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On June 8th, Macquarie Groups Head of Economics, David Doyle, stated that following Fridays strong non-farm payroll report, the bank maintained its baseline forecast for the Federal Reserves interest rate path. He said, "As we have been emphasizing for some time, we believe the Feds next move will be a rate hike, with a baseline timeframe of the first quarter of 2027." The risk to this forecast has shifted to the possibility of an earlier rate hike, with the market now pricing in a rate hike in the fourth quarter of 2026. In the coming weeks, the Feds rhetoric is likely to continue shifting from favoring rate cuts to favoring rate hikes.Germanys manufacturing orders, adjusted for working days, rose 1.6% year-on-year in April, compared with 6.30% in the previous month.Germanys seasonally adjusted manufacturing orders fell 3.8% month-on-month in April, compared with an expected decline of 2% and a previous reading of 5.00%.June 8th - Allianz Chief Economist El-Erian stated that OPEC+ has increased its production by 188,000 barrels per day, but analysts believe the vast majority of this is "paper production," as the increased oil is unlikely to actually enter the market due to the ongoing disruptions in the Strait of Hormuz. In fact, oil prices rose 5% this morning. Despite Trumps statements that a peace agreement is imminent and that Israel must align with US directives, traders are reacting to the escalating military tensions between Iran and Israel, as well as Israels expanding attacks on Lebanon.June 8th - Economists Pia Fromet and Markus Wieden of Nordea Bank in Sweden stated in a report that the European Central Bank (ECB) may raise its policy rate by 25 basis points at its meeting this Thursday. The inflationary risks from rising energy prices will likely lead the central bank to take preemptive rate hikes, as the indirect and second-round inflation effects have not yet manifested in the data. ECB President Christine Lagarde is expected to spend considerable time at the press conference discussing the latest staff forecasts and risk assessment. Uncertainty will be a focal point, supporting a wait-and-see approach. The ECB is not expected to make any pre-commitments to further rate hikes.

As The Holiday Season Begins, A Strike Creates Havoc at Amsterdam's Airport

Aria Thomas

Apr 24, 2022 09:55

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Schiphol airport in Amsterdam urged travelers to avoid the airport for several hours on Saturday due to chaos caused by a ground staff strike at the start of a school holiday.


"The terminal is currently overcrowded... Schiphol is requesting that travelers refrain from visiting the airport in the future "Airport authorities stated shortly before noon in a statement (1000 GMT).


Nearly three hours later, the airport announced that passengers were once again welcome but would face lengthy wait times and possible flight delays or cancellations.


On Saturday afternoon, police temporarily closed highway exits to the airport as lines at departure gates snaked out of the airport buildings.


According to a Schiphol spokesperson, the temporary closure was necessary to ensure passenger safety and to get as many of the thousands of frustrated passengers onto their frequently delayed flights as possible.


Baggage handlers for KLM, the Dutch subsidiary of Air France-KLM, went on an unannounced strike early Saturday to press for higher pay and better working conditions.


KLM ground staff handle approximately half of all luggage arriving at Schiphol, Europe's third busiest airport, behind Paris Charles de Gaulle and London Heathrow.


According to the FNV labor union, the walkout ended around noon.

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