UK economy will stagnate in 2023 in the face of high inflation, lagging behind its peers, and the government should consider easing up on tax increases or spending more, the Organisation for Economic Co-operation and Development said.
Japanese corporate firms raised capital spending for the fourth straight quarter in January-March, underscoring the resilience of business investment led by manufacturers despite uncertainty over the COVID pandemic and the war in Ukraine.
With the Federal Reserve releasing minutes from its latest meeting on Wednesday, traders are looking for further details on the plans to let billions of dollars worth of bonds to mature each month without replacing them. Already roiled by the steepest trajectory of Federal Reserve interest-rate increases in decades, investors are now readying for what’s known as quantitative tightening, or QT.
The 10-year US Treasury yield hovered at the 3% mark on Tuesday morning, while the 10-year German bund hit 1% for the first time since 2015, amid expectations around interest rate hikes. The yield on the benchmark U.S. 10-year Treasury note rose less than a basis point to 3.0045% at 4:15 a.m. ET.
April GST collection touched an all-time high of over ₹1.68 lakh crore. It is for the first time that gross Goods & Services Taxes collection has crossed ₹1.50 lakh crore mark. ,the finance ministry said on Sunday. The previous high for collection of revenues from goods sold and services rendered was in March 2022 at over ₹1.42 lakh crore.
Euro zone inflation has hit a record high for the sixth consecutive month, sparking further questions over how the European Central Bank will react. Headline inflation in the 19-member region reached 7.5% in April, according to preliminary estimates by Europe’s statistics office. In March, the figure came in at 7.4%.
Russia expects the economy to contract by 8.8% in 2022 in its base case scenario, or by 12.4% under a more conservative scenario, an economy ministry document showed on Wednesday, further evidence that sanctions pressure is taking its toll.
Morgan Stanley is bullish on India, Australia and Singapore. The three countries stand out among those in Asia-Pacific that have handled the coronavirus pandemic well, said Jonathan Garner, who is managing director and chief Asia and emerging markets equity strategist at the investment bank.
Pharmaceutical company Moderna and Biotech, a forerunner in the development of coronavirus vaccines, has the potential to reach a $100 billion-plus market capitalization, according to one analyst.
On Friday finance Minister Nirmala Sitharaman said transparency and tax stability were the key guiding principle of Budget 2021-22. Contrary to the expectations of a COVID-19 tax, the government has chosen to fund the budget stimulus through higher borrowing rather than increased taxes, she said while addressing members of industry chamber CII.