Rating agency S&P sends debt warning to US, France and other top economies

Yahoo Finance Canada
Canada's housing crisis has nearly 40% of immigrants considering moving: Poll
"As more immigrants seek the Canadian dream from abroad, many who arrived in recent years have discovered less of a dream and more of a nightmare."
GOBankingRates
I’m Voting for Trump: This Is What I Want To See Him Do for the Economy
Jayon Evans*, 37, a police officer in New City, New York (which has a population of close to 35,000 people), has been utterly unimpressed with -- if not downright disgusted by -- the work of the Biden...
Business Insider
Russia's economy is so driven by the war in Ukraine that it cannot afford to either win or lose, economist says
"A protracted stalemate might be the only solution for Russia to avoid total economic collapse," one economist says.
Reuters
C$ climbs to 8-day high as U.S. data pressures greenback
The Canadian dollar strengthened to its highest level in more than one week against its U.S. counterpart on Wednesday as oil prices rose and economic data added to recent evidence of a slowdown in U.S. activity. The loonie was trading 0.3% higher at 1.3636 to the U.S. dollar, or 73.34 U.S. cents, after touching its strongest intraday level since June 25 at 1.36175. "It is more of a U.S. story than a Canadian one," said Tony Valente, senior FX dealer at AscendantFX.
The Canadian Press
Statistics Canada says merchandise trade deficit widened to $1.9B in May
OTTAWA — Canada's merchandise trade deficit widened to $1.9 billion in May as exports fell to their lowest level since July last year.
The Canadian Press
More rental housing development needed despite recent rise: RBC economist
Rental housing construction in Canada has picked up significantly and is expected to keep growing this year, according to a new RBC report.
Business Insider
The real estate market is in for sharp correction with losses that could take a decade to recover from, strategist says
Residential and commercial property prices could fall as much as 30% over the next few years, one strategist is predicting.
Reuters
China-built EVs hit with duties in biggest EU trade case yet
BRUSSELS (Reuters) -The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. There is however a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides as Beijing threatens wide-ranging retaliation. The European Commission's provisional duties of between 17.4% and 37.6% without backdating are designed to prevent what its president Ursula von der Leyen has said is a threatened flood of cheap EVs built with state subsidies.
Fortune
Desperate for growth, Portugal backtracks on hostility to digital nomads as its tax breaks for skilled foreigners return
The country's former prime minister called the tax breaks a "fiscal injustice" that drove up house prices.
Reuters
EU governments hesitant on Chinese EV tariffs as trade spat escalates
BRUSSELS/LONDON (Reuters) -EU countries are wavering over whether to back additional tariffs on Chinese-built electric vehicles, highlighting Brussels' challenge in building support for its largest trade case yet as Beijing threatens wide-ranging retaliation. Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers. The issue will be put to members in an advisory vote in the coming weeks, the first official test of support in a landmark case for the Commission.
Bloomberg
US-Led Rising Debt Across G-7 Stokes S&P and Scope Concerns
(Bloomberg) -- Relentlessly rising debt in the US and rich-world peers was highlighted by two credit-assessment companies, with S&P Global Ratings warning that only acute market pressure can alter the trajectory.Most Read from BloombergBiden’s Fourth of July Shrouded by Pressure to Drop 2024 BidKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsHouse Democrats Consider Demanding Biden Withdraw From RaceNewsom Shocks California Politics by Scrapping Crime MeasureChina Can E
Bloomberg
Fed Sought More Evidence of Cooling Inflation, June Minutes Show
(Bloomberg) -- Federal Reserve officials said they were awaiting additional evidence that inflation is cooling and were divided on how long to keep interest rates elevated at their last policy meeting.Most Read from BloombergBiden Struggles to Contain Mounting Pressure to Drop Out of RaceHouse Democrats Consider Demanding Biden Withdraw From RaceChina Can End Russia’s War in Ukraine With One Phone Call, Finland SaysKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsUS Alli
Bloomberg
Treasuries Snap Losing Streak Amid Signs US Economy Is Slowing
(Bloomberg) -- Treasury yields declined Wednesday in a holiday-shortened US trading session after weaker-than-anticipated reports on service-sector and labor-market activity.Most Read from BloombergBiden Struggles to Contain Mounting Pressure to Drop Out of RaceHouse Democrats Consider Demanding Biden Withdraw From RaceChina Can End Russia’s War in Ukraine With One Phone Call, Finland SaysKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsUS Allies Say China Is Developing
Bloomberg
Stocks Hit Fresh Highs as Weak Data Sink US Yields: Markets Wrap
(Bloomberg) -- Wall Street traders sent stocks higher as bonds yields fell after a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year.Most Read from BloombergBiden Struggles to Contain Mounting Pressure to Drop Out of RaceKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsHouse Democrats Consider Demanding Biden Withdraw From RaceChina Can End Russia’s War in Ukraine With One Phone Call, Finland Say
The Canadian Press
S&P/TSX composite gains 20 points Thursday with U.S. markets closed for July 4
TORONTO — Canada's main stock market eked out a gain on Thursday, helped by strength in the telecom, utility and energy sectors.
Reuters
Lula approves spending cuts to meet Brazil's fiscal framework, says minister
BRASILIA (Reuters) -Brazil's President Luiz Inacio Lula da Silva ordered his economic team on Wednesday to comply with the country's fiscal framework, and approved suggestions of spending cuts, the country's finance minister told journalists. Brazilian assets had suffered a sell-off in recent weeks as markets feared fiscal deterioration amid a government reluctance to cut spending, which led to investors' concerns about the government's ability to comply with the fiscal framework approved last year. On Wednesday, however, the Brazilian real rose nearly 2% against the U.S. dollar in spot trading, as market participants awaited details from Lula's meeting with his economic team, and after the president said earlier in the day that his government would remain committed to fiscal responsibility.
Reuters Videos
Japan sees biggest pay hikes in 33 years - survey
STORY: Japanese companies delivered the biggest wage hikes in three decades this year.That's according to the nation's largest union on Wednesday.It said monthly pay was up 5.1% on average this year, with both big and small firms following the trend.The outcome of what's called the 'shunto' - or spring labor negotiations - is seen as key for Japan to achieve a positive cycle of economic recovery.It would help improve household income and consumption to outweigh the rising cost of living.Any positive and self-sustaining growth could also help policymakers put an end to deflation.It might also bring the Bank of Japan closer to further interest rate hikes.In mid-March, major firms said pay raises had accelerated to 5.28%, which was the biggest since the 1990s. The central bank then made its landmark decision to end negative interest rates.But income inequalities remain, with small firms finding it hard to offer big wage increases.To address such issues, Prime Minister Fumio Kishida's administration has vowed to raise minimum hourly pay to 1,500 yen - or $9.27 - from around 1,000 yen by the mid-2030s.
Reuters
ECB must not rush into next rate cut, Vasle says
A host of risks could still derail euro zone disinflation, so the European Central Bank should not rush into its next interest rate cut, Slovenia's central bank governor Bostjan Vasle said on Wednesday. The ECB lowered rates in June and signalled more easing in the coming months but made no commitment about the timing of the next move, leaving markets guessing and policymakers to debate the issue. Vasle, a conservative on the 26-person Governing Council said there was no urgency for further action since the current policy setting was not suffocating economic growth and inflation could still prove surprisingly stubborn.
Barrons.com
12 Stocks to Buy Before the Fed Cuts Rates
The next move is almost certainly lower, which should benefit dividend payers, home builders, and auto makers.
Reuters
Stocks stretch record run, pound pauses as UK votes
World stocks clocked up more record highs on Thursday after U.S. data narrowed the odds on a September Fed interest rate cut, while Europe was on politics watch again as UK voters headed to the polls in national elections. The July 4 holiday in the United States made for thin trading, amplified as investors sat on their hands to see just how large a majority the Labour Party might get when the UK's election exit poll and results start coming out around 2100 GMT. Markets are well prepared for a change given opinion polls have for months put the centre-left party on course for a landslide victory over the Conservatives, who have held power for 14 years through both Brexit and the COVID-19 pandemic.

