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The Latest Breaking News from GDP

Canadians have lots of reasons to be skeptical about increased defence spending

Leaked documents from the Pentagon have revealed what many suspected: Justin Trudeau’s Liberal government has no intention of meeting the NATO defence spending target of two per cent of GDP.

The Conversation

BoT sees strong GDP growth in Q1

The Bank of Thailand (BoT) believes gross domestic product (GDP) growth in the first quarter should beat the previous quarter thanks to continued recovery supported by private consumption and tourism.

Bangkok Post

The Federal Reserve and the art of navigating a soft landing ... when economic data sends mixed signals

With inflation easing and the U.S. economy cooling, is the Federal Reserve done raising interest rates? After all, gently bringing down the trajectory of prices without crashing the economy was the central bank’s objective when it began jacking up rates over a year ago.

The Conversation

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S&P Futures Tick Lower Ahead of Key U.S. Inflation Data

June S&P 500 futures (ESM23) are trending down -0.33% this morning after three major U.S. benchmark indices rallied on Thursday as technology stocks continued to shine, while investors braced for a reading on the Federal Reserve’s preferred inflation gauge.

Barchart

Germany narrowly escapes recession as economy flatlines, underperforming expectations

However, investors may take confidence from elsewhere in Europe, as France and Italy both returned to growth

Evening Standard

U.S. GDP growth delays the long-predicted recession—again

The Federal Reserve has more work to do to ease inflation—which is why so many see a recession ahead.

Fortune

The latest GDP numbers have economists fearing more than just a recession: ‘The U.S. might well be facing stagflation’

“This morning’s data was the worst of both worlds, with growth down and inflation up,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance.

Fortune

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Stock Index Futures Move Higher as Investors Await Key U.S. GDP Data, Meta Surges on Upbeat Earnings

June S&P 500 futures (ESM23) are up +0.46%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.79% this morning as market participants digested consensus-beating results from Meta Platforms while awaiting U.S. GDP reading to gauge the strength of the U.S. economy.

Barchart

Scotland’s GDP remains below pre-pandemic levels

Economy grew by 0.2% in the final quarter of last year, but remains 0.4% below the same period in 2019

Insider UK

Poland has changed beyond recognition – and so has its place in Europe’s pecking order

Since 1989 my family has gone from farm labourers to high achievers. Something similar has happened to my country, says social scientist Anna Gromada

The Guardian - UK

9.9% increase in taxes collected in 2022-23

Tax receipts equated to 31.4% of GDP in 2022 -23, according to HM Revenue and Customs figures.

The Independent UK

Schizophrenia being displayed at the IMF

It has taken far too long, but it seems that the International Monetary Fund has finally internalised some hard truths about sovereign-debt reduction. Chief among them is that growing economies have an easier time repaying. As such, fiscal consolidation -- the organisation's favoured strategy -- undermines efforts to reduce debt-to-GDP…

Bangkok Post

U.S. spent more on military in 2022 than next 10 countries combined

Global defense spending hit record $2.2 trillion last year.

Axios

Defence spending in western and central Europe tops last year of cold war

Stockholm International Peace Institute’s annual report finds UK was region’s biggest spender in 2022 at $68.5bn

The Guardian - UK

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The Conversation

Justin Trudeau and NATO: The problem with Canadian defence isn’t cash, it's culture

A recent open letter signed by 61 Canadian retired security professionals called on Canada to meet its commitment to NATO’s goal of two per cent of GDP in defence spending. It was quickly followed by a Washington Post revelation that Canada will never meet that target.

Caixin Global

Weekly Must-Read: China’s First-Quarter GDP Grows 4.5% on Pick-Up in Consumption, Industrial Production

The figure beats expectations and surpasses the 2.9% growth rate for the fourth quarter, when the country was still sticking to its stringent ‘zero-Covid’ policy most of the time

Reason

The Biden Administration Reduced the Debt-to-GDP Ratio in the Worst Possible Way

The main driver behind the reduction is inflation—inflation that politicians created with their irresponsible spending.

Tribune News Service

Commentary: Biden’s stall tactics won’t fix the federal government’s finances or bring down inflation

If you listen to Treasury Secretary Janet Yellen or President Joe Biden, it sounds like the country will implode if Congress fails to raise the debt ceiling in a couple months. But Biden’s words don't match his actions.

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Bangkok Post

ASPS lists stock picks for Chinese recovery

Asia Plus Securities (ASPS) says investors should consider 20 stocks that are expected to benefit from a Chinese economic recovery after the country's first-quarter GDP grew by 4.5%, the highest in a year.

Barchart

Dollar Slips as T-Note Yields Fall

The dollar index (DXY00 ) on Tuesday fell by -0.36% as T-note yields declined. Also, strength in the Chinese yuan Tuesday undercut the dollar after China's Q1 GDP expanded more than forecast. Hawkish comments Tuesday from St. Louis Fed President Bullard and Atlanta Fed President Bostic provided underlying support for...

France 24

‘Recovering from Covid’: Chinese economy grows 4.5% in first quarter of 2023

China's economy grew faster than expected in the beginning of the year at 4.5 percent, on the back of strong export and infrastructure investment figures. GDP is bouncing back after the country put an end to its so-called "Zero-Covid" policy and as the government has pledged to do more to…

The Guardian - UK

FTSE 100 racks up eighth day of gains despite rising insolvencies and unemployment – as it happened

More firms are at risk of tipping from ‘danger’ to ‘distress’, experts warn, as businesses are hit by soaring costs and weak economy

Bangkok Post

Region's state debt reaches 18-year high

The average government debt level in Asia-Pacific is at an 18-year high, with most developing economies in the region trying to stabilise it at current levels by 2027, according to recent research.

The Conversation

Debt dangers in Africa: how defaults hurt people, and why forgiveness isn’t the answer

Public debt repayments in some African countries are at their highest levels since 1998. The Conversation Africa’s founding editor Caroline Southey talks to dean and economics professor Philippe Burger about the danger of debt problems some African countries face.

Asharq Al-Awsat

Oil Steady as Market Awaits China GDP Data

Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. Brent crude futures nudged 7 cents lower to $86.24 a barrel by 0746 GMT, while US West Texas Intermediate crude was at $82.47 a barrel, down 6…

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