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Bank of Japan: New board member Ayano Sato will hold a press conference at 8:00 GMT (16:00 Beijing time).As of 8:30 AM Beijing time, spot platinum was up 0.02% and spot palladium was down 0.14%.On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.

EU Defends Gas Price Limitation Plan Despite Nation Criticism

Skylar Williams

Dec 01, 2022 11:21

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The head of energy for the European Union defended the bloc's proposal to cap gas prices on Wednesday and announced that countries will discuss possible adjustments in response to concerns from EU member states.


The European Commission suggested a price cap last week that would go into effect if the front-month Title Transfer Facility gas price exceeded 275 euros per megawatt-hour for two weeks and was 58 euros higher than the reference price for liquefied natural gas for ten days. This comes after months of infighting inside the EU over whether or not to cap energy costs.


Countries in favor of a gas price cap to reduce citizens' high energy bills attacked the EU's proposal, with Poland's energy minister labeling it "a joke" and analysts saying it would never be implemented due to its onerous conditions.


EU Energy Commissioner Kadri Simson stated at a Politico-hosted event in Brussels, "It was not our objective to propose something that would never be implemented."


As a result of Russia's invasion of Ukraine, gas prices in the EU have surged this year, yet even a record price increase in August would not have triggered the EU's planned limit.


"Now we must consider how long we are willing to wait if a similar occurrence occurs again. Have we the time and the fortitude to wait two weeks? Is it a week? Is the time span shorter?" Simson declared.


Diplomats from EU member states will evaluate the proposal on Friday with the intention of negotiating a final version for energy ministers to approve at an emergency meeting on December 13.


The EU has previously approved a variety of steps to improve the energy situation, including gas storage filling conditions that have allowed countries to approach winter with full storage caverns.


However, limitations on gasoline prices have split the 27-nation bloc. While Italy, Spain, Belgium, Malta, and Greece criticized the proposed cap as being excessively high or unlikely to ever go into effect, Germany and the Netherlands are wary of regulating gas prices, warning that this could discourage suppliers from transporting Europe's desperately needed gas.


The proposal from the Commission would suspend the cap in the event of a fuel supply shortage.

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