USD weakens on poor NFP data, slower wage growth
The USD weakened on Friday as the U.S. Bureau of Labor Statistics reported weak labor demand and slowing wage growth in April.
interest rates
OECD upgrades global growth outlook as US outperforms
The global economy is growing faster than expected, with the US activity being resilient and inflation converging quickly with central banks’ targets, according to the OECD.
Fed expected to refrain from further rate hikes
The EURUSD pair is gaining ground due to positive market sentiment and dovish remarks from Federal Reserve Chairman Jerome Powell. Powell dismissed the likelihood of a further interest rate hike and mentioned that progress on inflation has stalled. Traders are awaiting US economic data releases, while the Eurozone may struggle due to a more dovish stance from the European Central Bank. Eurozone inflation held steady in April, with bets for a potential interest rate cut by the ECB in June.
Canada’s capital-gains tax change continues decades-old debate over economic growth and tax fairness
The fact described in the text is that Finance Minister Chrystia Freeland announced an increase in the capital-gains inclusion rate to 66 per cent for corporations and trusts, and for individuals on gains above 0,000, in order to raise nearly billion over five years to pay for housing initiatives.
UK house prices fall unexpectedly in April
British house prices fell unexpectedly for a second month in April, with a 0.4% decrease compared to the previous month. In annual terms, house price growth cooled to 0.6% from 1.6%.
Investors scour the globe for shelter as Wall Street shakes
Global investors are looking at European and emerging market assets to protect themselves from turbulence in US stocks and bonds due to stubborn inflation.
German economy skirts recession, helped by construction and exports
The German economy grew more than expected in the first quarter, with gross domestic product rising 0.2 per cent. The economy skirted a recession thanks to the construction sector and exports.
UK mortgage approvals hit 18-month high in March, Bank of England says
The number of mortgages approved by British lenders rose to an 18-month high in March, with 61,325 mortgages approved, the highest total since September 2022.
Moody, ’s gives thumbs up to HB’s CNP deal
Hellenic Bank’s takeover of CNP Assurances’ regional operations will allow it to dominate the local insurance market, giving it a 30% share of the life insurance market and a 23% share of the general insurance sector.
Cyprus, ’ cash reserves to aid government amid global uncertainty
The Public Debt Management Office (PDMO) released its annual report for 2023, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in addressing uncertainty in the global economy. The report highlighted that the strong cash position of Cyprus will help limit negative impacts on cost-risk indicators to moderate levels. Additionally, the reduction in debt in 2023 amounted to €740 million, mainly due to strong economic growth. The majority of Cyprus’ short-term debt is distributed over the period 2024-2028, with 2028 representing the year with the highest annual debt maturity concentration. The PDMO intends to issue at least one benchmark bond per year to cover the government’s financing needs. The surpluses of the Social Insurance Fund are invested in the government annually, with investments amounting to €10.61 billion at the end of 2023.