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FORGOTTEN HISTORY: 21 | History Defined

Interest rates could rise to 6% as City fears Bank of England losing inflation battle

The picture could get significantly better or worse this week with two key economic events on the calendar

Evening Standard

The recession you have when you’re not having a recession

While economists are expecting further contraction of the NZ economy this year, opinions vary as to how bad things could get.

Newsroom.co.nz

UK short-term borrowing costs surge above Truss-era highs; US inflation falls to 4% – as it happened

UK interest rates expected to hit 5.5% by December after regular pay grows by a record, sending two-year bond yields soaring

The Guardian - UK

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Smaller lenders offer savers more than 5 per cent, in contrast to big four

Australians are being urged to consider “breaking up” with the big banks as smaller players rush to pass on higher savings rates.

The New Daily

Bank of England rates-setter says further hikes may be needed

Jonathan Haskel suggests surging borrowing costs for households is a price worth paying to tackle inflation

The Guardian - UK

FTSE 100 posts biggest jump since March as US economy adds 339,000 new jobs – as it happened

US economy added more jobs than forecast last month, with March and April’s data revised higher too, but unemployment rate has jumped to 3.7%

The Guardian - UK

Stock market today: Asia follows Wall Street up on hopes Fed will ease off rate hikes

Asian stock markets are following Wall Street higher ahead of an update on the U.S. jobs market

The Independent UK

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German economy in recession after high prices take toll, revised figures reveal

Updated data shows economy went into reverse in first quarter with GDP falling by 0.3%

The Guardian - UK

German economy goes into recession as GDP shrinks by 0.3% in Q1

BERLIN: The German economy contracted in the first quarter of 2023 compared with the previous three months, thereby entering recession, data from the statistics office showed on Thursday.

The Times of India

Food inflation stays near record high - see full list of products still soaring in price

Inflation may be down but food inflation - which includes both food and non-alcoholic drinks - remained close to its 45-year peak at 19.1% easing slightly from the 19.2% recorded last month

Daily Mirror

Stocks Climb Before the Open on U.S. Debt Deal Optimism, Walmart Earnings on Tap

June S&P 500 futures (ESM23) are up +0.16%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.21% this morning after three major U.S. benchmark indices rallied on Wednesday as hopes of a deal to raise the U.S. debt limit and a jump in regional bank stocks boosted risk appetite.

Barchart

Stocks Move Higher Before the Open on U.S. Debt Deal Optimism, Walmart Earnings on Tap

June S&P 500 futures (ESM23) are up +0.08%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning after three major U.S. benchmark indices rallied on Wednesday as hopes of a deal to raise the U.S. debt limit and a jump in regional bank stocks boosted risk appetite.

Barchart

Hong Kongers fleeing China’s crackdown denied pension savings

Activist group estimates Hong Kongers in the UK are unable to access $2.8bn in retirement savings.

Al Jazeera

Banking Crisis: I Thought I’d Lost My House Down Payment, But Here’s Why it All Worked Out

When banks are in crisis, there are important things to remember to stay calm.

Kiplinger

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The Independent UK

Stock market today: Asia shares mixed on holiday mode trade

Asian shares are mixed with some markets closed or anticipating holidays and investors showing muted reaction to the latest U.S. banking failure

Evening Standard

Germany narrowly escapes recession as economy flatlines, underperforming expectations

However, investors may take confidence from elsewhere in Europe, as France and Italy both returned to growth

Caixin Global

ING Sues ICBC for $171 Million in Copper Deal Losses

Dutch banking giant alleges breach of contract by China’s largest bank in transactions involving copper trader Maike Metals

Al Jazeera

South Korea’s economy barely avoids recession amid rocky outlook

Asia’s fourth-largest economy grows 0.3 percent during first quarter amid improvements in exports and consumption.

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Newsroom.co.nz

Surging food prices a risk to managing down inflation

Shares in The Warehouse Group slumped to a new low in the face of recession fears, but there are hopes the Red Shed's increased grocery sales will give Kiwi more competitive food prices. Andrew Patterson reports.

The Guardian - UK

FTSE 100 racks up eighth day of gains despite rising insolvencies and unemployment – as it happened

More firms are at risk of tipping from ‘danger’ to ‘distress’, experts warn, as businesses are hit by soaring costs and weak economy

ABC News

Environmental advocates lodge ACCC complaint over 'ocean plastic' products

More consumer products are claiming to be made from recycled ocean or ocean-bound plastics, but green groups say the claims are difficult to prove and may be misleading consumers.

Asharq Al-Awsat

Oil Steady as Market Awaits China GDP Data

Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. Brent crude futures nudged 7 cents lower to $86.24 a barrel by 0746 GMT, while US West Texas Intermediate crude was at $82.47 a barrel, down 6…

The News Lens

Germany-China: Struggling To Shake Off Beijing Dependencies

The economies of China and Germany are hugely intertwined. The dilemma is how to position Germany in the emerging geopolitical tensions with Beijing.

Zenger

Wall Street Analysts Raise Their Oil Price Forecasts After Shocking Supply Cuts By OPEC+

Analysts on Wall Street are becoming far more bullish on oil prices, after OPEC+ announced voluntary output cuts totaling 1

The Independent UK

Global shares mixed after Wall St dips on weak economic data

Global shares were trading mixed Wednesday as Germany reported its factory orders surged in February, posting their third successive increase in another promising sign for Europe’s biggest economy

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