* Import prices increase 1.2% in March. * Import prices jump 6.9% year-on-year. * Export prices rise 2.1%; surge 9.1% year-on-year. By Lucia Mutikani. U.S. import prices increased more than expected in March, lifted by higher costs for petroleum products and tight supply chains, the latest sign of inflation heating up as the economy reopens.
Germany's economic institutes will cut their joint 2021 growth forecast for Europe's largest economy to 3.7% from 4.7% previously due to a longer than expected COVID-19 lockdown, two people familiar with the decision told Reuters on Wednesday. The institutes are expected to release their joint growth forecast on Thursday.
Euro zone countries should privide an additional fiscal stimulus of 3% of GDP in 2021-2022 to boost economic growth by 2% of GDP by the end of next year and reduce the negative effects of the pandemic, the International Monetary Fund said.
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, ticked higher on Wednesday on higher activity across vessel segments. * The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 38 points, or 1.8%, to 2,178, its highest level since March 26.
Lebanon's Central Bank said on Wednesday that its interventions had contained inflation at 84% in recent months, adding that inflation could have risen to as high as 275% if it had not acted. The bank also said the government must quickly come up with a plan for subsidies to prevent wasting the country's reserves.
The global economy could grow half a percentage point faster next year if households spend some of the huge savings they built up during the coronavirus pandemic, a French economic think-tank said on Wednesday. With businesses such as restaurants, cinemas and hotels still closed in many countries, many households in developed countries have accumulated far greater savings than normal.
WASHINGTON-- A last-minute provision added to the $1.9 trillion coronavirus relief package last month is leading to a showdown between states and the Treasury Department over the limits of the federal government's fiscal authority. The package, known as the American Rescue Plan, provided $195 billion for state governments to help offset soaring costs related to the pandemic and plug budget holes stemming from the economic downturn. Democrats added one important condition:...
Industrial production in the eurozone fell in February, the European Union's statistics agency said Wednesday. The output of factories, mines and utilities across the currency area for February was 1.0% lower than in January and fell 1.6% compared to February 2020. Economists polled by The Wall Street Journal had expected a 0.5% decline on month and a 0.9% drop on year. Compared with January 2021, production of capital goods fell 1.9%, energy production fell 1.2%,...
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E. The dollar held near a one-month low on Wednesday as strong demand at a U.S. bond auction fuelled a widespread drop in Treasury yields, reducing the interest rate advantage the greenback held over other major currencies. In early London trading, the dollar edged 0.1% lower versus a basket of its rivals to 91.75, its lowest level since March. 19.
The dollar fell to multi-week
lows against the euro and the yen on Wednesday, after an uptick
in a U.S. consumer price gauge did not spark wider fears about
accelerating inflation and the Federal ...
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