01 June

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Fed’s Brainard: Economy making ‘welcome progress,’ but still ‘far’ from goals By Reuters

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By Howard Schneider and Ann Saphir WASHINGTON (Reuters) - The United States is making progress towards the Fed's maximum employment and 2% inflation goals, but the depth of the remaining problem still requires the central bank not jump the gun in starting to tighten monetary policy, Fed Governor Lael Brainard said on Tuesday. "While we are far from our goals today, we are seeing welcome progress, and I expect to see further progress," Brainard said in remarks prepared for delivery to the Economic Club of New York. But "jobs are down by between 8 and 10...

01 June

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Inter Milan looking to clinch debt refinancing deal by year end – source By Reuters

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MILAN (Reuters) - Italy's Inter Milan aims to roll over a 375 million-euro ($459 million) bond by year end, a source close to the matter said, after the Serie A champions secured fresh financing through a deal with investment firm Oaktree Capital Group. Inter, controlled by Chinese retail giant Suning, have been hard hit by fallout from the COVID-19 pandemic as matches are played in nearly empty stadiums and companies have cut sponsorship budgets. Restrictions for soccer club spending imposed by Chinese authorities have further complicated matters. To shore up the club's finances, Suning last...

01 June

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S&P 500 Gives Up Gains as Tech, Healthcare Stumble Offsets Energy Rally By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 gave up gains Tuesday, as energy-led jump in value stocks was offset by weakness in tech and healthcare. The S&P 500 fell 0.03%, the Dow Jones Industrial Average was up 0.17%, or 60 points, and the Nasdaq Composite slipped 0.06%. Energy jumped more than 4% as U.S. oil prices rose to their highest levels since October 2018 on bets of increasing energy demand after OPEC and its allies reportedly agreed to raise production by about 450,000 barrels per day starting July. Financials, mostly banks were boosted by a...

01 June

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Canada shares higher at close of trade; S&P/TSX Composite up 1.48% By Investing.com

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Investing.com – Canada equities were higher at the close on Tuesday, as gains in the Energy, Consumer Discretionary and IT sectors propelled shares higher. At the close in Toronto, the S&P/TSX Composite added 1.48% to hit a new all time high. The biggest gainers of the session on the S&P/TSX Composite were BlackBerry Ltd (TSX:BB), which rose 12.26% or 1.52 points to trade at 13.92 at the close. Westport Fuel Systems Inc (TSX:WPRT) added 10.18% or 0.75 points to end at 8.12 and Inter Pipeline Ltd (TSX:IPL) was up 8.38% or 1.47 points to 19.02 in...

01 June

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U.S. Manufacturing Expands at Faster Pace on Stronger Orders By Bloomberg

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(Bloomberg) -- U.S. manufacturing expanded at a faster pace in May, propelled by stronger orders growth that underscores sustained, robust demand. A measure of factory activity rose to 61.2 from 60.7 a month earlier, according to data released Tuesday by the Institute for Supply Management. Readings above 50 indicate expansion, and the May figure was about in line with projections. The report also showed still-elevated input prices and a fresh high in order backlogs. The increase in the group’s gauge of new orders -- just below a more than 17-year high -- and the longest delivery...

01 June

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World Bank chief says $12 billion in vaccine funds available, need to speed supplies By Reuters

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WASHINGTON (Reuters) - The World Bank now has $12 billion in COVID-19 vaccine financing available and will have approved vaccination financing operations in over 50 countries by the end of June, the development lender's president, David Malpass, said on Tuesday. Malpass told a joint news conference with the World Health Organization, the International Monetary Fund and the World Trade Organization that it was "vital that we speed up the supply chain for vaccine distribution," including shortening the manufacturing time, approvals and allocations of doses that have already been produced. ...

01 June

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Exclusive: U.S. agency not doing its job to halt tech to China’s military – congressional report By Reuters

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By Karen Freifeld (Reuters) - The U.S. Commerce Department is failing to do its part to protect national security and keep sensitive technology out of the hands of China's military, according to a U.S. congressional advisory report seen by Reuters. The U.S.-China Economic and Security Review Commission report, due to be published on Tuesday, said the Commerce Department had been slow to create a list of sensitive technology that should be scrutinized before export to China. The lag in developing the list of emerging and foundational technologies, as required by a 2018 law, may...

01 June

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Weakening economic ties to EU to dampen Swiss growth – Fitch By Reuters

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ZURICH (Reuters) - The Swiss government's ditching of a draft treaty cementing ties with the European Union, its biggest trading partner, will lead to lower Swiss economic growth, ratings agency Fitch said on Tuesday. Faced with stiff domestic opposition to the pact, the cabinet said last week it would break off talks with the bloc, which surrounds landlocked Switzerland. "Failure to update the bilateral relationship between Switzerland and the EU will lead to the gradual erosion of existing accords and lower Swiss economic growth over time than would otherwise have been the case," Fitch said. ...

01 June

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Large North American meat plants stop slaughter after JBS cyberattack By Reuters

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(Corrects location of Grand Island plant in paragraph 17 from Michigan to Nebraska) By Tom Polansek and Mark Weinraub CHICAGO (Reuters) - JBS canceled shifts at large U.S. and Canadian meat plants on Tuesday after the company was hit by a cyberattack over the weekend, threatening to disrupt food supply chains and further inflate food prices. The attack caused JBS's Australian operations to shut down on Monday. The company, the world's largest meatpacker, said it was working to resolve the incident, which has stopped livestock slaughter in JBS plants in several U.S. states. "On Sunday,...

01 June

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EU Commission to borrow 80 billion euros in 2021 to finance recovery By Reuters

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BRUSSELS (Reuters) - The European Commission is set to borrow about 80 billion euros ($97.76 billion) this year in long-term bonds to finance the European Union's plan for economic revival after the pandemic, the EU executive said in a statement on Tuesday. The Commission said the borrowing, to begin later in June, would be topped up with tens of billions of euros of short-term EU-Bills to cover the remaining financing requirements, adding it would update its funding plan in September. "The Commission will be able to fund, over the second half of the year, all planned...

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Fed’s Brainard: Economy making ‘welcome progress,’ but still ‘far’ from goals By Reuters

Inter Milan looking to clinch debt refinancing deal by year end – source By Reuters

S&P 500 Gives Up Gains as Tech, Healthcare Stumble Offsets Energy Rally By Investing.com

Canada shares higher at close of trade; S&P/TSX Composite up 1.48% By Investing.com

U.S. Manufacturing Expands at Faster Pace on Stronger Orders By Bloomberg

World Bank chief says $12 billion in vaccine funds available, need to speed supplies By Reuters

Exclusive: U.S. agency not doing its job to halt tech to China’s military – congressional report By Reuters

Weakening economic ties to EU to dampen Swiss growth – Fitch By Reuters

Large North American meat plants stop slaughter after JBS cyberattack By Reuters

EU Commission to borrow 80 billion euros in 2021 to finance recovery By Reuters

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