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July 1, 2022

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Drop in demand weighs on German manufacturing, outlook darkens -PMI

Reuters
A robot adjusts a windscreen in a fully automated process at the Daimler factory in Rastatt, Germany, February 4, 2019. REUTERS/Kai Pfaffenbach Register now for FREE unlimited access to Reuters.com Register BERLIN, July 1 (Reuters) – A sharp fall in new orders weighed on German manufacturing activity in June, darkening......

Asia’s factories feeble despite China bounce, feeds global recession fears

Reuters
A bicycle rider rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon Register now for FREE unlimited access to Reuters.com Register Japan, S. Korea PMIs slow in June on supply constraints Taiwan’s PMI contracts, other Asian PMIs also soft China’s......

Column: Global business cycle starts to turn down: Kemp

Reuters
An aerial view shows containers and cargo vessels at the Qingdao port in Shandong province, China May 9, 2022. China Daily via REUTERS Register now for FREE unlimited access to Reuters.com Register LONDON, June 30 (Reuters) – Global manufacturing activity and freight movements have begun to decelerate as the major......

Europe stares at ‘stagflation’, says UBS

Reuters
A man pushes a shopping cart in Nice, France, June 10, 2022. REUTERS/Eric Gaillard Register now for FREE unlimited access to Reuters.com Register June 30 (Reuters) – Eurozone is headed toward “stagflation” as efforts to stamp out a surge in inflation will bring growth to a near halt in the......

China’s factory, service sectors shake off 3 months of lockdown pain

Reuters
A worker polishes a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS Register now for FREE unlimited access to Reuters.com Register China factory, services PMIs above 50 for first time since Feb Recovery seen as COVID restrictions......

U.S. economy contracts in Q1; outlook murky as unsold goods accumulate

Reuters
First-quarter GDP declines at 1.6% rate Consumer spending growth lowered; inventories raised Business spending on equipment revised higher WASHINGTON, June 29 (Reuters) – The U.S. economy contracted slightly more than previously estimated in the first quarter as the trade deficit widened to a record high and a resurgence in COVID-19......

Fed officials promise rate hikes, push back on recession fears

Reuters
June 28 (Reuters) – Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. “Many are worried that the Fed might be acting too aggressively......

Inflation saps U.S. consumer confidence; house prices remain elevated

Reuters
Consumer confidence index falls 4.5 points to 98.7 in June Goods trade deficit falls 2.2% to $104.3 bln in May Exports increase 1.2%; imports dip 0.1% Wholesale inventories rise 2.0; retail stocks up 1.1% House prices increase in April, but pace slowing WASHINGTON, June 28 (Reuters) – U.S. consumer confidence......

Hungary’s cenbank shocks with 185 bps rate rise after forint plunge, pledges more

Reuters
NBH raises base rate by 185 bps to 7.75% Biggest hike since start of global financial crisis Most economists had expected a 50 bps increase Plunging forint, rising inflation prompted bigger move Cbank raises 2022, 2023 inflation forecasts BUDAPEST, June 28 (Reuters) – The National Bank of Hungary (NBH) raised......

China’s industrial profits slump for second month in May

Reuters
BEIJING, June 27 (Reuters) – Profits at China’s industrial firms shrank at a slower pace in May following a big slump in April, due to the resumption of activity in major manufacturing hubs, but COVID-19 curbs still weighed on factory production and squeezed factory margins. Profits fell 6.5% from a......

U.S. new home sales rebound in May; consumer sentiment at record low

Reuters
Carpenters work on building new townhomes that are still under construction while building material supplies are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS/Octavio Jones/File Photo Register now for FREE unlimited access to Reuters.com Register New home sales rebound 10.7% in May; April data revised up Median......

Rates will remain main policy tool for BoE, Pill says

Reuters
A person walks past the Bank of England in the City of London financial district in London, Britain, January 23, 2022. REUTERS/Henry Nicholls Register now for FREE unlimited access to Reuters.com Register LONDON, June 24 (Reuters) – Bank of England Chief Economist Huw Pill said on Friday that interest rates......

Chances of global recession nearing 50% -Citigroup

Reuters
The logo of Citi bank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo Register now for FREE unlimited access to Reuters.com Register June 23 (Reuters) – Citigroup is forecasting a near 50% probability of a global recession, as central banks rush to raise......

Global economy: U.S. recession fears darken outlook for Japan, global factories

Reuters
TOKYO, June 23 (Reuters) – Japan’s factory activity growth slowed to a four-month low in June as China’s COVID-19 curbs disrupted supply chains, while many other economies in Asia were also facing headwinds amid growing risks to the outlook from a potential U.S. recession. Australia’s manufacturing activity held steady this......

An early look at June U.S. jobs data suggests pickup, not slump

Reuters
A “Now hiring” sign is displayed on the window of an IN-N-OUT fast food restaurant in Encinitas, California, U.S., May 9, 2022. REUTERS/Mike Blake Register now for FREE unlimited access to Reuters.com Register June 22 (Reuters) – An early look at the state of the U.S. job market in June......

Fed’s Powell: committed to inflation fight, not trying to trigger recession

Reuters
June 22 (Reuters) – The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday. “We are not trying to provoke, and......

UK inflation hits 40-year record, highest in G7

Reuters
A man shops for fruit and vegetables at Brixton Market, amid the spread of the coronavirus disease (COVID-19) in London, Britain, September 27, 2020. REUTERS/Simon Dawson Register now for FREE unlimited access to Reuters.com Register Inflation hits 9.1%, highest since March 1982 UK has highest inflation rate out of G7......

U.S. home sales slide as prices break above $400,000 for first time

Reuters
Existing home sales fall 3.4% in May Median house price surges 14.8% to $407,600 from year ago Housing inventory falls 4.1% from year ago Chicago Fed National Activity Index falls to 0.01 in May WASHINGTON, June 21 (Reuters) – U.S. existing home sales tumbled to a two-year low in May......

Lennar flags home demand cooldown as surging interest rates spook buyers

Reuters
Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, U.S., November 13, 2021. REUTERS/Andrew Kelly/File Photo Register now for FREE unlimited access to Reuters.com Register June 21 (Reuters) – U.S. homebuilder Lennar Corp (LEN.N) on Tuesday warned of a downturn in......

Australia’s central bank flags more rate rises, 75 bp moves unlikely

Reuters
SYDNEY, June 21 (Reuters) – Australia’s top central banker on Tuesday flagged a lot more policy tightening ahead as rates were still “very low” and it was important that higher inflation did not feed into public expectations and wage claims. Yet, Reserve Bank of Australia (RBA) Governor Philip Lowe also......

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