BLOOMBERG A gauge of New York state manufacturing activity slumped in May by the most in more than three years as orders and shipments shrank abruptly. The Federal Reserve Bank of New York’s general business conditions index dropped 42.6 points to minus 31.8 in May, data showed. Readings below zero indicate contraction and the gauge was weaker than all estimates …

BLOOMBERG The European Commission raised its euro-zone inflation outlook and warned of “persistent challenges” even as it acknowledged the resilience of the region’s economy. Citing the strength of underlying pressures, European Union (EU) officials lifted their projections for consumer-price growth to 5.8% this year and 2.8% in 2024 from 5.6% and 2.5% respectively. Forecasts for economic expansion were also increased …

BLOOMBERG UBS Group AG is gearing up for an estimated $34.8 billion gain as a result of its emergency takeover of Credit Suisse Group AG, while warning it faces billions in potential legal and regulatory costs from the rescue of its stricken former rival. The Swiss bank stands to benefit from the combined firms’ negative goodwill, based on a first …