Top-of-mind economic news as we start the week:
— The U.S. economy added 272,000 new jobs in May and wages are up 4.1% over the past year, indicating ongoing strength in the labor market and less chance of July interest rate cut.
— The European Central Bank cut its key interest rate 25 basis points to 3.75%, citing lower inflation (2.6%), which still remains above the 2% target.
— French markets and the euro sank upon the French president calling for snap parliamentary elections in June-July after big win by France’s far-right party in European Union elections.
— Turkey will levy a 40% tariff on Chinese vehicle imports (traditional and EV), joining list of countries seeking to protect domestic industries from Chinese production; U.S. imposed 100% tariffs on Chinese EVs in May.
— An estimated 67% of European ESG or sustainable investing funds do not comply with new EU rules on “greenwashing” per Morningstar; may have to change names or sell assets.
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