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☆ Yellen says 'direct' and 'productive' Beijing talks a step forward in putting U.S.-China ties on 'surer footing'
▼ + stars: | 2023-07-09 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen addresses journalists in a press conference July 9 capping her four-day Beijing visit. She said "direct, substantive and productive" talks have set relations between the world's two largest economies on a "surer footing." She is the second member of U.S. President Joe Biden's cabinet to visit Beijing in recent weeks amid efforts to stabilize ties between the two powers. Otherwise, she added, Chinese officials can raise their concerns and U.S. will in some cases, address unintended consequences. Just days before Yellen's visit, Beijing had slapped export curbs on chipmaking metals and its compounds — which China's Ministry of Commerce claimed to have given the U.S. and Europe advance notice.

Persons: Janet Yellen, Pedro Pardo, Joe Biden's, Yellen, Joe, Biden, –, Yellen's, Premier Li Qiang Organizations: Treasury, Afp, Getty, U.S, U.S ., China's, of Commerce, Premier, China Locations: Beijing, Washington, China, U.S, Europe, United States, decouple

☆ Yellen had a 'constructive visit' to China with opportunities for 'more frequent contacts' in the future, she says
▼ + stars: | 2023-07-09 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen arrived in Beijing on July 6, 2023, for her first visit under the Biden administration. For instance, just days before Yellen's visit, Beijing slapped export curbs on chipmaking metals and compounds. Yellen said China is also taking steps to address concerns about a slowing economy, and that there are opportunities for American businesses to profit. But even so, she said national security remains a priority for the U.S."China has an enormous market. "But there are areas where national security really demands that the most advanced technologies with military applications, we need to withhold to protect our own national security.

Persons: Janet Yellen, Biden, Antony Blinken's, Joe Biden, Xi Jinping, Yellen, Yellen's, who've, — CNBC's Clement Tan Organizations: Treasury, APEC, CBS, China's Ministry of Commerce, U.S Locations: Beijing, China, U.S, New Delhi, San Francisco, Bali, Europe

MSCI's broad Asia ex-Japan index shed 1.5% last week, its third consecutive week without rising, and is flat for the year. Much of that is due to the sluggishness of China's markets, and key indicators from the region's largest economy on Monday will get the trading week underway. Annual producer price inflation, already the most negative since 2016, is seen falling to -5.0% from -4.6% in May. Chinese banking stocks, measured by the Hong Kong-listed Hang Seng Mainland Banks Index (.HSMBI), plunged 10.5% last week. Reflecting just how poorly China's post-lockdown economy has performed relative to consensus forecasts, Citi's Chinese economic surprises index has now fallen 11 weeks in a row.

Persons: Jamie McGeever, Janet Yellen's, Yellen, Fed's Barr, Daly, Mester, Diane Craft Organizations: U.S, Mainland Banks Index, Treasury, China CPI, PPI, Thomson, Reuters Locations: China, New Zealand, South Korea, Wall, MSCI's, Asia, Japan, Hong Kong, Mainland, underperformance

☆ Yellen sees 'progress' in rocky U.S.-China ties, expects more communication
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

"But President (Joe) Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. Secretary of State Antony Blinken visited Beijing last month, the first visit by the top U.S. diplomat of the Biden presidency, while climate envoy John Kerry is expected to visit China this month. Yellen met with senior Chinese officials during her visit, including Premier Li Qiang, as well as U.S. companies doing business in China, climate finance experts and women economists. But I expect that this trip will help build a resilient and productive channel of communication," Yellen said. Reporting by Andrea Shalal; Writing by Andrea Shalal and John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Joe, Biden, Antony Blinken, John Kerry, Xi, they're, Washington, Li Qiang, Andrea Shalal, John Geddie, William Mallard Organizations: . Treasury, U.S ., U.S, Biden, Economic Cooperation, Thomson Locations: BEIJING, Beijing, United States, China, U.S, Taiwan, New Delhi, Asia, San Francisco, Washington, Brazil, India, Russia, Ukraine

