Consumer sentiment in the U.S. rose in early June, reversing part of the fall registered in May, amid an improvement of the short-term outlook and easing inflation expectations. The preliminary estimate of the index of consumer sentiment released Friday by the University of Michigan came in at 86.4 in June, up from 82.9 in May. The reading is above expectations from economists polled by The Wall Street Journal, who forecast the indicator to increase to 84.4. The early June gain was mainly among middle and upper income households and for ...

German output is rebounding from its pandemic-induced slump and inflation could rise faster than currently expected, potentially affecting behaviour in the economy, the German central bank said on Friday. The Bundesbank raised its growth and inflation forecasts for this year and the next, assuming that the coronavirus outbreak would be contained quickly and durably by the vaccination campaign and that restrictions will soon be relaxed. It now expects the German economy to reach pre-pandemic levels as soon as next quarter, growing by 3.7% this year, 5.2% next year and 1.7% ...

The European Central Bank has asked Deutsche Bank a number of times in recent months to name a successor to chairman Paul Achleitner as the end of his term nears, two people with knowledge of the matter said. Achleitner is due to retire next May after 10 difficult years in office that saw two changes of CEO, billions of euros of losses and huge fines. The 64-year-old has survived three shareholder votes on whether to oust him but said he will go next year. With less than a year to ...

China’s top market regulator has urged stronger law enforcement to tackle unfair competition and related problems like dubious practices and unethical market behavior in the digital economy, in order to better protect brands and other forms of intellectual property. At the first Anti-unfair Competition Forum in Beijing on Thursday, the State Administration for Market Regulation (SAMR) released the Anti-unfair Competition Law Enforcement Report of 2020. The report features the top 10 cases against unfair competition. According to the forum’s data, in 2020, various departments of the SAMR have investigated and ...

China’s banking and insurance regulator issued rules on Tuesday on wealth management products for cash, tightening oversight of the US$1 trillion market. China Banking and Insurance Regulatory Commission banned such products from investing in stocks and convertible bonds and said the leverage level of each product should not exceed 120per cent normally, according to a statement on the regulator’s website. The regulator also asked commercial banks and wealth management companies to conduct stress tests on such products to make sure they could deal with urgent redemptions. The products regulated are ...

Chinese State Councilor and Foreign Minister Wang Yi on Thursday expressed hope that China and Burkina Faso will sign documents on the Belt and Road cooperation as soon as possible and strengthen bilateral cooperation in such areas as healthcare and infrastructure. Wang made the remarks in a phone conversation with Burkina Faso’s Foreign Minister Alpha Barry, adding that the signing of such documents will provide new impetus and create new space for the two countries to deepen practical cooperation. Since the two countries resumed diplomatic relations three years ago, their ...

Over 11-13 June, G7 leaders are meeting in Cornwall, UK. This gathering highlights renewed G7 vigour and clout, with a UK presidency committed to action, the first public international outing for multilateralist President Joe Biden and increasing US and European concerns about Chinese and Russian behaviour. Meanwhile, one hears little about the G20. It wasn’t supposed to be this way. Amid the 2008 financial crisis, G7 leaders and finance ministers realised they no longer had the heft to manage the world economy alone. Emerging markets, symbolised by the BRICS countries ...

Japan’s exports likely posted their largest monthly rise in four decades in May, a Reuters poll showed on Friday, but the flattering milestone was largely reflective of a rebound in shipments from last year’s pandemic-driven plunge. Globally, policymakers are keeping a close watch on the extent of underlying demand recovery as COVID-19 vaccinations have improved economic conditions in some key economies. A marked recovery in Japan’s exports and output due to surging global demand has helped its economy offset lacklustre conditions at home, after the government recently extended coronavirus emergency ...

China’s imports and exports are expected to see steady expansion and improved quality this year, with the support of a series of favorable conditions, a report by the Ministry of Commerce (MOC) showed. The country’s steady economic recovery, increasing advantage in foreign trade and thriving new business forms will provide strong support to its imports and exports, according to the report on China’s foreign trade. China’s main economic indicators have recovered steadily and the fundamentals of its long-term economic development remain unchanged, said the report, citing steady growth in gross ...

As the European Union readies bond sales for its pioneering COVID-19 recovery fund, the scale and duration of the borrowing programme may disappoint those who had visualised last year’s deal for pooled debt as Europe’s Hamiltonian moment. Agreed in July as the pandemic raged, the deal sparked hopes among investors that Europe would finally have a large and liquid “safe” asset to rival U.S. Treasuries, in turn burnishing the euro’s attraction as a reserve currency. In short, some predicted, it would do for Europe what Treasury Secretary Alexander Hamilton did ...

Greece’s jobless rate eased to 16.3% in March from an upwardly revised 16.6% in the previous month, data from the statistics service ELSTAT showed on Friday. Seasonally adjusted data showed 714,779 people were officially unemployed, with those aged under 24 the hardest hit. Among those aged 15 to 24, the jobless rate rose to 37.5% from 34% in the same month in 2020. Greece’s jobless rate, which hit a record high of 27.8% in September 2013, has been falling but remains the highest in the euro zone. Joblessness affected women ...

British Prime Minister Boris Johnson hailed U.S. President Joe Biden as “a big breath of fresh air” on Thursday because he wanted to work with London on a huge range of issues ranging from climate change and COVID to security. “It’s a big breath of fresh air,” Johnson said of the talks with Biden. “It’s new, it’s interesting and we’re working very hard together. We went on for about an hour and 20 or so. It was a long, long, good session. We covered a huge range of subjects.” Biden ...

The U.K. economy expanded in April at its fastest monthly pace since July 2020 as public-health restrictions eased. The economy grew 2.3% in April compared with March, the Office for National Statistics said Friday. Growth was driven by services as people returned to stores and offices. That offset a decline in industrial production, which was driven by a decrease in manufacturing and planned shutdowns of North Sea oil and gas fields for maintenance. Source: Dow Jones

Boris Johnson cast the Group of Seven summit as a “gigantic media circus” on Thursday after leaders were paraded before journalists and U.S. President Joe Biden walked arm-in-arm up the beach discussing democracy with France’s Emmanuel Macron. G7 summits are notorious for anodyne and slightly ridiculous photo opportunities which leave world leaders struggling to seem natural in bizarre contexts – for example meeting another world leader on a small, overcast English beach. Under grey clouds, British prime minister Johnson, with ruffled blonde hair, and his new wife Carrie, greeted other ...

Haunted by memories of past US interest rate hikes, the world’s central banks are laying the groundwork for a transition to life with less global stimulus, with many countries already signalling moves to the exit. While the Federal Reserve is publicly committed to keeping interest rates near zero – and no hikes are priced in until late next year at the earliest – official comments about inflationary pressures could become a chorus in months ahead, making tapering a more concrete prospect and likely heightening volatility in global financial markets. For ...