The most important reports of the morning: today with tax revenue, Siemens Energy and the high interest rates

The most important reports of the morning: today with tax revenue, Siemens Energy and the high interest rates
The most important reports of the morning: today with tax revenue, Siemens Energy and the high interest rates

SIEMENS ENERGY – The auditing company EY loses another audit mandate for a Dax company. Siemens Energy is proposing to shareholders at the Annual General Meeting in early 2023 to switch from EY to rival KPMG from the 2023/24 financial year (at the end of September), as the energy technology group announced.

RUSSIA/EU – The European Union wants to tighten its sanctions against Russia. The foreign ministers of the 27 EU member states agreed on this at a meeting on the fringes of the UN General Assembly in New York after the partial Russian mobilization. EU foreign policy chief Josep Borrell told reporters in New York that states had made the political decision to take new sectoral and individual measures. In addition, the EU will continue to support Ukraine with more weapons.

FED – In view of the high inflation, the US Federal Reserve is driving up the key interest rate at a rapid pace. For the third time in a row, it increased it unusually sharply by three quarters of a percentage point – to the new range of 3.00 to 3.25 percent. There is already speculation on the futures markets that the central bank will take a fourth XXL step in November.

UNITED KINGDOM/CENTRAL BANK – In view of persistently high inflation, the central bank in Great Britain is facing another rate hike today. Many economists expect a rather moderate increase of 0.5 percentage points to 2.25 percent. Some investors are also speculating on a larger increase of 0.75 percentage points.

SWITZERLAND/CENTRAL BANK – The Swiss National Bank (SNB) also decides on a possible interest rate adjustment. Analysts assume that the monetary authorities will raise the key interest rate by at least 0.5 percentage points, if not by 0.75 percentage points. Although inflation in Switzerland is still comparatively low at 3.5 percent, inflation has been above the SNB’s target range of zero to two percent for several months. Central bank officials have already announced further tightening of monetary policy.

JAPAN – The Bank of Japan is keeping interest rates low. The central bank kept interest rates at minus 0.1 percent for short-term loans and zero percent for 10-year government bonds. “The Bank of Japan expects short-term and long-term interest rates to remain at current levels or lower,” it said.

GERMANY – For the first time this year, federal and state tax revenues have not increased. In August 2022, they totaled 54.21 billion euros, 2.6 percent below the level of the same period last year, according to the monthly report of the Federal Ministry of Finance, which will be published on Thursday. In July there was a total increase of 0.3 percent, before that there were some very significant increases.

From Reuters

The article is in German

Tags: important reports morning today tax revenue Siemens Energy high interest rates

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