Despite talk of U.S.-China economic de-coupling, recent data show a trade relationship that is fundamentally solid, and rebounded in 2022 from five years of turmoil wrought by a trade war and COVID-19 disruptions. Two-way trade hit a record $690 billion last year as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. U.S.-China trade had fallen after 2018, when former President Donald Trump imposed tariffs of up to 25% on some $370 billion in Chinese imports, but began to rebound during the COVID recovery of 2021. Reuters Graphics"I think it is important that people realize that business and politics are separate," said Michael Hart, president of the American Chamber of Commerce in China. "The current state of U.S.-China trade and investment is the result of 30 to 40 years' worth of ongoing trade and investment."

Persons: Janet Yellen, Donald Trump, Michael Hart, William Reinsch, America's COVID, Wang Huiyao, Biden, Hart, David Lawder, Joe Cash, Heather Timmons, Jamie Freed Organizations: U.S, Treasury, Reuters, American Chamber of Commerce, Census, Center for Strategic, International Studies, Center for, EV, U.S . Congress, Thomson Locations: WASHINGTON, BEIJING, China, U.S, Washington, Center for China, Beijing, United States, CHINA

☆ Yellen's visit to China is 'crucial' to U.S.-China engagement, professor says
▼ + stars: | 2023-07-07 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

watch nowU.S. Treasury Secretary Janet Yellen's visit to China is "crucial" to ensuring that both countries continue talking to each other, said Eswar Prasad, an economics professor at Cornell University. "The crucial element, which is embodied in Janet Yellen's visit, is that the two sides keep talking on technical levels, but also at the very senior policy levels," Prasad told CNBC's "Squawk Box Asia" on Friday. Tensions between the two countries have shot up in recent years, since the U.S.-China trade war started in 2018 during the Trump-era. Her visit comes weeks after Secretary of State Antony Blinken's visit to Beijing — the first high-level meeting between the two countries after months of tensions. US Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing on July 6, 2023.

Persons: Janet Yellen's, Eswar Prasad, Prasad, CNBC's, Yellen, Premier Li Qiang, Liu He, Yi Gang, Antony Blinken's, Janet Yellen, Mark Schiefelbein, Biden, Andy Rothman, Matthews, Rothman Organizations: Treasury, Cornell University, U.S ., Trump, Premier, Treasury Department, Beijing Capital International Airport, Afp, Getty, CNBC, Matthews Asia Locations: China, U.S, Beijing, Washington

☆ 'Damage control' is key in U.S. Janet Yellen's visit to China, professor says
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Damage control' is key in U.S. Janet Yellen's visit to China, professor saysEswar Prasad of Cornell University says officials in China can deal with anti-China rhetoric from the U.S., as long as it doesn't lead to hostile actions that could keep China from its economic development.

Persons: Janet Yellen's, Eswar Prasad Organizations: Cornell University Locations: U.S, China

The official said Yellen and her Chinese interlocutors had a "substantive conversation," without giving any further details. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding," Yellen wrote. U.S. firms in China hope Yellen's visit will ensure trade and commercial lanes between the two economies remain open, regardless of the temperature of geo-political tensions. "I think if there was another year of no visits by top U.S. government leaders, the market would get colder," he added. Reporting by Joe Cash, Ellen Zhang and Ryan Woo; Editing by Himani Sarkar and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yi Gang, Liu, Yellen, interlocutors, Xi Jinping, Yellen's, Michael Hart, Joe Cash, Ellen Zhang, Ryan Woo, Himani Sarkar, Kim Coghill Organizations: . Treasury, Treasury, Twitter, American Chamber of Commerce, U.S, Thomson Locations: BEIJING, U.S, Beijing, Zurich, China

☆ Morning Bid: Data-hit bond markets end summer lull
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +4 min

On top of that, there were signs that activity at dominant U.S. service sector firms picked up steam again last month too. Friday's release of the Labor Department's monthly national payrolls report will seal the picture. U.S. Treasury yields hit 16-year highs above 5%, German equivalents hit their highest in 15 years and British gilt yields scaled 2008 peaks. The VIX (.VIX) gauge of implied Wall St volatility - which had been peculiarly subdued right through last month - jumped to its highest since June 1. Crucially, 2-year Treasury yields edged back below 5%.

