Page 76 - Eco News Today

Britain's manufacturing output fell for a third month in a row in May and new orders declined at the fastest pace in four, but there were signs that the worst of the inflation surge may have passed, an industry survey showed on Thursday.

Southeast Asian e-commerce and gaming giant Sea Ltd is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations.

Turkey's lira was trading slightly weaker early on Thursday, after a sharp drop overnight to a record low of 22.95 against the dollar during low liquidity hours, as markets await President Tayyip Erdogan's announcement of the new cabinet.

U.S. President Joe Biden's 2020 campaign promise to make wealthy Americans and corporations pay more in taxes to finance a range of social priorities breathed its last gasp, at least for this presidential term, with the debt ceiling deal he struck with Republicans on Saturday.

The Bank of Japan must keep monetary policy ultra-loose as it will take time to re-anchor inflation expectations to its 2% target, International Monetary Fund's chief economist Pierre-Olivier Gourinchas told Reuters.

Germany and Denmark have signed a legally binding cooperation agreement for offshore wind energy, Handelsblatt business daily reported on Thursday, citing an economy ministry spokesperson.

Pakistan's annual inflation rate rose to 37.97% in May, the statistics bureau said on Thursday, setting a national record for the second month in a row, adding to its problems of a balance of payment crisis and the risk of a sovereign default.

Upcoming interest rate hikes will be marginal, said European Central Bank (ECB) member and Bank of France governor Francois Villeroy de Galhau, who added that rate hikes were beginning to have an impact on inflation.

Italy's manufacturing sector marked its steepest contraction in three years in May, a survey showed on Thursday, shrinking for a second consecutive month and signalling the approach of a possible recession.

British house prices fell by the most since 2009 in the 12 months to May and the country's housing market faces further headwinds after a recent jump in borrowing costs, mortgage lender Nationwide said on Thursday.