German Consumers Shrug of Tariff Concerns as Confidence Picks Up
German consumer confidence unexpectedly ticked up despite the warnings of the economic hit from U.S. trade policy, as consumers pinned their hopes on the stability of the new incoming government.
The consumer-climate index published by research groups GfK and the Nuremberg Institute for Market Decisions ticked up to minus 20.6 in May's forecast, 3.7 points higher than in April. Economists polled by The Wall Street Journal expected a fall to minus 26.
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Boston Globe
a day ago
- Boston Globe
Government wants to execute Teresa Youngblut after Vermont shooting that killed border agent, her lawyer says
The government holds Youngblut responsible in the death of a US border agent and for that, her lawyer disclosed on Tuesday, the government wants to execute her. At 21, Youngblut is the youngest and probably most unlikely known member of what appears to be Advertisement The members are called Zizians, after its purported leader, Steven Barth, Youngblut's public defender, said in US District Court in Burlington that federal death penalty charges will be lodged against his client in what he called 'short order.' He declined to elaborate when surrounded by reporters after Tuesday's routine hearing, a position of 'no comment' he has maintained since Youngblut first appeared in court in January, days after her companion, Felix Bauckholt, and Border Patrol agent David 'Chris' Maland died in a hail of gunfire that the government says began when Youngblut drew a gun after a traffic stop and started firing. Advertisement The apparent decision by federal prosecutors to seek the death penalty against Youngblut isn't a surprise. In a February memo announcing the moratorium against seeking federal death penalty charges under the Biden administration was over, Attorney General Youngblut was wounded in the gunfire, which began after Border Patrol agents pulled over the car she was driving on Interstate 91 in Vermont's Northeast Kingdom, about 10 miles south of the Canadian border. The government says Bauckholt, a German national who identified as female and went by the name of Ophelia, began drawing a weapon but was shot dead by an agent before she could fire. So far, Youngblut has been charged with using a firearm while 'assaulting, resisting and opposing, impeding, intimidating, and interfering with a US Border Patrol agent while he was engaged in official duties.' The government's charging document also charges that Youngblut 'carried, brandished and discharged a firearm.' But, to date, prosecutors have not explicitly said Youngblut fired the shot that killed Maland. Last month, officials from US Customs and Border Protection released a The summary said the lone agent who returned fire discharged 'approximately eight rounds.' So far, the government has remained tight-lipped about whether Youngblut shot Maland. Advertisement But that distinction won't make a difference if the government moves to seek the death penalty, according to David P. Hoose, a Massachusetts attorney who has worked on 17 death penalty cases, 15 of them federal and most of them in New England. Hoose, a partner at Strehorn, Ryan & Hoose in Northampton, said that in If, for argument's sake, prosecutors can't definitively assert that Youngblut fired the fatal shot, Hoose said, 'it creates additional hurdles for prosecutors and maybe some qualms in a juror looking for a reason not to give the death penalty.' As for finding jurors in mostly liberal Vermont willing to sentence someone to death, that's another potential hurdle for prosecutors, Hoose said. Vermont last executed someone in 1954, and the state outlawed capital punishment in 1972. Polls show most Vermonters oppose capital punishment. The US attorney's office in Vermont, which is prosecuting Youngblut, has said it was Youngblut's parents have attended their daughter's hearings, but have declined to speak to reporters. Last year, they Advertisement They seemed to be onto something. Records show Youngblut and Maximilian Snyder, who Like other members of the Zizian cult, Youngblut and Snyder, 22, who attended the University of Oxford, were good students with bright futures that were extinguished shortly after they got involved in the cult. Now they both face the prospect of landing on death row. Prosecutors in California are It seems the road from the comforts of affluence and privilege and one of the best high schools in the country to death row is not as long as one might think. Squeaky Fromme, who tried to kill a president, was released from prison after 34 years. Teresa Youngblut faces bleaker prospects. Kevin Cullen is a Globe columnist. He can be reached at
Yahoo
a day ago
- Yahoo
Charting the Global Economy: Consumer Spending Weakens in US