Persons: Mike Dolan, Lorie Logan, payrolls, HSI, Janet Yellen's, Elon, Lorrie Logan, Christine Lagarde, Joachim Nagel, Bank of England policymaker Catherine Mann, Emelia Sithole Organizations: readouts, Federal, Labor, Dallas Fed, Fed, Treasury, Nikkei, Twitter, Meta, Dallas Federal, Central Bank, Bank of England, NATO, Vilnius Reuters Graphics, Reuters Graphics Reuters, PMI Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, China, Canada, New York, Vilnius Reuters

Yellen is due to meet with Chinese Vice Premier He Lifeng -- her direct counterpart as China's top economic official -- on Saturday, a U.S. Treasury official said. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China's interests," she told the AmCham event. Yellen dismissed the idea of decoupling the U.S. and Chinese economies, nothing that China's enormous and growing middle-class provided a big market for American goods and services. A Treasury official said the vibrant U.S. business community in China was "a living embodiment that we are not decoupling."

Persons: Yellen, Li, Janet Yellen, Li Qiang, Washington, Liu He, Xi Jinping, Yi Gang, Mark Schiefelbein, Yellen's, Michael Hart, BIDEN, Joe Biden, Xi, Antony Blinken, John Kerry, Andrea Shalal, Joe Cash, David Lawder, Catherine Evans, Heather Timmons, Alistair Bell Organizations: China, . Treasury, U.S, Treasury, American Chamber of Commerce, of, People, REUTERS U.S, Economic Cooperation, Thomson Locations: U.S, BEIJING, China, Beijing, United States, Washington, New Delhi, Asia, San Francisco, Ukraine

[1/4] U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, July 7, 2023. REUTERS/Thomas PeterBEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for market reforms in China and criticized the world's second-largest economy for its recent "punitive" actions against U.S. companies and new export controls on some critical minerals. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China’s interests," the former top U.S. central banker told the U.S. business executives. Yellen noted that China's enormous and growing middle-class provided a big market for American goods and services, and stressed that Washington's targeted actions against China were based on national security concerns.

Persons: Janet Yellen, Thomas Peter BEIJING, Yellen, Liu He, Xi Jinping, Yi Gang, Premier Li Qiang, Yellen's, Michael Hart, Joe Biden, Xi, Antony Blinken, John Kerry, Washington, Andrea Shalal, Michael Perry, Toby Chopra Organizations: . Treasury, REUTERS, U.S, American Chamber of Commerce, Treasury, Premier, BIDEN, Economic Cooperation, Thomson Locations: China, Beijing, United States, Washington, U.S, TEEING, New Delhi, Asia, San Francisco, Ukraine

☆ Gold heads for fourth weekly loss on calls for more rate hikes
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices on Friday were on track for a fourth consecutive weekly loss as recent U.S. jobs data and hawkish comments from Federal Reserve policymakers strengthened bets for higher-for-longer interest rates, weighing on non-yielding bullion. Spot gold was flat at $1,910.20 per ounce by 0240 GMT, but down 0.5% for the week. "A resilient and tight U.S. jobs market effectively strengthens the case for the Fed to keep pushing the benchmark interest rate higher. Right now, it's all about interest rates and a guessing game about where the terminal rate setting will land," said Tim Waterer, chief market analyst at KCM Trade.

