|Weekly Review of Headlines|
ECB inflation projections released on Thursday were revised upwards for 2016 to 0.2 percent from 0.1 percent, but inflation projections for 2017 and 2018 remained unchanged at 1.3 percent in 2017 and 1.6 percent in 2018…Read More
Britain’s scheme to encourage banks to make more credit available to households and businesses failed to significantly boost lending in the first quarter of this year, data showed, amid concerns about a slowdown in the economy…Read More
The Federal Reserve’s Beige Book, a collection of anecdotes about the economy, indicated that most districts were seeing only moderate performance and that consumer spending and employment posted mostly modest growth.
China’s yuan has slid in recent weeks to near five-year lows against the dollar amid weak factory data and market expectations that the Federal Reserve is preparing to raise interest rates in June or July.
Abe reportedly told senior members of the Liberal Democratic party (LDP) that an increase planned for next April in the consumption, or sales tax, from the current 8% to 10%, would be delayed until October 2019.
Oil capped the longest run of monthly gains in five years as a spate of disruptions curb supply before OPEC meets Thursday to discuss production policy.
The monthly Citi/YouGov survey found inflation expectations for the year ahead fell to 1.5 percent from 1.6 percent in April. Expectations for inflation over the next five to 10 years was steady at 2.8 percent.
In the opening address for its bi-annual meeting in Vienna, Qatar’s oil minister Mohammed Bin Saleh Al-Sada said 2016 supply forecasts for non-OPEC output has been revised down and the cartel now anticipates a contraction of 740,000 barrels per day this year.
Euro zone bond yields had edged up earlier in the day as data showed deflation eased in May, paving the way for the European Central Bank to revise its consumer price growth forecasts upward this week for the first time in a year.
The raw material has been whipsawed this year as signs of a demand revival in China spurred a speculative rally that lifted prices in the three months to April.
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