Philip Lagerkranser

Managing Editor at Bloomberg News

Opinions are my own, retweets aren't endorsements.

Articles

OPEC+ Discusses Output Hike, Sending Crude Price Lower

2 weeks ago | bloomberg.com | Philip Lagerkranser

OPEC+ members are discussing a third straight hike in oil production in July, we’re told. The news sent oil prices sliding for a third day to the lowest in a week. Members are considering an increase of 411,000 barrels a day in July, which would be triple the amount initially planned, although no final agreement has been made. OPEC+ says publicly that supply increases are to meet demand, but officials have privately expressed a range of reasons, including punishing over-producing member states.
Germany’s Merz Wants to Create Europe’s Strongest Military

3 weeks ago | bloomberg.com | Philip Lagerkranser

German Chancellor Friedrich Merz wants to create Europe’s most formidable conventional army as he seeks to counter the rising threat from Russia. “Our friends and partners also expect this from us, indeed, they practically demand it,” Merz told Bundestag lawmakers today. The plan is said to include raising the annual defense budget to more than €60 billion ($67.4 billion) this year and beyond, a more than 15% increase from 2024.
Germany’s Merz Wants to Create Europe’s Strongest Military

3 weeks ago | flipboard.com | Philip Lagerkranser

13 hours agoPhotos of European leaders falsely suggest drugs; official clarifies item was tissue amid Russian disinformation claims. Conspiracy theorist Alex Jones seized on a May 9 video of a train car meeting among three European leaders to claim they had used drugs and were trying to hide it. The video showed …
EU Moves Ahead With Plan to Phase Out Russian Gas

1 month ago | bloomberg.com | Philip Lagerkranser

The European Union appears poised to move ahead with plans to phase out Russian gas imports by the end of 2027. Earlier this year, the EU delayed releasing its “road map” for ending purchases of Russian fossil fuels to assess the impact of US efforts to end the war in Ukraine. EU officials plan to propose in June a ban on all gas purchases under new deals with Russia and existing spot contracts, which account for about a third of imports.
Euro-Zone Economy Quickens as Hit From Tariffs Approaches

1 month ago | bloomberg.com | Philip Lagerkranser

The euro-area economy expanded a better-than-expected 0.4% in the first quarter, although the impact of US trade tariffs have yet to be felt. Germany and France grew in line with expectations, while Italy did better than economists had forecast. But there are clouds on the horizon. Business surveys indicate a growth weakening amid uncertainty over US intentions.
Doubt Over Treasuries Is Bad for Everyone, Bundesbank’s Nagel Says

1 month ago | bloomberg.com | Philip Lagerkranser

A strong market for US Treasuries is in everyone’s interest, said Bundesbank President Joachim Nagel. “We need a good US Treasuries market,” he told Bloomberg Television today, even as some investors have turned to German bunds instead. Treasuries sold off this month as threats of steep US tariffs escalated, and as President Donald Trump attacked Fed Chair Jerome Powell for not cutting rates fast enough.
Tariffs Pave the Way for ECB Rate Cut This Week

1 month ago | bloomberg.com | Philip Lagerkranser

Higher US tariffs will drive euro-area inflation lower than previously forecast, bolstering the case for the European Central Bank to cut interest rates this week. Analysts also expect the economy to grow 0.8% this year, a slight downward revision, a survey showed. The survey, which doesn’t take into account US President Donald Trump’s decision to pause higher tariffs on much of the world, comes as the EU plans to send its trade chief to Washington to negotiate.
Tariff Fallout Spreads to Pharma, Banking Sectors

1 month ago | bloomberg.com | Philip Lagerkranser

The fallout from Donald Trump’s global trade tariffs continued, with pharmaceutical companies warning European Commission President Ursula von der Leyen of a potential exodus to the US. Regulators on the continent, meanwhile, are scrutinizing the liquidity of banks amid the turmoil. Trump has made clear that a European Union proposal to drop tariffs on all bilateral trade in industrial goods won’t be enough. That means a 20% US tariff on all EU imports will take effect tomorrow.
Trump’s Tariffs Shock Allies and Global Markets

2 months ago | bloomberg.com | Philip Lagerkranser

France and Germany are among countries pushing for a robust response to Donald Trump’s new tariffs, which ripped through global markets today. French President Emmanuel Macron believes the European Union should be ready to respond with options such as targeting US tech and services, we are told. EU deliberations came as stock markets tanked and investors reassessed growth prospects for economies hit by the steepest American tariffs in a century.
Erdogan on Collision Course With Protesters in Turkey

2 months ago | bloomberg.com | Philip Lagerkranser

Turkey’s President Recep Tayyip Erdogan adopted a tough stance as the main opposition party called for nationwide protests following the detention of his biggest political rival. The government won’t bow to “street terror” or disruption of public order, he said today in Istanbul. Thousands of people have taken to the streets in past days, defying a ban on protests after authorities detained Istanbul’s mayor Ekrem Imamoglu. Erdogan had previously sought to distance himself from the events.