Persons: Tim Waterer, Waterer, Lorie Logan, Janet Yellen's Organizations: Aurum, Federal Reserve, Fed, KCM, Fed Bank of Dallas, Treasury, Palladium Locations: Janet Yellen's Beijing

☆ U.S. and China preparing for long term strategic competition, says TD Cowen's Roman Schweizer
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. and China preparing for long term strategic competition, says TD Cowen's Roman SchweizerRoman Schweizer, aerospace and defense policy analyst at TD Cowen & Co, and Michael O’Hanlon, senior fellow at Brookings Institution, join 'The Exchange' to discuss Janet Yellen's trip to China, U.S. and China's economic relationship going forward, and the effort to ease international tensions.

Persons: Roman Schweizer Roman Schweizer, Michael O’Hanlon, Janet Yellen's Organizations: U.S, Cowen & Co, Brookings Institution Locations: China, U.S

☆ Yellen's high-stakes visit to China: New push to ease tensions
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYellen's high-stakes visit to China: New push to ease tensionsDewardric McNeal, Longview Global managing director, joins CNBC's 'Power Lunch' to discuss Treasury Secretary Janet Yellen's ongoing trip to China, how Yellen has been vocal over Chinese actions against U.S. businesses, and more.

Persons: Janet Yellen's, Yellen Organizations: Longview Global, U.S Locations: China

☆ China's Xi urges greater innovation amid tech curbs from US
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 7 (Reuters) - China's President Xi Jinping, on an inspection tour of a major industrial province, renewed his call for greater innovation and technological self-reliance, as the United States intensifies curbs on Chinese access to advanced technologies. "With the rapid development of information technology and the emergence of disruptive technologies at any time, it is necessary to maintain a solid footing on the path of innovation and contribute to the realisation of high-level self-reliance in technology," Xi said. The United States is also considering restricting flow of its investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing. Yellen's trip to China comes weeks after a visit by Secretary of State Antony Blinken, who agreed with Xi that the mutual rivalry should not veer into conflict. Reporting by Ryan Woo and Ellen Zhang; Editing by Himani Sarkar and Ros RussellOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Xi, Joe Biden's, Janet Yellen, Li Qiang, Antony Blinken, Ryan Woo, Ellen Zhang, Himani Sarkar, Ros Russell Organizations: Xinhua, Trump, Washington, Treasury, Thomson Locations: BEIJING, United States, China, Jiangsu, U.S, Beijing

☆ Fmr. Commerce Secretary Carlos Gutierrez on U.S.-China relationship: Right now it's at rock bottom
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Commerce Secretary Carlos Gutierrez on U.S.-China relationship: Right now it's at rock bottomFormer Commerce Secretary Carlos Gutierrez joins 'Squawk Box' to discuss Treasury Secretary Janet Yellen's trip to China, U.S.-China relations at large, and more.

Persons: Carlos Gutierrez, Janet Yellen's Organizations: Commerce, U.S, Former Commerce Locations: China, U.S

VW, which relies on gallium and germanium for automotive products, said it was "ready to take measures together with its partners if necessary" but did not elaborate. The metals will play a role in future autonomous driving functions, a spokesperson for the German automaker said. Germanium is used in high-speed computer chips, plastics, and in military applications such as night-vision devices, as well as satellite imagery sensors. But if prices rise as restrictions take hold companies would have another reason to shift supply chains. NXP makes some chips for the auto and communications sectors using gallium or germanium.

Persons: Yellen, Janet Yellen, Alastair Neill, Imelda Medina, Liao Chien, Taiwan's TSMC, chipmaker, NXP, Josephine Mason, Matt Scuffham, Catherine Evans Organizations: VW, WIN, Treasury, Beijing Pentagon, Volkswagen, U.S, Critical Minerals, U.S . Defense Department, REUTERS, Capital Securities Corp, WIN Semiconductors, Reuters, Apple, Nvidia, Thomson Locations: Beijing, TAIPEI, China, Puebla, Mexico, Germany, Japan, Taiwan

