Germany’s DIHK chambers of industry and commerce expect Europe’s largest economy to shrink by 0.5% this year as high energy prices, heavy bureaucracy, a skilled workers shortage and weak domestic demand weigh on economic output. A DIHK poll of more than 27,000 companies showed that of those surveyed, 35% expect business to deteriorate in the … Read more
Unemployment in the eurozone hit a record low of 6.5 percent in March, the EU’s statistics agency said Wednesday. The reading, down from 6.6 percent in February, is the lowest since Eurostat started compiling jobless figures in April 1998 for the economies in the single-currency area. Unemployment in the overall EU area, which includes the … Read more
Economic growth in the eurozone accelerated in February and hit a nine-month high, according to the closely watched S&P PMI output index. Data from the survey published on Tuesday showed the indicator at 52.3, up from 50.8 in January. A reading over 50 represents economic growth. Output in the single currency bloc turned around in … Read more
London CNN — Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. An initial reading of the eurozone’s Purchasing Managers’ Index, which tracks activity … Read more
The euro hovered near a two-decade low against the dollar on Thursday as Europe’s energy woes cast a long shadow over the economic outlook. The euro was about flat at $1.01845 after sinking as low as $1.01615 on Wednesday, for the first time since late 2002. The dollar index – which measures the currency against … Read more
Chinese regulators have already ordered Ant to separate the back end of its two lending businesses, Huabei, which is similar to a traditional credit card, and Jiebei, which makes small unsecured loans, from the rest of its financial offerings and bring in outside shareholders. Now officials want the two businesses to be split into an … Read more
Rolling coverage of the latest economic and financial news Introduction: US jobs report coming up China’s service sector shrank last month Government urged to ‘get a handle’ on supply chain crisis 8.40am BST Japan’s Topix stock market index has hit a 30-year high today, after prime minister Yoshihide Suga unexpectedly announced he will step down. … Read more
As infections surged in the wake of the Christmas holidays, authorities tightened restrictions on movement and limited business opening hours, weighing on output and denting early optimism for a quick recovery from 2020’s record 10.8% slump. Output fell across all sectors in the first quarter, the INE data showed, with construction the worst performer and … Read more
How’s this for déjà vu? Another debt crisis is brewing in Europe. Greece needs European creditors to release cash from a bailout agreed in 2015 so it can make debt repayments, but officials are at loggerheads. Investors are starting to worry, demanding higher returns on Greek debt. Adding to the confusion is a warning from … Read more