Charting the Global Economy: US Hiring Slows, Eurozone CPI Cools
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Author of the article:You can save this article by registering for freehere. Orsign-inif you have an account. 16p}ay2t]p(neq4elr9j0h9]_media_dl_2. pngEurostat(Bloomberg) — US hiring slowed sharply in June after three months of better-than-expected jobs reports, and investors scaled back bets on a Federal Reserve interest-rate increase this year. Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Subscribe now to read the latest news in your city and across Canada. 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Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorMeantime, inflation in the euro zone fell by more than expected in June, as oil prices dropped to pre-war levels. Over in Asia, Japan is close to its longest economic-growth streak since World War II, with demand for artificial intelligence-related products providing a key boost for exports. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics:Get the latest headlines, breaking news and columns. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try againUSThe US labor market cooled down in June even as the unemployment rate fell, curbing some of the budding momentum in job growth this year. The pullback in hiring was led by the biggest decline in leisure and hospitality payrolls since 2020. The US won’t renew the US-Mexico-Canada Agreement, or USMCA, choosing instead to conduct annual reviews of the pact in a decision that risks adding uncertainty for companies producing goods across North America. The decision marked a head-spinning reversal for President Donald Trump, who had rammed through the original USMCA in 2020 and once called it the “best and most important trade deal ever made. ”EuropeEuro-area inflation eased more than anticipated as efforts toward peace in the Middle East sent global oil prices lower. Consumer prices rose 2. 8% from a year ago in June, down from 3. 2% the previous month, according to Eurostat. Policymakers urge caution, however, warning that the knock-on effects of higher oil and natural gas costs as fighting broke out will take time to be felt. The European Union’s latest bid to reset its trade with China is already floundering, with some member states and officials involved in the planning skeptical that the bloc is ready to take decisive action should diplomacy fail. Leaders can’t yet agree on what tangible steps to take to fix a trade deficit that now exceeds €360 billion ($410 billion) or how to make domestic industries competitive against Chinese companies that rely on state subsidies, according to people familiar with the matter. AsiaJapan is close to notching its longest economic growth streak since World War II, as the nation weathers higher oil prices from the war in Iran and the central bank’s ongoing quest to normalize interest rates. Two of China’s best-known hedge fund managers are warning that the artificial intelligence boom in global stock markets has become an unsustainable bubble. Wealspring Asset said global AI stocks have become a “super bubble” and that the “collapse point may not be far away,” while Shanghai Banxia Investment Management Center said “the trigger for the AI bubble to burst has already appeared. ”Emerging MarketsEmerging-market stocks recorded the best quarter in 17 years, with gains in Asian artificial-intelligence shares helping markets weather the Iran war and higher oil prices. Most of Venezuela’s defaulted bonds, and those issued by state-owned Petroleos de Venezuela SA, are tumbling as investors factor in a bleaker financial outlook after two devastating earthquakes added to the challenges of a sweeping debt restructuring. WorldColombia and Tanzania hiked, while the Bank of Central African States cut its key rate. Jamaica, the Dominican Republic, Uruguay and Albania kept borrowing costs unchanged. —With assistance from Alicia Diaz, Nick Heubeck, Alberto Nardelli, Ray Ndlovu, Giovanna Bellotti Azevedo, Nicolle Yapur, Vinícius Andrade, Maria Elena Vizcaino, Erica Yokoyama, Keiko Ujikane, Augusta Saraiva, Zoe Schneeweiss and Jeremy Diamond. Join the ConversationThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more aboutcookies here. By continuing to use our site, you agree to ourTerms of UseandPrivacy Policy.