The Far Side of Stimulus independentsentinel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from independentsentinel.com Daily Mail and Mail on Sunday newspapers.
Euro area government deficit at 3.6% and EU at 3.5% of GDP ec.europa.eu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ec.europa.eu Daily Mail and Mail on Sunday newspapers.
China’s Finance Ministry denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying Wednesday that China’s deficit is at a moderate and reasonable level and risks are under control. Risks to China's public finances are rising, Fitch said, as Beijing works to resolve mounting local and regional government debts and to shift away from heavy reliance on its troubled property industry to drive economic growth.
The largest U.S. lender has benefited from its acquisition of failed First Republic Bank in May that brought in billions of dollars of loans and bolstered its net interest income (NII) - the difference between what banks make on loans and pay out on deposits. The bank said it expects full-year net interest income (NII) of $90 billion. CEO Jamie Dimon reiterated his view that the U.S. economy remained resilient, but warned that inflation could be more persistent than expected and rates could be higher for longer.