US retail sales fall by most in 2 years as Trump tariffs distort spending
Weakness attributed to reversal of rush to buy cars before trade levies were announced as well as wet weather
International - Financial Times - Credit Squeeze
Era of Bund scarcity is over, says German debt chief
Finance agency board member points to major change in Eurozone’s core sovereign bond market
Canada is finally backing out of its corner
Government leaders from across the political spectrum are working together to safeguard the country’s long-term prosperity
Central banks struggle with dodgy data
Stresses in data collection are impossible to ignore. Plus, the first signs of tariff inflation show up
FirstFT: Trading helps Wall Street’s banks offset tepid takeover activity
Also in today’s newsletter, US president exits G7 summit early and how the culture wars are remaking advertising
The era of sudden shocks — revisited
Still kind of a big thing
Global oil supplies forecast to outstrip demand this year despite Middle East war
International Energy Agency expects production to rise by 1.8mn barrels a day in 2025
Central banks plan to boost gold reserves and trim dollar holdings
Geopolitical risks and worries about status of the greenback likely to drive further demand for bullion, survey shows
Global Brands
Brand owners have rarely faced a more testing period, given the need to carefully navigate rapidly shifting political and cultural conventions to reach consumers who are increasingly polarised and atomised in their tastes and views
Chinese brands extend global reach
Spending on social media and AI has helped fuel rapid expansion into overseas markets
This is Europe’s ‘global euro’ moment
But greater international prominence will not happen by default — it must be earned
Inflation error fuels concern about UK economic data
Investors are turning to alternative models after drip of problems with ONS figures
EU spurns economic dialogue with China over deepening trade rift
Talks to lay groundwork for leaders’ summit in Beijing next month derailed by escalating tensions
Trump signs executive order to implement US-UK trade deal
British carmakers and aerospace manufacturers poised to secure quick benefits, but steel producers await further details
Trump sceptical of imposing new sanctions on Russia
G7 allies and US members of Congress have encouraged president to increase pressure on Moscow
Israel-Iran tensions test central banks’ appetite for rate cuts
Middle East hostilities likely to heighten caution as Fed and BoE prepare to meet
Easing off the green squeeze doesn’t make the EU a development hero
Delaying and simplifying regulations on deforestation is a limited help for emerging market exporters
EU too slow in staving off Trump’s tariff war, says Juncker
Former European Commission president criticises his successor for not engaging personally with US leader
China retail sales jump while industrial growth slows on trade war turmoil
Strong consumer spending provides ‘bright spot’ for economy grappling with higher US tariffs
Israel-Iran war crashes on to agenda at Canada’s G7 summit
Also in this newsletter: Can Europe wean itself off the last vestiges of Russian fossil fuels?
Global Economy
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