the black sea and tackling the globalfood crisis. if you have justjoined us you are welcome and we begin in the uk with a brace to replace borisjohnson as conservative party leader is gathering momentum. on wednesday evening the shortlist of eight came sex, as former foreign secretaryjeremy hunt and the current chancellor nadhim zahawi were eliminated from the first round. by the end of next week, the list will be narrowed down to two names which will then go to the party boat with 60,000 members around the country for a final decision. the former chancellor rishi sunak got the most votes from conservative mps, he has criticised other contenders for offering fairytales on tax, saying cutting taxes now would stoke inflation. it is saying cutting taxes now would stoke inflation. stoke inflation. it is not credible stoke inflation. it is not credible to stoke inflation. it is not credible to promise - stoke inflation. it is noti credible to promise lots stoke inflation. it
week we will see the first rate hike, i would week we will see the first rate hike, iwould not week we will see the first rate hike, i would not exclude you might see a rate hike by 50 basis points, the cbd needs to rush to normalise monetary policy, you can forget about it becoming more restrictive, we should at least see normalisation of monetary policy at least over the summer, before we then will be heading into this winter recession. heading into this winter recession. ., ., , heading into this winter recession. ., ., recession. we have to focus on ital recession. we have to focus on italy because recession. we have to focus on italy because the recession. we have to focus on italy because the prime - italy because the prime minister is facing a confidence vote in the senate over a package put together for businesses and consumers, he says if he doesn t have the 5 star movement on board that will be it, it s open terms of the political outlook. this is a critical moment for i
as the region heading for recession? that is certainly the fair out there and later today brussels officials are expected to slash the forecast of economic growth this year, and next across the 19 euros countries that share the euro currency. concerns about soaring inflation and a looming energy crisis pushed euro to parity with the us dollar for the first time in two decades. karstenjoins us now the first time in two decades. karsten joins us now global head of macro research at img in frankfurt. from your perspective, we seem to have lost your visual, no we have got you back. as europe on the brink of recession? got you back. as europe on the brink of recession? yes, europe is at the brink brink of recession? yes, europe is at the brink of brink of recession? yes, europe is at the brink of recession, - is at the brink of recession, and i think we are looking into and i think we are looking into a winter recession, that is what the european union commission forecast is telling us.
into account the could be more disruptions to the energy simply, disruptions to the energy supply, there could be a fourth or fifth wave of covid i9 lockdowns in the winter, this is only based on the fact we have soaring energy prices, high inflation and this will put a dent in private consumption putting pressure on profit and pushing the eurozone economy into a mild but winter recession. economy into a mild but winter recession- recession. how on earth does the european recession. how on earth does the european central - recession. how on earth does the european central bank i the european central bank manage the situation because it is so different depending on which country you are whether you are germany, italy or spain, the challenges are significantly different? the challenges significantly different? the challenges are significantly different? tue: challenges are different, should the central bank start hiking interest rates when the entire region is looking at a recessi