World economy
China’s Covid policy locks down a city three times the size of New York
The Huangpu River splits the Chinese city of Shanghai between the older settlement on the west and the newer, financial center on the east. Johannes Eisele | Afp | Getty Images China’s latest wave of Covid restrictions has forced millions of people — roughly three times as many as live in New York City — […]
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China’s lockdowns are a greater threat to inflation today than in 2020, Bernstein says
China’s automobile and component exports more than doubled in 2021 from a year ago, exceeding 30% growth in China’s exports overall, Bernstein analysts found. Yi Fan | Visual China Group | Getty Images BEIJING — China’s latest Covid lockdowns are a greater risk for global inflation today than they were in 2020, Bernstein analysts said. […]
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European stocks rise as ECB confirms end of bond buying; Ericsson down 5%
The pan-European Stoxx 600 nudged 0.5% higher by mid-afternoon, with travel and leisure stocks gaining 2.5% while telecoms dropped 0.4%. The ECB kept its monetary policy unchanged but confirmed it will end its bond buying in the third quarter. Once the bond buying program is completed, the ECB is expected to begin hiking interest rates, following […]
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Chinese EV maker Nio says it’s gradually resuming production after Covid halt
In February 2020, Nio got a lifeline of financing support led by the government of Hefei city, where the electric car start-up has established its China headquarters. Qilai Shen | Bloomberg | Getty Images BEIJING — Chinese electric car company Nio said Thursday it is gradually resuming production at a facility several hours’ drive west […]
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Ukraine war could mark the most dangerous moment since the Cuban missile crisis, says ‘Sapiens’ author
Israeli author, historian and professor Yuval Noah Harari has spoken out frequently against President Vladimir Putin’s war in Ukraine, adding that it has had the unintended consequence of forging greater unity between Europe and the U.S. Kristof Van Accom | AFP | Getty Images Seven weeks into Russia’s war with Ukraine, still escalating tensions position […]
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Texas keeping most truck inspections despite border gridlock
Truckers returning from the United States wait near their trailers while stranded at a protest, by Mexican truck drivers blocking the Zaragoza-Ysleta International Bridge connecting the city of Ciudad Juarez to El Paso, Texas, against truck inspections imposed by Texas Governor Greg Abbott, in Ciudad Juarez, Mexico April 11, 2022. Jose Luis Gonzalez | Reuters […]
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Want to understand Turkey’s brutal inflation? Look at the price of plums
Shoppers stroll the aisles of a bazaar in Konya, Turkey. The country is experiencing brutal inflation, with food and non-alcoholic beverage prices rising 70.3% year over year for March. Diego Cupolo | Nurphoto | Getty Images For Turks, the humble green plum (“erik” in Turkish) represents the start of spring. An intensely sour fruit, it’s […]
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European stocks slide 1.2% after undisclosed investor sells stakes in German banks; Deutsche Bank tanks 9.5%
LONDON — European markets sank Tuesday morning as traders monitored heaving selling in the banking sector, and looked ahead to key central bank meetings and U.S. inflation prints. The pan-European Euro Stoxx 600 index was down 1.2% in early deals, with the German DAX dropping 1.8% and the banking sector falling 2.3%. Reports on Monday […]
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In the U.S., consumers are paying more for everything. In China, the inflation problem is very different
Transportation fuel prices rose by 24.1% in China in March 2022 from a year ago, the largest increase within the country’s consumer price index. Vcg | Visual China Group | Getty Images BEIJING — Persistent inflation in China narrows the window for when the People’s Bank of China can cut interest rates and support growth, […]
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New omicron XE Covid variant first detected in the UK spreads to Japan as cases rise
As of April 5 2022, 1,125 cases of XE — a new scombinant subvariant — have been identified in the U.K., up from 637 on March 25. Dominic Lipinski | Pa Images | Getty Images Japan has reported its first case of omicron XE — a new Covid-19 strain first detected in the U.K. — […]
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