The Monday Mix: June 3 – 9, 2024

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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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