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U.S. Inflation Continues Recovery but Remains Below Fed Target

U.S. inflation continued to recover in May from a sharp slowdown earlier this year, a trend that could ease the Federal Reserve’s worries about weak price pressures while potentially tempering investors’ hopes for an interest-rate cut next month. The Fed’s preferred inflation gauge, the price index for personal-consumption expenditures, rose a seasonally adjusted 0.16% in May from April, the Commerce Department said Friday. It was the third straight month it has met or exceeded the monthly pace needed to hit the central bank’s 2% yearly target. A less volatile measure, ...

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14th G20 summit kicks off with focus on global economy, multilateral trade

The 14th Group of 20 (G20) summit kicked off here on Friday, with issues pertaining to the global economy, multilateral trade and development taking the center stage. Japanese Prime Minister Shinzo Abe welcomed the leaders of the G20 economies and other participants prior to the start of the summit. Established in 1999, the G20 is a central forum for international cooperation on financial and economic issues. It comprises 19 countries plus the European Union (EU). The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, ...

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Modi says one-sided decisions drive development of global economy

The development of the global economy is largely driven by one-sided decisions and disputes felt by the entire system, Indian Prime Minister Narendra Modi said on Friday. “We should still focus on the World Trade Organisation (WTO) reform to achieve balanced development of the global economy and so this growth is open to everyone,” Modi told a meeting of leaders of the grouping of BRICS nations on the sidelines of the G20 summit in Japan’s western city of Osaka. Source: Reuters (Reporting by Katya Golubkova in OSAKA and Maria Vasilyeva ...

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Eurozone Inflation Stays Low, Raising Pressure on ECB

The eurozone’s annual rate of inflation stayed well below the European Central Bank’s target in June, ratcheting up the pressure on policy makers to provide more stimulus in an effort to prop up a faltering economy. Earlier this month, ECB President Mario Draghi signaled that the bank could roll out fresh stimulus as soon as July, prompting a rebuke from U.S. President Donald Trump, who accused the rate setter of seeking to weaken the euro. Mr. Draghi responded by insisting that the central bank doesn’t target the euro’s exchange rate. ...

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Openness, China’s “prescription” to global economic headwinds

With the approval of a China-Japan ETF (Exchange Traded Fund) connect mechanism on Monday, China has taken another step to open up its financial market in support of the building of an open world economy. Despite the rising protectionism in the world, China has never faltered in opening up its economy. On the contrary, the country has been consistently introducing new measures to give global investors easier access to the Chinese market. In mid-June, Shanghai-London Stock Connect program was officially launched. On Monday, China’s A-shares were included in the FTSE ...

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Bank of Spain predicts slight slowdown in economic growth

The Spanish economy is expected to moderate its growth in the second quarter of 2019, according to the Bank of Spain (BOE) in its quarterly report published on Thursday. The central bank believed Spain will see a 0.6-percent growth in GDP between April and June, compared to the 0.7-percent growth registered in the first three months of the year. This growth will be promoted by internal demand, household spending and investment in the construction sector, which will offset weak external demand and a fall in exports. “The Spanish economy is ...

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Federal Reserve Clears Big Banks to Boost Payouts to Investors

The Federal Reserve said the biggest US banks are healthy enough to start whittling down their capital stockpiles, clearing them to make payouts to investors that exceed their expected profits. “The results show that these firms and our financial system are resilient in normal times and under stress.” Randal K. Quarles, the Fed’s vice chairman for supervision KEY FACTS — All 18 banks reviewed passed round two of the Federal Reserve’s annual stress tests. — The annual exercise is designed to gauge banks’ ability to withstand a recession. — It ...

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ECA official urges concerted efforts to fully harness continental free trade pact

The UN Economic Commission for Africa (ECA) on Thursday urged African countries and pan African institutions to exert concerted efforts so as to fully harness the African Continental Free Trade Agreement (AfCFTA). The statement was made by Stephen Karingi, Director of ECA’s Regional Integration and Trade Division, who stressed that “much work now needs to be done now that the African Continental Free Trade Agreement is in force.” The ECA director also urged African countries to swiftly discuss trade modalities as the imminent continental free trade pact as AfCFTA is ...

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French inflation picked up more than expected in June at 1.4%

French inflation picked up more than expected in June as prices for fresh food surged and prices for services firmed, preliminary EU-harmonised data from the INSEE statistics agency showed on Friday. INSEE said that consumer prices rose 0.3% this month, giving a 12-month inflation rate of 1.4%, up from 1.1% in May, which was the lowest rate since nearly two years. The June increase, driven by a jump in fresh food prices of 3.8% over 12 months, surpassed expectations with the average forecast in a Reuters poll of 21 economists ...

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Japan May factory output surprisingly strong, but trade risks linger

Japan’s industrial output rose at the fastest pace in more than a year in May on the back of higher car production, suggesting that growth is holding up despite fears manufacturers remain pressured by the U.S.-China trade war. However, economists said the long-term outlook for Japan’s factory output was less rosy, as the May increase likely stemmed from a rise in car production before a sales tax hike expected in October. Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute, said “expected rush-demand” for cars before the tax is scheduled ...

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Greece privatisation fund seeks buyer for Athens Airport stake

Greece’s privatisation agency TAIPED has invited expressions of interest for a 30% stake in Athens International Airport SA (AIA), operator of the country’s biggest airport. Interested parties should submit their interest on Sept. 30, the agency said in an announcement on Friday. The tender process would be conducted in two phases, a pre-qualification phase followed by the submission of binding offers, it said. The privatisation agency holds a 30% stake in the airport, with the government owning another 25%. The rest is held by German-based airport manager AviAlliance and Greek ...

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Poor economic sentiment in Italy impacting eurozone

Economic sentiment across the 19-nation eurozone fell to its lowest level since 2016, with Italy leading the way with slow economic growth, stubborn unemployment levels, and even record high temperatures taking a toll. The European Commission reported Thursday that its economic confidence indicator fell to 103.3 points in June, down nearly two full points compared to May. The last time the indicator was so low was in August 2016. So far this year, the economic confidence indicator fell in five of six months. Italy, which has the third largest economy ...

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UK Growth Unrevised in First Quarter

British households extended their record borrowing streak in the first quarter, a potential weak spot for the U.K. economy as it heads towards its exit from the European Union. The U.K. economy grew an at annualized rate of 2.0% in the first quarter, unrevised from an earlier estimate, the Office for National Statistics said Friday. The expansion was powered by consumer spending, as well as stockbuilding by companies ahead of the U.K.’s abortive departure from the EU at the end of March, data showed. Brexit has since been delayed to ...

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UK consumers turn gloomier as economy, finance worries grow – GfK

British consumers have turned gloomier about the economy and the outlook for their personal finances, according to a survey by market researchers GfK that adds to signs of a lacklustre second quarter for the economy. The GfK consumer sentiment index – which has been negative since shortly before the June 2016 Brexit referendum – fell to -13 in June from May’s seven-month high of -10. The reading was below the median forecast in a Reuters poll of economists of -11. A measure of consumers’ willingness to make major purchases was ...

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Awilco LNG ASA – Contract update

Awilco LNG ASA is pleased to confirm that the 2013-built 156,000 cbm TFDE WilPride has been inspected and accepted by the Charterer and is scheduled to be delivered on or about 10th July 2019. To reiterate the 8-month time charter is estimated to contribute an annualised EBITDA of about MUSD 23 during the charter period. Source: Awilco LNG

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