ECB wants to avoid Fed’s 2013 ‘Taper Tantrum’

FRANKFURT — The European Central Bank is focused on avoiding a policy error committed four years ago by its big brother, the Federal Reserve. When the Fed indicated — on May 21, 2013 — that it would gradually wind down its $85 billion-a-month bond-buying program, asset prices and currencies plunged around the world in an episode known as the taper tantrum…

Global stocks edge up, dollar suffers worst week in year amid Trump’s own Watergate

The U.S. dollar fell and was poised for its worst week in more than a year while world stock markets edged up on Friday amid some calm following declines earlier in the week spurred by uncertainty relating to Donald Trump’s U.S. presidency. On Wall Street, key stock indexes climbed, led by energy shares. The S&P energy index was up 1.1 percent along with a jump in oil prices…

Economists: Probability that U.S. economy will grow 3% this year has fallen

The probability that the U.S. economy will grow 3 percent this year has fallen over the last month as weak data and political concerns have dented confidence, according to a slim majority of economists in a Reuters poll. That finding comes as hopes for tax cuts and other pro-growth policies promised by President Donald Trump have faded amid reports Trump tried to interfere with an investigation into ties between his first national security adviser and Russia…

Trickle of jobs leaving Brexit UK has yet to turn into a flood

The trickle of jobs leaving Brexit Britain has yet to turn into a flood. Several big financial services firms have announced they will move about 9,000 jobs out of the country in order to safeguard their business once the U.K. leaves the European Union. That is not yet showing up in employment data. The jobless rate was just 4.6% in the three months to March 31, according to data published Wednesday…

U.S. jobless claims declined for 3rd consecutive week

New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack. The economy’s brightening prospects were further boosted by other data on Thursday showing a sharp acceleration in factory activity in the mid-Atlantic region this month…

EU trade surplus widest since euro was launched in 1999

The eurozone’s trade surplus with the rest of the world in March was the widest since the single currency was launched in 1999, as exports jumped. The surge in exports to a record is another indication that the currency area is set to end the fourth year of its recovery on a high. But it may also reinforce concerns in the U.S. administration about the value of the euro on foreign exchange markets, and a trade deficit with the eurozone that appears to be growing…

Dollar falls in aftermath of Trump’s Comey memo fallout

The dollar has taken a hit from the latest political bombshell about President Trump. The greenback fell against other major currencies in the aftermath of allegations that Trump in February asked James Comey to end the FBI’s investigation into former national security adviser Michael Flynn. The stunning reports — denied by the White House — deepened the political turmoil engulfing Trump’s White House and intensified concerns among investors about the president’s ability to push through his big economic plans…

Dollar hits 6-month low on weak housing data, political turmoil

The U.S. dollar index touched its lowest since early November on Tuesday, hurt by weaker than expected U.S. housing data and concerns after political turmoil once more hit Washington. A rally in the euro was reinforced by dollar losses, prompted by allegations that U.S. President Donald Trump disclosed highly classified information to Russia’s foreign minister about a planned Islamic State operation…

‘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…

U.S. manufacturing production jump to over 3-year high in April

U.S. manufacturing production recorded its biggest increase in more than three years in April, bolstering the view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding. The broad strength in factory output reported by the Federal Reserve on Tuesday added to labor market data in suggesting the growth slowdown in the first quarter was temporary. That may allow the U.S. central bank to raise interest rates next month…

U.S. and China trade war has been avoided, for now

It looks like a trade war between the world’s two biggest economies has been avoided, for now. The deal the U.S. and China just struck on agricultural trade, financial services, investment and energy is evidence of President Trump’s increasing willingness to negotiate with Beijing. During his campaign for office, Trump threatened belligerent moves such as slapping tariffs on imports…

Europe, Japan not yet sold on ‘Trumponomics’

The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will revive protectionism and set back the global approach to issues such as banking reform and climate change…

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