(Bloomberg) -- US consumers are growing tired, according to fresh data that showed cutbacks in spending on big-ticket goods and services, extending a first-quarter demand slowdown. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Inflation-adjusted consumer spending dropped last month by the most since January. Americans also stepped back from the housing market as new-home sales slid by the most in three years. At the same time, Federal Reserve policymakers indicated they're in little rush to lower interest rates. In the euro area, business activity barely grew amid lingering uncertainty related to US tariffs and geopolitics. Meantime, profits at Chinese industrial firms sagged as the country battles deflationary forces. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics: US Consumer spending declined in May by the most since the start of the year, indicating elevated uncertainty around the Trump administration's economic policies is increasingly weighing on the outlook for growth. The latest figures suggest sluggish household demand, especially for services, extended into May after the weakest quarter for personal consumption since the onset of the pandemic. A flurry of Federal Reserve officials this week made clear they'll need a few more months to gain confidence that tariff-driven price hikes won't raise inflation in a persistent way. Fed Governors Christopher Waller and Michelle Bowman captured attention in the past week when they signaled they'd be open to lowering rates as soon as the Fed's July 29-30 meeting if inflation remains contained. New-home sales fell 13.7% in May, the most in almost three years, as rampant incentives from builders fell short of alleviating affordability constraints. The latest results show homebuilders are sitting on rising inventories amid mounting economic challenges, including mortgage rates stuck near 7%, higher materials costs due to tariffs and a slowing labor market. Europe German companies are the most upbeat about the economy in more than two years as an imminent boost to public spending outweighs concerns over US tariffs and wars in the Middle East and Ukraine. The euro area's private sector barely grew in June, remaining in limbo as erratic US trade policy and geopolitical conflicts leave companies in the dark on what's next. Surging grocery bills are threatening to slow the pace of the Bank of England's interest-rate cuts by raising the risk that inflation will stay elevated even as the UK economy shows signs of sputtering. The prices of staples including butter, beef and chocolate in May were up nearly 20% from a year earlier, contributing to the biggest annual jump in overall food prices since February 2024. Asia China's industrial firms saw their profits drop the most since October, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Industrial profits fell 9.1% in May from a year earlier. The deterioration bodes ill for business confidence and could make companies more reluctant to invest and hire. Apartment rents in Tokyo are rising at the fastest pace in 30 years in the latest sign for the Bank of Japan that the nation's inflation trend is spreading deeper through the economy. Rents in the capital climbed 1.3% from a year earlier in April and May for the largest gains since 1994, according to the Ministry of Internal Affairs. Emerging Markets Mexico's central bank again cut its benchmark interest rate by half a percentage point but it opened the door to smaller cuts going forward as policymakers worry the economy will continue to suffer headwinds after barely avoiding tipping into recession earlier this year. World In addition to Mexico's policy decision, central bankers in Paraguay, Morocco, Hungary, Thailand, Czech Republic, Guatemala, and Colombia all kept interest rates unchanged. --With assistance from Irina Anghel, Matthew Boesler, John Liu, Catarina Saraiva, Michael Sasso, Zoe Schneeweiss, Mark Schroers, Fran Wang, Alexander Weber and Erica Yokoyama. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 ©2025 Bloomberg L.P.
Yahoo
a day ago
- Yahoo
Scholz: No illusions about Putin's plans after Ukraine
Former German chancellor Olaf Scholz issued a strong warning against harbouring illusions about the further plans of Russian President Vladimir Putin at a party event on Saturday. The Kremlin leader wants to hold on to his partial conquest of Ukraine and would "like it to be even bigger," said Scholz in Berlin, where he was bid farewell from office by his Social Democrats (SPD). However, Putin must not succeed in shifting borders by force, Scholz said. In doing so in Ukraine, he had cancelled decades of understanding in post-war Europe. Consequences have been drawn from this turning point, he noted. "The Bundeswehr [German armed forces] will become stronger and cooperation within NATO has reached new dimensions. That is also right," said Scholz, stressing the importance and magnitude of the task. He also called on high earners to contribute more to financing the nation's defence capability instead of seeking tax cuts. "That's an interesting mathematical calculation," said Scholz. "I certainly believe that we are being called upon to show new solidarity in our country." Under Scholz, who was succeeded by Chancellor Friedrich Merz in May, Germany's ruling coalition committed to a €100-billion ($117-billion) development plan for the Bundeswehr. It also increased its arms exports to Ukraine following the 2022 invasion ordered by Putin. During the conference, delegates are discussing divisive issues including the party stance on Russia. Germany's SPD has been criticized for historical sympathies towards Moscow harboured within the party, especially in the wake of Russia's full-scale invasion of Ukraine. On Friday, German Defence Minister Boris Pistorius firmly rejected calls for a shift in policy towards Russia, pointing to the realities presented by Putin. Pistorius was responding to SPD grandee Ralf Stegner, the co-author of a position paper calling for a shift in Germany's approach to Russia.
