Europe stock pickers go old-school to ride the next wave in AI
European stock pickers are turning to more established sectors like utilities, professional data providers, and copper miners to tap into the next wave of the AI boom.
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China, ’s Li, Japan’s Kishida in South Korea for first trilateral talks in four years
Chinese Premier Li Qiang and Japanese Prime Minister Fumio Kishida arrived in Seoul for a trilateral summit with their South Korean counterpart, their first three-way talks in over four years.
G7 will try to use frozen Russian assets to help Ukraine
The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.
Dollar consolidates weekly gains ahead of mid-tier data
The US Dollar strengthened due to upbeat PMI data, with the USD Index closing in positive territory for the fourth consecutive day. The S&P Global Composite PMI showed business activity expanding at an accelerating pace in May. Japan’s National Consumer Price Index rose 2.5% in April. The Reserve Bank of New Zealand stated that lowering interest rates was not being discussed in the near term. UK Retail Sales declined 2.3% in April. Gold fell more than 2% on Thursday.
Dollar loses recovery momentum, eyes on PMIs
The Dollar Index (DXY) entered a consolidation phase after reaching a weekly high near 105.00.
Janet Yellen says America won’t back a billionaire tax
World leaders are considering a global tax on the world’s richest people, but the U.S. does not support the idea.
Swarmed with tourists, Japan town blocks off viral view of Mt. Fuji
Fact: Officials in Japan have erected a barrier to obstruct a popular photo spot of Mt. Fuji due to safety concerns and issues with visitors not obeying rules on littering and parking.
What we know about the crashed helicopter carrying Iran’s president
The helicopter that crashed in Iran, killing the president and foreign minister, was a Bell 212 model. Bell developed the aircraft in the late 1960s for the Canadian military, and it is used globally for various purposes. The Bell 212 can carry passengers, cargo, and mount weapons. Non-military organizations and countries like Japan, the United States, and Thailand operate the Bell 212. Iran’s current fleet includes Italian-built naval versions of the helicopter. The most recent fatal crash involving a Bell 212 was in 2023 off the coast of the United Arab Emirates. Iran has managed to keep its aviation fleets flying through a combination of smuggled parts and reverse-engineering. The accident does not automatically fall under global rules for air accident probes, and it is unlikely that Iran will seek outside help for the investigation.
Dollar bounces back
The USDJPY pair extended its recovery to 156.00 in Friday’s European trading as the Dollar rebounded strongly after the Fed ruled out expectations of rate cuts, despite an expected decline in the US Consumer Price Index data for April.
Diplomats urge LGBT rights progress in Cyprus
– Diplomatic missions in Cyprus issued a joint statement in support of human rights for all individuals, regardless of sexual orientation, gender identity, gender expression, or sex characteristics.
– The statement praised Cyprus for progress in recognizing and protecting LGBTQI+ rights, including legislation criminalizing conversion therapies.
– Encouraged Cyprus to consider removing legislative exclusion of same-sex couples in civil union from adoption and to make progress on legal gender identity recognition and recognition of same-sex marriages conducted abroad.
– Highlighted the need for continued work towards a reality where everyone is treated with dignity and respect, regardless of sexual orientation.