Bloomberg Corporate distress in Europe’s biggest markets is near a two-year high as inflation and higher interest rates squeeze indebted firms. Companies in Germany, the UK, France, Spain and Italy are the most distressed since August 2020, according to the Weil European Distress Index. The study aggregates the data from more than 3,750 listed European firms. “If this upward ...

  Bloomberg President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters at Rehoboth Beach, Delaware. “I think we’re going to ...

  Bloomberg Swiss watch exports to China plunged for the second month in a row as the Covid-19 lockdowns battered demand. Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said on Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion ...