Russia's unemployment rate dropped to a record low 3.3% in April, data showed on Wednesday, highlighting the labour shortage that is stifling economic growth, while other indicators painted a mixed picture.
Swiss National Bank Chairman Thomas Jordan on Wednesday defended recent interest rate hikes to tackle inflation, saying they were neither damaging for Swiss financial stability nor responsible for the downfall of Credit Suisse.
* SNB CHAIRMAN: WE HAVE TO BRING INFLATION BELOW 2% AS SOON AS POSSIBLE. * SNB CHAIRMAN: THE LONGER INFLATION IS ABOVE 2%, IT BECOMES ENTRENCHED AND HARDER TO BRING IT DOWN. * SNB CHAIRMAN: SEES INFLATION RISKS HIGHER THAN DEFLATION IN THE FUTURE, DUE TO DEGLOBALISATION. * SNB CHAIRMAN: CURRENTLY DOES NOT SEE NECESSITY FOR E SWISS FRANC Source text for Eikon: Further company coverage:
Russia's economy grew 3.3% in April in annual terms, the economy ministry estimated on Wednesday, up from a revised 0.7% year-on-year contraction in March. The ministry said the growth reading was in part due to the low base effect of last year.
The Czech parliament's upper house approved a bill on Wednesday that will set the state's minimum defence spending at 2% of gross domestic product from next year, matching its commitment to the NATO military alliance.
The Hungarian forint led
central European currencies lower on Wednesday as global market
sentiment weakened, while Polish inflation slowed more than
expected weighing on the zloty.
Markets participants have a month to stop using Libor, the tarnished interest rate banks were fined for trying to rig, Britain's Financial Conduct Authority said on Wednesday. The London Interbank Offered Rate reflected the cost of lending between banks, using quotes from panels of banks in 35 variants across five currencies.
Turkish President Tayyip Erdogan is viewed as almost certain to include former economy chief Mehmet Simsek in his new cabinet, either as finance minister or as a vice president responsible for the economy, four senior officials said. Simsek was highly regarded by financial markets when he served as finance minister and deputy prime minister between 2009 and 2018.
Turkey's lira tumbled on Wednesday to a fresh record low against the dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph.
The Russian rouble firmed back past 81 against the dollar on Wednesday, recovering some losses sustained after drones struck wealthy districts of Moscow, helped by large Russian exporters preparing for dividend payments.
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