Euro zone consumer confidence rises to -14.0 in June

The Telegraph
Labour will come to regret its war on wealth
Non-doms are an easy target. Both Labour and the Tories have pledged to crack down on them – but there will be unintended consequences they will come to regret.
The Telegraph
This is the EU ancien regime’s last, contemptible hurrah
Growth has ground to a halt. The economy is falling further behind North America and Asia, and populist parties campaigning to overthrow the system are gathering strength all the time.
The Telegraph
Emmanuel Macron has done more damage than Liz Truss ever did
The director of the Bruegel think tank in Brussels once asked what would happen if a eurozone state ever attempted a variant of Trussonomics, without the protection of its own sovereign central bank and policy instruments. We may find out as soon as the first round of voting in the French elections this Sunday.
The Telegraph
Britain’s paltry savings are in Labour’s crosshairs
There’s little more than a week to go before the almost inevitable handover of power from the Conservatives to Labour, and still it’s hard to make out precisely what to expect from the new government.
The Telegraph
How the Bank of England could hand Starmer a £11bn windfall
Changes to the Bank of England’s bond-selling process could hand Sir Keir Starmer up to £11.6bn a year, economists have predicted.
The Guardian
Australia’s inflation rises to 4%, stoking concern interest rates could increase again
The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soon
Reuters
Who owns France's debt and why it matters
President Emmanuel Macron's shock snap election has rocked France's bond market, the largest in the euro zone, as a strong showing for the far right and left wing parties in opinion polls exacerbates concerns about fiscal sustainability. Earlier in June, the risk premium France pays for its debt on top of Germany's neared levels last seen in 2012, during the euro zone debt crisis. The question is how much more turmoil the two-round elections on June 30 and July 7 could sow in bond markets.
The Independent
July 2024 dates for benefits and pensions after cost of living payments
The UK’s cost of living will be a major talking point in the run up to July’s general election
Yahoo Finance UK
Pensioners £900 better off from tax and benefit changes
Pensioners ‘have been biggest winners from tax and benefit changes since 2010’
Reuters
Analysis-France may be next test of the euro's foundations
FRANKFURT/PARIS (Reuters) - "Because it's France" was how Jean-Claude Juncker, European Commission president at the time, explained Brussels' decision in 2016 to give leeway to the large, founder member of the European Union on the bloc's budget rules. That patience continued even as the EU endured a sovereign debt crisis that almost sunk the euro and forced smaller, more indebted nations such as Greece and Portugal to adopt swingeing austerity measures. But any indulgence for French exceptionalism may come to an end if France's snap election produces a eurosceptic, far-right government in Paris that could strain ties with other European capitals and test the very foundations of the euro project.
Reuters
Russian oil and gas revenues set to rise by 50% y/y in June, Reuters calculations show
Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 billion, Reuters calculations showed, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions. These revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade. The military conflict in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian oil and gas income that accounts for about a third of the country's federal budget.
The Telegraph
Forget the ‘worst economic inheritance since the war’ – Labour could get very lucky indeed
“Change through economic stability”. This is the mantra which is about to float Sir Keir Starmer’s Labour Party to an overwhelming majority in next week’s general election.
The Telegraph
True cost of Labour’s net zero target revealed in audio leak
Reaching Labour’s target for decarbonising the economy will cost “hundreds of billions” of pounds, a shadow minister has disclosed in a recording obtained by The Telegraph.
Barrons.com
Fed Officials Are Talking About 3 Scenarios. Here’s What They Mean for Rates.
Faced with uncertainty, Fed officials are offering various scenarios for the economy and interest rates.
PA Media: UK News
Half of local authorities not confident on September childcare rollout – report
The major concern about being able to deliver the funded childcare expansion is the local workforce, according to charity Coram.
Bloomberg
Kenyan Protests Over New Taxes Leave Five People Dead
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Barrons.com
The Fed’s Higher for Longer Policy Is Breaking the Yen
The yen weakened to nearly 161 versus the dollar on Wednesday, a level last seen in 1986. Fed cuts and BoJ hikes are needed to reverse the trend.
Euronews
Bulgaria can’t join the eurozone due to high inflation, ECB says
Sofia had expressed hopes it could join the EU currency zone in the middle of next year, but must meet tough economic criteria.
The Telegraph
Ferrari to offer €7,000 subscription fee to replace electric car batteries
Ferrari is to charge customers a €7,000 (£5,900) annual subscription fee in exchange for free battery replacements amid fears of burnout in its supercars.
Insider Monkey
The Biggest Economy in the World by the End of 2024
We recently compiled a list of the 50 Biggest Economies in the World by the End of 2024 and in this article we will look at the country that topped our rankings. A Brief Analysis of the World Economic Outlook According to the United Nations, the global economic outlook has improved since January. The global […]

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Euro zone consumer confidence rises to -14.0 in June

Latest stories

Labour will come to regret its war on wealth

This is the EU ancien regime’s last, contemptible hurrah

Emmanuel Macron has done more damage than Liz Truss ever did

Britain’s paltry savings are in Labour’s crosshairs

How the Bank of England could hand Starmer a £11bn windfall

Australia’s inflation rises to 4%, stoking concern interest rates could increase again

Who owns France's debt and why it matters

July 2024 dates for benefits and pensions after cost of living payments

Pensioners £900 better off from tax and benefit changes

Analysis-France may be next test of the euro's foundations

Russian oil and gas revenues set to rise by 50% y/y in June, Reuters calculations show

Forget the ‘worst economic inheritance since the war’ – Labour could get very lucky indeed

True cost of Labour’s net zero target revealed in audio leak

Fed Officials Are Talking About 3 Scenarios. Here’s What They Mean for Rates.

Half of local authorities not confident on September childcare rollout – report

Kenyan Protests Over New Taxes Leave Five People Dead

The Fed’s Higher for Longer Policy Is Breaking the Yen

Bulgaria can’t join the eurozone due to high inflation, ECB says

Ferrari to offer €7,000 subscription fee to replace electric car batteries

The Biggest Economy in the World by the End of 2024