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BUSINESS Wednesday 11 december 2019
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Europe’s new central bank chief faces slow growth, dissent

By DAVID McHUGH side of caution and conti-
Associated Press nuity” at first, said Frederik
FRANKFURT, Germany (AP) Ducrozet, senior European
— Mario Draghi took over economist at Pictet Wealth
as head of the European Management. That would
Central Bank eight years be a contrast to Draghi’s
ago amid market specu- first meeting in 2011 when
lation that the euro cur- the bank cut interest rates
rency union might break during a debt crisis that
up. Christine Lagarde threatened to break up
succeeds him with more the currency union.
breathing room - but fac- Lagarde’s challenges in-
ing serious challenges from clude managing dissent
a weak economy, policy within the ECB over stimu-
differences among her lus policy after a minority
own officials, and ques- of governing council mem-
tions about how much bers openly criticized the
more central banks can do stimulus package that was
to help. decided at Draghi’s next-
Analysts do not expect La- to-last meeting.
garde to announce any That job may be supported
changes in the bank’s by Lagarde’s extensive
interest rates and bond- political experience from
purchase stimulus program New President of European Central Bank Christine Lagarde arrives to a Finance Ministers Eurogroup serving as head of the In-
when she holds her first meeting at the European Council headquarters in Brussels, Friday, Nov. 8, 2019. ternational Monetary Fund
rate-setting meeting and Associated Press and before that as French
news conference on Thurs- finance minister.
day. departure from the Euro- affects the lives of 342 mil- criticism from Germany She has said the bank will
The bank enacted a stimu- pean Union. lion people in the 19 coun- news media as penalizing pursue a review of how
lus package in September It’s the first chance to hear tries that use the euro. That savers, while any imprecise it defines its inflation goal
to nudge the economy how Lagarde communi- is not an easy task; the remark from Lagarde can and also look at whether
along in the face of head- cates with markets and the bank’s policy to keep one set off big market move- the bank’s measures could
winds like the U.S.-China public, a chief task for the of its key interest rates be- ments. support efforts to fight cli-
trade conflict and Britain’s head of an institution that low zero has come under Lagarde may “err on the mate change. q
Stocks edge higher on Wall Street ahead of tariff deadline

By DAMIAN J. TROISE Several communications trade war has been hang-
Associated Press companies slipped. Com- ing over U.S. businesses
NEW YORK (AP) — Stocks cast fell 2% and Netflix fell and prompting them to
edged higher on Wall 1.3%. hold back on spending
Street in midday trading KEEPING SCORE: The S&P and other investments. It
Tuesday as investors con- 500 index rose less than also continues to threaten
sidered reports that the 0.1% as of 11:45 a.m. East- economic growth, which
U.S. will delay a new round ern time. The Dow Jones is being propped up by
of tariffs on Chinese goods Industrial Average fell 6 consumer spending and a
as the nations continue ne- points to 27,852. The Nas- strong jobs market.q
gotiating a trade deal. daq rose 0.2%. The Russell
The proposed tariffs sched- 2000 index of smaller com-
uled to begin on Sunday pany stocks rose 0.2%.
threaten to hit U.S. con- European markets fell and
sumers particularly hard by Asian markets were mixed.
raising the prices of popu- TRADE WOES: It’s been a
lar products including cell- volatile month so far for In this Dec. 5, 2019, file photo specialist Christopher Riggs, left,
phones and laptops. trade relations as the U.S. works with traders Fred DeMarco, center and Philip Powers on
the floor of the New York Stock Exchange.
Both nations have been and China stay mostly Associated Press
working toward a “phase quiet on their latest push
1” deal that Wall Street for a deal. China helped
hopes can lead to an ease some of the tension
eventual long-term resolu- last week when it made
tion. the conciliatory gesture of
Technology companies planning to waive tariffs on
were the biggest gainers. American soybeans and
Micron rose 1.9% and Nvid- pork, which have been
ia climbed 1.5%. The sector hurting American farmers.
is particularly sensitive to Wall Street was rattled ear-
trade as many of the com- ly last week when President
panies rely on China for Donald Trump said that a
sales and supply chains. deal could possibly wait
Energy and health care until after the 2020 elec-
stocks also rose. tions. The longstanding