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German inflation to ease in May, regional data suggests

Inflation eased in some German states in May, suggesting the national reading will also decelerate and remain far below the European Central Bank’s target, providing further justification for extra stimulus. In North Rhine-Westphalia, Germany’s most populous state, consumer price inflation slowed to 0.5% year-on-year from 0.8% in the previous month, data showed on Thursday. Annual inflation eased in four other states too. The regional inflation figures, which are not harmonised to compare with other European Union countries, feed into nationwide preliminary inflation data due at 1200 GMT. Plunging inflation, mostly ...

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Euro zone sentiment rebounds less than expected in May

Euro zone economic sentiment rebounded less than expected in May when governments began easing coronavirus lockdowns, data showed on Thursday, as the mood in services and construction sectors continued to deteriorate. The European Commission’s monthly survey showed on Thursday that economic sentiment in the 19 countries sharing the euro improved to 67.5 points this month from an all-time low of 64.9 in April, mainly thanks to more optimism in industry and among consumers. Economists polled by Reuters had expected an increase to 70.3 in May. The April number was revised ...

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Gulf of Mexico oil sector faces pandemic-related risks and hurricanes

Weak crude oil will make it harder for some Gulf of Mexico operators to fulfill their drilling requirements on leases just as the industry is battling outbreaks of coronavirus offshore and the beginning of hurricane season on June 1. The escalating offshore challenges come just as Royal Dutch Shell airlifted coronavirus-infected workers and others showing symptoms from one of its offshore platforms, showing that the confines of offshore rigs remain potentially ripe environments for viral spread. It is likely that more offshore oil producers will cite coronavirus concerns if they ...

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French finance minister hopes for deal on EU’s 750 billion euro recovery plan in coming weeks

French Finance Minister Bruno Le Maire told France 2 television on Thursday that he hoped the European Union could reach a deal on the EU’s planned 750 billion euros (673.70 billion pounds) economic recovery package in the coming weeks. The blueprint, if ratified by all, would stand as a milestone in a half-century of European integration, marking a step towards mutualised debt as a major funding tool for the first time and paving the way for greater EU powers of taxation. However, fiscally conservative northern countries have resisted pressure from ...

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Durable Goods Orders in U.S. Tumbled 17.2% in April

Sales of long-lasting goods tumbled in April, as businesses cut investment in response to the global coronavirus pandemic. Orders for durable goods — products designed to last longer than three years such as washing machines, bulldozers and cars — fell 17.2% from a month earlier, the Commerce Department said Thursday. Economists surveyed by The Wall Street Journal expected a 17% drop in orders. Sales fell across major product categories. Excluding transportation products, which can be volatile, orders fell 7.4%. Excluding defense, orders dropped 16.2%. The drop followed a decline of ...

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Here’s What’s Moving Oil Prices

After an enormous rally, oil prices have started to ease off today. The West Texas crude oil’s July contract crossed above $34 per barrel on Tuesday this week, which left many traders scratching their heads. There is no doubt that the oil prices run a risk of a correction, as both WTI and Brent prices rose precipitously during the past few weeks. The rally that caused the WTI crude oil price to cross this level came as a result of comments from Alexander Novak, Russia’s Energy Minister. As a member ...

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Angre Port handles 22,000 tonnes of sugar export in April

Angre Port, the most sheltered all-weather port in the Konkan region of Maharashtra, has bucked the weak economic trend amid Covid and handled 22,000 tonnes of sugar exports in April. While the industry has been facing labour crunch, Angre Port has ensured safe handling of exports without hassle. The port has handled 1.50 lakh tonnes of sugar exports last fiscal. Additionally, for the first time since its inception, Angre Port simultaneously loaded two separate mother vessels with sugar, said the port in a statement on Wednesday. The port has been ...

