Financial

Euro-area banks cross borders, but their safety nets remain national Deregulation still increases credit growth and banking risk Europe needs shared regulation, resolution, and crisis support Eighty-one billion euros.

Food consumption tax cut to 1% weakens annual revenue base by $34.5 billion Additional bond issuance and refinancing costs likely to rise to fill funding gap Weak yen and rising import prices risk entrenching a fiscal-monetary vicious cycle Japanes

Wall Street hedges swell to record highs as surprise rate-hike bets gain traction Fed holds rates to await further data, prompting an unwinding of excessive tightening bets Warsh ushers in a new monetary-policy regime: “Watch the ball, not the referee”

CDS premiums surge across U.S.

Property downturn weakens both land-finance revenues and household wealth foundations State capital and policy finance deployed to build equity-market-centred capital circulation Stock-market boom coexists with real-economy stagnation, exposing limits of the growth transition

Dollar privilege can erode before formal displacement Higher borrowing costs outweigh the exchange-rate effect War accelerates shifts that markets have already begun One number should stop any reader cold.

U.S. productivity rose as firms removed pandemic-era excess Higher utilisation may explain more than AI The durability of the gains remains uncertain Since 2022, productivity growth in the U.S.

Credit Suisse weakened bail-in credibility Switzerland also protected its banking brand The precedent applies mainly to small financial centres Switzerland once made up to CHF 109 billion available over a single weekend

Musk warns that major SpaceX short positions have a low probability of survival Starship, a central pillar of SpaceX’s future growth, struggles to prove its technical capabilities Test flight scheduled for this month postponed twice in succession

Yen pressured by the Honebuto policy framework and expectations of persistently high US interest rates Markets positioned for further depreciation as the impact of official intervention proves temporary Takaichi government’s tax-cut agenda risks generating additional foreign-exchange instability

The RRF delivered strong early gains in fiscally constrained economies Greece led broad catch-up, Spain employment and Italy capital formation Lasting convergence still requires reform, productivity and private investment

The RRF supported recovery but implementation lagged Milestones improved control without guaranteeing outcomes Its deeper legacy is shared European fiscal capacity By May 2026, the Commis

The debt crisis exposed the euro’s missing fiscal shock absorber COVID-19 transformed common borrowing into practical policy Europe now needs a limited and accountable shared capacity In Jun

New UK Prime Minister Andy Burnham moving to abolish VAT on household electricity bills Economic agenda centered on devolution, reindustrialization, and expanded public housing Sweeping welfare reforms expected, including a universal National Care Service

Gold cannot provide instant dollar liquidity Dollar swap lines can contain funding shocks Argentina shows their power and political risk By the end of 2024, dollar borrowing accounted for roughly 90 percent of the $111 trillion i

The 2024 EU fiscal rules promised simpler budget surveillance Early evidence shows spending plans still react to growth surprises A clearer debt anchor would make adjustment more transparent The euro area opened the n

Takaichi government seeking to reduce the consumption tax on food to 1% Expanding fiscal commitments with no clear plan to replace lost revenue Political backlash expected when tax rate is restored, while business enthusiasm remains limited

Gold Retreats Despite Middle East Risks as Selling by Some Central Banks Draws Attention “Inflation Is Rising, Economy Remains Resilient”: Fed Lacks Case for Rate Cuts Higher-for-Longer U.S.

“Exit While Asset Values Are High”: US Data Center M&A Accelerates “Data Center-Ready Sites” with Transmission Lines and Substations Also Command Premium Prices Bidding War Emerges for SK’s Ulsan AI Data Center in South Korea A wave of sta

LCH Adds Offshore Renminbi-Denominated Chinese Government Bonds to Eligible Collateral Trade Settlement Lays the Foundation for Renminbi Internationalization Renminbi Financial Ecosystem Expands into Global Capital-Market Infrastructure London’