New Zealand Labour to form next government with support of small nationalist party

WELLINGTON (Reuters) – New Zealand will get its youngest prime minister in more than 150 years after the small, nationalist New Zealand First Party agreed to form a new government with Labour Party leader Jacinda Ardern, ending the National Party’s decade in power. The outcome caps a remarkable rise for Ardern, 37, who only took over the party’s top job in August, and marks another victory for a youthful global leader promising change, with big implications for the world’s 11th most traded currency, the central bank, immigration and foreign investment…

New Zealand’s center-right party wins election, not the parliamentary majority

WELLINGTON, New Zealand — After a tumultuous campaign, the center-right governing party in New Zealand placed first in the country’s general election on Saturday, but failed to capture a parliamentary majority, meaning it will have to assemble a coalition if it wants to extend its nine-year hold on power. With nearly all the votes counted…

IMF, World Bank members must rebuild global consensus

Next month, when finance ministers and central bank governors from more than 180 countries gather in Washington DC for the annual meetings of the International Monetary Fund and the World Bank, they will confront a global economic order under increasing strain. Having failed to deliver the inclusive economic prosperity of which it is capable, that order is subject to growing doubts – and mounting challenges…

World stocks reach new peak as Fed-focused week begins

NEW YORK (Reuters) – A world stock index was up slightly on Monday and the dollar rose to a more-than seven-week peak against the yen as investors awaited clues from the U.S. Federal Reserve on the timing of further rate hikes and tensions over North Korea eased. The S&P 500 was nearly flat, cutting early gains following a decline in tech shares…

China growth data boosts copper prices; global stocks hit record high

LONDON (Reuters) – Strong data from China kept world shares near a record high on Monday, sent copper to a 4-1/2 month peak while emerging market stocks have achieved a near a five percent gain over the last five days. Figures from Beijing showed China’s economy grew at a faster-than-forecast 6.9 percent year-on-year in the second quarter thanks to a pick-up in industrial output and domestic consumption and as investment remained strong…

Global stocks decline as oil prices slump; dollar hits 7-month low

World stock markets lost ground on Tuesday, pressured by a sharp drop in oil prices to their lowest in more than a year, while the U.S. dollar strengthened on hawkish comments from U.S. Federal Reserve officials. Brent crude touched its lowest level since April 2016 and WTI hit its lowest since February 2016 following news of increases in supply by several key producers. [O/R]..

Wall Street climbs, Dow hits all-time high, bank shares rise ahead of Fed decision

World stock markets recovered after a technology-led selloff and short-dated U.S. bond yields hit multi-week peaks on Tuesday as investor focus turned to the Federal Reserve’s monetary policy meeting. Technology shares edged higher after a two-session drop that put the spotlight on areas of the stock market where valuations appear stretched.
The U.S. central bank is widely expected to raise its benchmark interest rate on Wednesday and may also provide details on its plans to shrink $4.5 trillion of assets it amassed to nurse the economic recovery…

U.N. slaps North Korea with new sanctions agreed by U.S. and China

The U.N. Security Council on Friday expanded targeted sanctions against North Korea after its repeated missile tests, adopting the first such resolution agreed by the United States and Pyongyang’s only major ally China since President Donald Trump took office. The Trump administration has been pressing China aggressively to rein in its reclusive neighbor, warning that all options are on the table if Pyongyang persists with its nuclear and missile development programs…

World Bank echoes its 2017 global growth forecast at 2.7%, citing pickup in manufacturing, trade

The World Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade, improved market confidence and a recovery in commodity prices. The update of the multilateral development lender’s Global Economic Prospects report marked the first time in several years that its June forecasts were not reduced from those published in January due to rising growth risks…

‘Wannacry’ ransomware attack estimated at $4 billion in losses

Global financial and economic losses from the “WannaCry” attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware. Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions…

Global equity markets, dollar edge higher ahead of first meeting between Trump and China’s Xi

Stocks staged a cautious fight back on Thursday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the first between the two world leaders. Risk appetite stabilized, having been soured by signs the Federal Reserve might start paring asset holdings later this year and that the chances of early U.S. fiscal stimulus may be evaporating…

G20 failure to agree on resisting protectionism considered as setback for Germany

The failure of the world’s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open…

Newsletter

Zero spam.