“It’s not enough just to undo the damage of the Trump tax law—our tax code wasn’t fair before that,” said the Chairman of the Budget Committee Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Making Wall Street Pay Its Fair Share: … Read more
Published at 10 Jun 2024 According to estimates, cuts proposed by the Trump camp could increase US national debt by USD 1 trillion… According to estimates, cuts proposed by the Trump camp could increase US national debt by USD 1 trillion. As election fever in the US grows increasingly frantic with November’s crucial poll looming … Read more
Republicans in Congress are preparing to build upon the success of the 2017 Trump Tax Cuts by not only making President Trump’s signature legislative achievement permanent, but also cutting taxes further to spur economic growth. The Washington Post reported on Sunday that both Trump’s economic advisors and key Republican lawmakers in Congress are planning a … Read more
Bulgaria has a unique and rich cultural heritage and a growing tech industry. The country is known for its vibrant folklore traditions and the rapid development of its IT sector. Many entrepreneurs are attracted to Bulgaria and consider it a prime location for starting a business. However, there are specific factors to consider, such as … Read more
Republicans in Congress are preparing to not just extend former president Donald Trump’s 2017 tax cuts if they win control of Washington in November’s elections, but also lower rates even more for corporations, laying the early groundwork for a ferocious debate over taxes and spending next year and beyond.The Tax Cuts and Jobs Act (TCJA) … Read more
USDJPY spiked higher by over half a percent just after the release of US nonfarm payrolls (NFP) data, on Friday. USDJPY traded in the upper 156s after the US Dollar strengthened as a result of the better-than-expected results. Nonfarm payrolls showed the number of employed people in the US rose by 272,000 in May, when … Read more
USDJPY bulls are further encouraged by a weakening Japanese Yen following data that shows real wages declining for the 25th straight month in April, as domestic inflation in Japan continues to outpace wage growth. The data will make it harder for the Bank of Japan to normalise policy, as it hopes to lift the bank’s … Read more
– British retail sales bounced back in May after a slump in April that could have been caused by the timing of Easter and bad weather.
– The Confederation of British Industry’s monthly retail sales balance recovered to +8 this month after tumbling to -44 in April.
– More retailers felt sales were normal for the time of year than at any other time in the past eight months.
– The CBI’s measure of selling price inflation was its slowest since August 2020 and was below its long-run average.
– The British Retail Consortium said its measure of shop prices showed the weakest increase in two-and-a-half years this month.
– Falling inflation and continuing real wage growth will contribute to a healthier consumer outlook, supporting the retail sector further.
The EURUSD pair fell to 1.0830 in European trading after failing to reach a two-month high near 1.0900. ECB governing council member Klaas Knot suggested a gradual rate-cut approach based on recent data showing wage growth and improved Manufacturing PMI. The Dollar’s DXY Index recovered to 104.80 due to market sentiment. Investors are now expecting the Fed to start reducing interest rates in the last quarter of the year.
German business morale stagnated in May, with the Ifo institute reporting that the business climate index remained constant at 89.3, falling short of the forecasted improvement. The German economy is expected to have slow progress in its recovery this year, with companies being less satisfied with the current business situation. Despite some sectors recovering, the overall outlook remains cautious.