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25 June
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Euro zone to recover faster than thought, still needs support -ECB By Reuters

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BRUSSELS (Reuters) - The euro zone is recovering faster than earlier expected, but still needs continued fiscal and monetary support so that the pandemic does not leave scars, European Central Bank head Christine Lagarde told European Union leaders on Friday. "Euro area GDP is recovering and will return to pre-pandemic levels by the first quarter of 2022, one quarter earlier than expected in spring," Lagarde told the leaders according to one official familiar with the talks. "Fiscal and monetary policy continue to play their role in underpinning economic activity and bolstering confidence. Continued support is...

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25 June
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Dow Futures 115 Pts Higher, Boosted by Strong Nike Results By Investing.com

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By Peter Nurse    Investing.com - U.S. stocks are seen edging higher Friday, continuing the previous session’s positive tone, boosted by strong numbers from retail giant Nike (NYSE:NKE) and agreement over an infrastructure package and ahead of key inflation data.  At 7 AM ET (1100 GMT), the Dow Futures contract was up 115 points, or 0.3%, S&P 500 Futures traded 6 points, or 0.1%, higher, and Nasdaq 100 Futures climbed 27 points, or 0.2%. The main equity indices surged Thursday, with the blue-chip Dow Jones Industrial Average climbing over 300 points, or nearly...

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25 June
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Branson’s Virgin Galactic gets FAA approval to fly people to space By Reuters

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(Reuters) - Billionaire Richard Branson's spaceship company Virgin Galactic Holdings Inc said on Friday it received approval from the U.S. aviation safety regulator to fly people to space, following a successful test flight last month. Virgin Galactic completed its first manned space flight from its new home port in New Mexico in May, as its SpaceShipTwo craft, which can hold six passengers, glided to a landing on a runway safely with its two pilots. The approval from the Federal Aviation Administration (FAA) comes at a critical time for Branson as his space venture...

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25 June
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China’s PBOC Leads the Fed in Weaning the Economy Off Stimulus By Bloomberg

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(Bloomberg) -- China’s central bank is a step ahead of its U.S. counterpart in reining in its Covid-19 emergency stimulus, relieving potential market pressure from the Federal Reserve’s looming shift in policy. The People’s Bank of China has already started curbing credit growth to tackle debt risks, although it’s doing so gradually to avoid stalling the economy’s still uncertain recovery. Consumer inflation also remains tame despite the recent surge in factory prices. It’s a different backdrop to the U.S., where record fiscal stimulus is driving up growth projections and prices are rising faster than expected. The...

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25 June
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Thyssenkrupp open to idea of German steel merger – CEO Steel Europe By Reuters

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FRANKFURT (Reuters) - Thyssenkrupp (DE:TKAG) has not dismissed the idea of merging its steel business, Europe's second largest, with a rival, said Bernhard Osburg, chief executive of Thyssenkrupp Steel Europe, citing pressure to rein in costs and creating lean structures. "Consolidation certainly remains a key topic," he told reporters at a briefing. As the wider Thyssenkrupp group is studying whether to split off the steel section, merge it, or take it private separately, Osburg said he saw many reasons in favour of an alliance and only several against it. Smaller peer Salzgitter had cold-shouldered...

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25 June
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Energy, mining stocks push FTSE 100 higher; set for weekly gain By Reuters

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By Shashank Nayar (Reuters) - Energy and mining stocks led the FTSE 100 higher on Friday on the back of higher commodity prices, setting up the blue-chip index for weekly gains following a boost from a dovish central bank policy in the previous session. The benchmark FTSE 100 index rose 0.1% after jumping in the previous session as the Bank of England left interest rates unchanged near record lows. Energy shares climbed 1.02%, while miners BHP Group, Anglo American (LON:AAL) and Rio Tinto (LON:RIO) gained between 0.4% and 1.2%. Building materials...

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25 June
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Third of SoftBank shareholders oppose lawyer’s appointment to board By Reuters

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By Sam Nussey TOKYO (Reuters) -Nearly a third of SoftBank Group Corp's shareholders opposed the appointment of lawyer Ken Siegel to the firm's board at this week's annual shareholder meeting, in an unusual display of disapproval from some of its normally highly loyal investors. Siegel heads the Tokyo office of law firm Morrison & Foerster and has worked on some of SoftBank's biggest deals. Proxy adviser Glass Lewis urged https://www.reuters.com/article/softbank-group-corporate-governance-idCNL3N2NQ095 shareholders to oppose his election due to his professional ties to the conglomerate. Shareholders voted 69.77% in favour of Siegel's election. Nominees need a...

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25 June
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Fed Officials Debating Rate-Hike Timing Split on Inflation View By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Federal Reserve officials largely stuck to their script this week that the burst of inflation the U.S. is seeing as the pandemic recedes will prove temporary. Some of them aren’t so sure, which is why they see a need for higher interest rates as soon as next year. But the coalition around Fed Chair Jerome Powell’s view that the surge in prices will fade appears to be intact. Remarks by numerous officials since the U.S. central bank’s June 15-16 meeting show the...

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25 June
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Biden’s Infrastructure Win Ramps Up Fight Over Economic Agenda By Bloomberg

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(Bloomberg) -- President Joe Biden scored a political win by sealing a $579 billion infrastructure deal with a group of Democratic and Republican senators, yet the bipartisan plan faces hurdles in Congress that reflect challenges to his broader economic agenda. With the agreement, announced outside the White House on Thursday with grinning Republican senators at his side, Biden can claim he’s meeting a promise to govern for all Americans and seek compromise with his opponents. However, he made clear that partisan divides remain. As the Republican senators looked on, he told reporters that he expects Democrats...

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25 June
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Bank of England takes action against Euroclear for settlement outage By Reuters

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LONDON (Reuters) -The Bank of England said on Friday it had commenced supervisory action against Euroclear UK and Ireland over an outage last September of its CREST financial markets settlement system. Settlement forms the crucial, underlying plumbing of financial markets for the orderly completion of a stock or bond trade. The outage caused the BoE to delay one of its regular purchases of British government bonds under quantitative easing. "In light of the incident's serious and disruptive nature, and in recognising the importance of ensuring implementation of these remedial actions, the Bank has issued a direction...

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