Euro-Area Economy Slips Into Double-Dip Recession: GDP Update
Bloomberg 3 hrs ago
(Bloomberg)
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The euro-area economy slid into a double-dip recession at the start of the year as strict coronavirus lockdowns across the region kept many businesses shuttered and consumers wary to spend.
Reports from some of its biggest members show how far behind the European Union is in recovering from the pandemic amid a slow vaccine rollout. Output in the 19-nation euro area was down 0.6% in the first quarter and declined at nearly three times that pace in Germany.
Global Reflation Trade Gains New Momentum From China’s Yuan
Bloomberg 1 hr ago
China’s yuan is overvalued, and that could end up stoking global inflation.
The yuan ranks as the most overvalued among 32 major currencies in real effective exchange rate terms, an analysis of JPMorgan Chase & Co. indexes show. As Chinese exports are ubiquitous across a range of goods, the strength could translate into quicker inflation globally, adding to investor expectations for tighter central bank policies.
The potential impact from the Chinese currency’s inflation-adjusted strength is a reflection of the nation’s quicker economic recovery from the pandemic, and its importance as the factory of the world. Since July, the yuan has advanced more than 5% against a basket of major trading partners, which includes the euro and the yen.
Argentina Prices Jump More Than Expected to 18-Month High
Bloomberg 8 hrs ago Patrick Gillespie
(Bloomberg) Argentina’s inflation accelerated last month at the fastest pace in 18 months, threatening to derail a fragile economic recovery six months before key midterm elections.
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Consumer prices rose 4.8% in March from February, according to government data released Thursday, far more than the 4.2% median forecast of economists surveyed by Bloomberg. Economy Minister Martin Guzman had said Wednesday that inflation should cool in April after reaching its peak for the year last month.
The monthly figure was the highest since September 2019. Education, clothing and alcoholic beverages led all categories. Prices for food, the most heavily-weighted category, rose slightly below the headline figure. Annual inflation reached 42.6% in March.
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U.S. Equity Futures Rise After Record, Asia Steady: Markets Wrap
Bloomberg 51 mins ago Andreea Papuc
(Bloomberg) Asian stocks were steady Thursday and U.S. equity futures gained after the S&P 500 notched up another record on further evidence of the Federal Reserve’s commitment to supportive policy.
Japanese shares slipped amid concerns Tokyo is planning stricter steps to curb rising virus infections, while Australia and Hong Kong outperformed. China fluctuated. U.S. equity futures climbed following modest gains in the S&P 500 Index amid dwindling volume on U.S. exchanges. Tech giants including Apple Inc. helped push up the Nasdaq 100. The dollar headed for its fifth decline in six sessions, while Treasuries were steady.