German import prices down 1.1% y/y in May
Analysts polled by Reuters had predicted a 0.8% decrease.
The statistics office offers more detailed economic data on its website, opens new tab.
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Reuters
26 minutes ago
- Reuters
European shares rise; investors await signs on trade progress
July 2 (Reuters) - European shares edged higher on Wednesday, led by banks, while investors assessed the prospects for trade deals ahead of U.S. President Donald Trump's July 9 tariff deadline. The pan-European STOXX 600 index (.STOXX), opens new tab advanced 0.3% at 541.91 points, as of 0818 GMT. Other major regional indexes also traded higher. Trump, on Tuesday, said he was not considering an extension of the July 9 deadline for countries to negotiate trade deals with the U.S. He expressed optimism about a potential trade deal with India but was skeptical about reaching a similar agreement with Japan. Meanwhile, European Union's trade chief is expected to hold negotiations this week in Washington to avert higher U.S. tariffs. "It looks like there is progress slowly being made (on trade deals)....whether this deal occurs by the 9th or after isn't that relevant as long as the trajectory is quite good.", said said Viresh Kanabar, macro strategist - asset allocation at Macro Hive. In the U.S., Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval. Banks (.SX7P), opens new tab led sectoral gains, rising 1.5%. European industrial miners (.SXPP), opens new tab rose 1.4%. Kanabar said that investors are seeing a source of good value in European banks, noting, "the banking system has moved away from the pre-pandemic period of low returns and the consumer picture is much stronger". Among stocks, Spain's Banco Sabadell ( opens new tab gained 5.1%, the most among bank stocks, after Santander ( opens new tab said it had reached an agreement to buy its British unit TSB. Avanza Bank ( opens new tab gained 7% after a report said that the Swedish financial group's founder is considering taking the company private. Shares in European renewable energy companies rose after the U.S. Senate passed a revised budget bill that was more positive for the wind industry compared to an earlier version. Vestas ( opens new tab rose 9.4% and was the top gainer in the STOXX 600. Orsted ( opens new tab gained 4.1%, hitting a three-month high. Britain's Spectris (SXS.L), opens new tab gained 4.5% after the scientific instruments maker accepted an improved takeover offer from U.S. private equity firm KKR (KKR.N), opens new tab. Conversely, Greggs (GRG.L), opens new tab fell 14.3% after the British baker and fast food chain said its annual operating profit could be modestly below last year's levels. Additionally, the Financial Times reported on Wednesday that the EU is blocking the UK government's attempts to join a pan-European trading bloc. Euro-zone unemployment data for May is due later in the day.
Reuters
27 minutes ago
- Reuters
Rupee slips, volatility expectations unruffled by looming tariff deadline
MUMBAI, July 2 (Reuters) - The Indian rupee declined on Wednesday as the dollar nudged higher ahead of closely watched U.S. economic data, with investors focused on prospects for trade deals ahead of a July 9 deadline. The rupee closed at 85.7025 against the U.S. dollar, down 0.2% on the day. Asian currencies declined as well, led by the Malaysian ringgit, which fell 0.7%. The dollar index was up nearly 0.3% and hovering just shy of the 97 handle. Stronger-than-expected U.S. economic data released on Tuesday offered mild support to the greenback with investors now awaiting a key non-farm payrolls report on Thursday and developments on bilateral trade negotiations. Despite the looming trade deadline, the rupee's very near-tenor implied volatility, a gauge of future expectations, was hovering a tad below its three-month average, indicating that traders are not yet pricing in the possibility of sharp swings in the near-term. U.S. President Donald Trump has said he was not considering extending the deadline for countries to negotiate trade deals but expects an agreement will be reached with India. While Trump has ruled out an extension of the deadline, "markets are wary of taking this at face value given recent reversals," ING said in a note. "The prevailing view may be that global tariff threats peak before another last-minute reprieve," ING said. Analysts polled by Reuters expect the rupee to be largely rangebound over the next year, trailing Asian peers amidst sustained weakness in the dollar. In three months, the rupee is forecast to decline 0.1% from current levels to 85.75 per dollar. It is then expected to trade at 85.50 in six months and weaken marginally to 86.13 in a year, according to the median forecast of 41 FX strategists.
Reuters
27 minutes ago
- Reuters
Ireland adds 10,000 foreign multinational jobs in H1, up from 2024
DUBLIN, July 2 (Reuters) - Ireland secured commitments from foreign multinational companies during the first half of the year to create 10,000 jobs, up from 8,900 in the same period last year despite the challenging trade environment, the country's inward investment agency said. Ireland is hugely reliant on the taxes and jobs of foreign multinationals. They have almost doubled their workforce in the last decade to make up around 11% of the entire labour market, but jobs growth has stalled over the past two years. The decades-old model of attracting jobs from mainly U.S. firms in sectors such as technology and pharmaceuticals has been further threatened by President Donald Trump's sweeping economic policies and pledge to bring more production back to the U.S. IDA Ireland's half-year results do not take job losses into account that broadly cancelled out new jobs in 2023 and 2024. New jobs are unlikely to be as strong in the second half, but that seasonality is not unusual, IDA CEO Michael Lohan said on Wednesday. "Ireland has promoted its political, policy and institutional stability as important aspects of our offering to FDI. Today's results are evidence that in a turbulent world, this stability now stands out as a very attractive feature," IDA Chairman, Feargal O'Rourke, added. The new job commitments arose from 179 new investments, also up from 131 in the first half of 2024. Research, development and innovation projects accounted for a quarter of those and were driven by the pharmaceutical and technology sectors. The total share from North American companies stood at 65%, in line with historical trends, while the new investments included 52 companies investing in Ireland for the first time. Lohan added that foreign multinationals are starting to make major capital investment decisions again now they are beginning to see a path to what the future might look like following the huge uncertainty unleashed by U.S. tariff announcements in April.
