for -0.86%.
This article was written by Greg Michalowski at www.forexlive.com.
A snapshot of the closing levels shows:
The small-cap Russell 2000 fell -9.89 points or -0.49% at 2026.72
For the trading week:
For the trading year:
Some of the record highs today included Alphabet, Meta Platforms,, Amazon, Microsoft, Oracle, and Apple.
Tesla closed higher for its seventh consecutive day. For the trading week, shares rose by 27.12%. For the trading year, Netflix has erased all his losses and trade up 1.22% on the year. At session lows this year the price was down -109.68 points or -43%.
In comparison to the other 6 of the Magnificent 7
Shares of Netflix are closing just below its record high close of $691.69 from November 17, 2021. The closing level today was $690.65, up 2.34% on the week.
Oracle shares closed higher by 2.57%, and is up 37.37% for the year
This article was written by Greg Michalowski at www.forexlive.com.
This article was written by Greg Michalowski at www.forexlive.com.
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This article was written by Greg Michalowski at www.forexlive.com.