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US weekly coal carloads rise 2.4% on week, slump 41.1% on year: AAR

For only the second time in the last eight weeks, US coal carload originations ticked higher on the week to 46,863 in the week that ended May 23, up 2.4% from the 10-year low 45,756 a week earlier, but 41.1% lower than a year ago, the Association of American Railroads said Wednesday. The latest total was also down from the five-year average of 79,597 and was the lowest for the corresponding week in over 10 years. Coal carloads represented 10.9% of all the traffic on US railways, down from 11% ...

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French jobless total surged 22.6% in April to record high

The number of people in France looking for jobs surged in April by 22.6% to a record high as a nationwide coronavirus lockdown shut down swathes of the economy, Labour Ministry data showed on Thursday. The number of people registered as seeking work jumped by 843,000 from March to 4,575,500, the highest since records began in 1996, the Labour Ministry said. The ministry said that the surge was due to a nearly 35% drop in the number of people getting new jobs while the number of people of joining the ...

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Exxon shareholders soundly reject splitting CEO/chairman roles

Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive’s roles at the oil major’s shareholder meeting on Wednesday. Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on resolutions seeking to make it more accountable to shareholders on climate change risk. This year’s vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year. Exxon’s director slate was approved by an average of 93.6%, the company said in preliminary results. ...

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Brazil’s Petrobras moves to allow access to its natural gas processing plants – statement

Brazil’s state-controlled oil company Petroleo Brasileiro SA said in a statement on Wednesday it has begun taking steps to allow other companies to access its natural gas processing plants. Petrobras, as the company is known, said that, after the new model is in place, other natural gas producers will not need to sell its gas to the company to have it processed, and will be able to pay for processing capacity. Source: Reuters (Reporting by Roberto Samora and Tatiana Bautzer; editing by Jonathan Oatis)

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Debt relief must be offered to all developing, middle-income countries – U.N. chief

United Nations Secretary-General Antonio Guterres said on Thursday that debt relief “must be extended to all developing, middle-income countries that request forbearance as they lose access to financial markets” amid the coronavirus pandemic. “Many developing and middle-income countries are highly vulnerable and already in debt distress — or will soon become so, due to the global recession. Alleviating crushing debt cannot be limited to the Least Developed Countries,” he told a U.N. meeting on how to handle the pandemic’s economic fallout. Source: Reuters (Reporting by Michelle Nichols; Editing by Gareth ...

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U.S. crude and distillate stockpiles jump last week -EIA

U.S. crude oil and distillate inventories rose sharply last week, the Energy Information Administration said on Thursday, while fuel demand remained slack even as various states eased movement restrictions to stem the spread of the novel coronavirus. Crude inventories rose 7.9 million barrels in the week to May 22 to 534.4 million barrels, driven largely by a sharp increase in imports, compared with expectations in a Reuters poll for a 1.9 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, rose by 5.5 million barrels in the week, the ...

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China central bank injects $33.5 billionvia reverse repos, rate unchanged

China’s central bank injected cash into the country’s interbank money market through reverse repos for a third straight day on Thursday, leaving rates unchanged. The People’s Bank of China (PBOC) injected 240 billion yuan ($33.49 billion) via seven-day reverse repurchase agreements at 2.20%, unchanged from its previous operation, it said in a statement published on its website. With no reverse repos maturing on Thursday, the move injected a net 240 billion yuan (27.30 billion pounds) into the market. The central bank said the additional funds were intended to counteract the ...

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Turkish grain production seen rising 7.9% in 2020 -stats office

Turkey’s grain production is expected to increase by 7.9% year-on-year in 2020 to 37.1 million tonnes, the Turkish Statistical Institute said on Thursday. According to the initial estimates for the year, wheat production is expected to rise 7.9% to 20.5 million tonnes, barley production by 8.7% to 8.3 million tonnes and rye production by 3.2% to 320 thousand tonnes. Oat production is expected to increase by 9% to 289,000 tonnes. Source: Reuters (Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen Editing by Dominic Evans)

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