International News

Bloomberg Italy’s manufacturing sector saw more rapid expansion last month, bucking the general weakening trend in the region as Prime Minister Mario Draghi tries to spur growth in the euro area’s third-largest economy. The Netherlands, Ireland and Greece also recorded stronger performances in surveys of purchasing managers by IHS Markit. With Germany, France and Spain lagging behind, momentum in the ...

Bloomberg Germany expects growth this year to be significantly weaker than predicted, as the lingering effects of the pandemic and a supply squeeze hinder a revival of Europe’s biggest economy. The cut in the 2021 outlook to 2.6% — compared with a prediction of 3.5% published at the end of April — reflects a scarcity in some raw materials and ...

Bloomberg The record steel rally is starting to show early signs of cooling, with one top US producer scouring for buyers to take over abandoned orders of high-end metal used by automakers. US Steel Corp is offering metal originally earmarked for automotive customers who opted not to take up their full orders, an indication that an ongoing semiconductor shortage is ...

Bloomberg Joe Biden’s proposed incentives for US electric-car buyers could be challenged as unfair and a violation of the new North American trade pact, a Canadian auto-industry leader warned. The White House plan as part of the president’s latest budget package, would offer buyers of vehicles made by unionised US workers an additional $4,500 in credits above the $7,500 available ...

Bloomberg Brazil’s stocks, bonds and currency are posting some of the worst returns in the world this month amid deteriorating public finances, a worsening growth outlook and political turmoil. The Ibovespa stock benchmark posted its fourth straight month of losses, its worst run since 2014, and closed in a bear market, down 21% from its June peak. The real has ...

Bloomberg Chile’s jobless rate falls for a sixth straight month and retail sales rose, adding to growing evidence of recovery in one of Latin America’s richest economies. Unemployment falls 0.1 percentage points to 8.4% in the three months through September, but fell short of the 8.3% median estimate in a Bloomberg survey, the National Statistics Institute reported. The labour force ...

Bloomberg Argentina will allow foreign tourists to transfer dollars into a local account and exchange them to pesos at a more lucrative parallel exchange rate, bypassing capital controls in a bid to lure travelers. Tourists traveling from abroad can open a temporary bank account in Argentina before their trip and transfer up to $5,000 into the country, the central bank ...

Bloomberg Canada’s economic growth unexpectedly faltered at the end of the third quarter, casting doubts on the strength of the nation’s recovery. Gross domestic product was little changed in September, according to a preliminary estimate from Statistics Canada, while the expansion was a less-than-expected 0.4% in August. Overall for the third quarter, the economy grew by 0.5%, or an annualised ...

Bloomberg US employment costs rise at the fastest pace on record in the third quarter as companies across a variety of sectors raised wages against a backdrop of labour shortages. The employment cost index, a broad gauge of wages and benefits, rise 1.3% from prior quarter, according to Labour Department data. The gauge increased 3.7% from a year earlier. Compensation ...

Bloomberg The US posted the second-largest annual budget deficit on record for 2021 as pandemic-relief spending sustained the federal government’s massive borrowing needs. The deficit for the fiscal year through September was $2.77 trillion, compared with the $3.1 trillion peak seen in the previous year, a Treasury Department report shows. Treasury Secretary Janet Yellen and acting White House budget director ...