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Rating agency S&P sends debt warning to US, France and other top economies

Latest Stories

Canada's housing crisis has nearly 40% of immigrants considering moving: Poll

I’m Voting for Trump: This Is What I Want To See Him Do for the Economy

Russia's economy is so driven by the war in Ukraine that it cannot afford to either win or lose, economist says

C$ climbs to 8-day high as U.S. data pressures greenback

Statistics Canada says merchandise trade deficit widened to $1.9B in May

More rental housing development needed despite recent rise: RBC economist

The real estate market is in for sharp correction with losses that could take a decade to recover from, strategist says

China-built EVs hit with duties in biggest EU trade case yet

Desperate for growth, Portugal backtracks on hostility to digital nomads as its tax breaks for skilled foreigners return

EU governments hesitant on Chinese EV tariffs as trade spat escalates

US-Led Rising Debt Across G-7 Stokes S&P and Scope Concerns

Fed Sought More Evidence of Cooling Inflation, June Minutes Show

Treasuries Snap Losing Streak Amid Signs US Economy Is Slowing

Stocks Hit Fresh Highs as Weak Data Sink US Yields: Markets Wrap

S&P/TSX composite gains 20 points Thursday with U.S. markets closed for July 4

Lula approves spending cuts to meet Brazil's fiscal framework, says minister

Japan sees biggest pay hikes in 33 years - survey

ECB must not rush into next rate cut, Vasle says

12 Stocks to Buy Before the Fed Cuts Rates

Stocks stretch record run, pound pauses as UK votes