Weaker euro, stronger growth lift Europe shares

NEW YORK (Reuters) – Wall Street indexes cut gains on Wednesday and the dollar reversed course on turmoil in Washington and U.S. Federal Reserve meeting minutes that showed worries about low inflation. Stocks pared earlier gains in a choppy session as investors worried that a backlash against President Donald Trump’s comments after a violent weekend rally would stunt his ability to deliver on his pro-business promises…

UK pay growth picks up as unemployment rate falls again

UK pay growth has started to edge up amid signs that the lowest level of unemployment since the mid 1970s may be increasing workers’ bargaining power.
Office for National Statistics figures showed that earnings growth in the three months to June was 2.1% higher than in the same period in 2016, and up from 2% in the three months to May and a recent low of 1.8% in April…

U.S. single-family home prices rise 5.7% in May

NEW YORK (Reuters) – U.S. single-family home prices accelerated at a slower pace in April, falling short of forecasts, a survey showed on Tuesday. The S&P CoreLogic Case-Shiller composite index of 20metropolitan areas rose 5.7 percent in May on a year-over-year basis from a upwardly revised 5.8 percent increase in April…

IMF downgrades US and UK 2017 growth forecast

The International Monetary Fund has cut its growth forecast for the UK economy this year after a weak performance in the first three months of 2017.
In its first downgrade for the UK since the EU referendum in June last year, the IMF said it expected the British economy to expand by 1.7% this year, 0.3 points lower than when it last made predictions in April…

EU factory activity rises to 57.4 in June, fastest rate since April of 2011

Factories across the euro zone rounded off the first half of 2017 by ramping up activity at the fastest rate for over six years as rising prices failed to put a dent in orders, a survey showed on Monday. IHS Markit’s Manufacturing Purchasing Managers’ Index for the euro zone rose to 57.4 in June, up […]

Japanese manufacturers confidence hits 10-year high in June: Reuters Tankan

Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a Reuters survey found, providing more evidence of economic recovery. Service-sector mood rose to a two-year high, evidence of broadening confidence, although the Reuters Tankan also found that confidence was seen slipping over the next three months…

Dollar gains, British pound hits 7-week low after surprise UK election results

The British pound fell to a seven-week low on Friday after a shock election result cast doubt on Britain’s talks to leave the European Union, but key indices hit fresh record highs before tumbling technology shares drove the Nasdaq and S&P 500 lower. British Prime Minister Theresa May said she would form a government backed by a small Northern Irish party after her Conservative Party lost its parliamentary majority in a vote on Thursday just days before the EU departure talks begin…

OPEC considered widening the supply cut by a further 300,000 barrels per day

OPEC discussed cutting its oil output by a further 1-1.5 percent when it met last week, three sources familiar with the matter said, and could revisit the proposal should inventories remain high and continue to weigh on prices. The Organization of the Petroleum Exporting Countries and non-member producers ultimately decided at their May 25 meeting to extend their existing supply-cutting agreement for nine months, although oil ministers including Saudi Arabia’s Khalid al-Falih confirmed deeper curbs had been debated…

U.S. consumer spending posts biggest increase in four months, inflation rebounds

U.S. consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, is likely to remain on solid ground in the wake of other reports on Tuesday that showed confidence among households still at lofty levels despite some slippage this month and strong gains in house prices in March…

U.S. jobless claims edge up slightly but 4-week average hits 44-year low

The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44-year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month. The economy’s brightening prospects were, however, dimmed somewhat by other data on […]

UK retail sales unexpectedly surges 2.3% in April, hits 8-month high

A surprise surge in retail sales in April helped push the pound to its highest level in eight months as Britain’s consumers shrugged off concerns over falling living standards. Warm weather and the Easter holidays encouraged shoppers back onto UK high streets, with retail sales up 2.3% over the month according to the Office for National Statistics. It was more than double the 1% rise forecast by economists, and the biggest monthly rise since January 2016…

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…

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