The pan-European STOXX 600 index (.STOXX) deepened losses by the close to fall 2.3% to its lowest level since late March, while the EURO STOXX 50 index (.STOXX50E) plunged 2.9%. Germany's two-year bond yield , which is highly sensitive to interest-rate expectations, rose its highest since autumn 2008, also pressuring equities. Technology stocks (.SX8P) fell 3.0%, while the real estate sector (.SX86P), which are often treated as bond proxies, tumbled 4.2%. German industrial orders rose significantly more than expected in May, due to large scale orders of ships, spacecraft and military vehicles. Embracer (EMBRACb.ST), the top loser on the STOXX 600, fell 13.8% after the gaming group raised 2 billion crowns ($182 million) in a share issue directed to institutional investors.

Persons: Chris Beauchamp, Janet Yellen's, Matteo Allievi, Shubham Batra, Shreyashi Sanyal, Sherry Jacob, Phillips, Varun, David Evans Organizations: CAC, U.S, Technology, Treasury, Thomson Locations: U.S . Federal, U.S, China, British, Gdansk, Bengaluru

☆ European shares drop as hawkish Fed, US-China tensions weigh
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - European shares slumped nearly 1% on Thursday as heightened concerns about an economic slowdown and further rates hikes globally dented risk sentiment, while an escalating trade battle between China and the United States also weighed. The pan-European STOXX 600 index (.STOXX) dropped 0.8% by 0717 GMT, led by losses in the construction and materials index (.SXOP), which fell more than 1%. German industrial orders rose significantly more than expected in May, due to large scale orders of ships, spacecraft and military vehicles. Embracer (EMBRACb.ST), the top loser in the index, fell 0.8% after the gaming group raised 2 billion crowns ($182 million) in a share issue directed to institutional investors. Reporting by Matteo Allievi in Gdansk and Shubham Batra in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen's, Matteo Allievi, Shubham Batra, Sherry Jacob, Phillips Organizations: Treasury, Thomson Locations: China, United States, U.S, Gdansk, Bengaluru

☆ Mills: Yellen's visit to China is a way to build confidence between Washington and Beijing
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMills: Yellen's visit to China is a way to build confidence between Washington and BeijingEd Mills, Raymond James Washington Policy Analyst, discusses what Treasury Secretary Janet Yellen can reasonably achieve through her four-day visit to China, amid rising tensions with the U.S. and the West.

Persons: Beijing Ed Mills, Raymond James Washington, Janet Yellen Organizations: U.S Locations: China, Washington, Beijing

☆ Global investors getting more and more wary of betting on China, says Atlantic Council's Kempe
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal investors getting more and more wary of betting on China, says Atlantic Council's KempeFred Kempe, Atlantic Council CEO, joins 'The Exchange' to discuss the current status of relations between the U.S. and China, what a win would be for Janet Yellen's visit to China, and more.

Persons: Council's Kempe Fred Kempe, Janet Yellen's Organizations: Email Global, Atlantic, U.S Locations: China

☆ Jim Cramer says don't get distracted by 'nonsense' and watch the June jobs report
▼ + stars: | 2023-07-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer told investors on Thursday not to get distracted by "nonsense" this week and focus on Friday's June labor report. Instead, Cramer suggested investors keep their eyes on the June labor report, which will be released on Friday. The report is expected to show a red-hot job market, and Cramer said it is likely the market will get "clobbered" and the Federal Reserve will then raise rates "with abandon." "So much of what passes for wisdom on Wall Street is totally meaningless," Cramer said. He also recommended that investors raise cash and ring the register on stocks that have tallied solid gains.

Persons: CNBC's Jim Cramer, Cramer, Janet Yellen's, Yellen's, Jerome, Jay Powell Organizations: Federal Reserve, CNBC Locations: China, OPEC, Russia, Ukraine

☆ Janet Yellen arrives in Beijing on mission to find common ground for U.S. and China
▼ + stars: | 2023-07-06 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen landed in Beijing July 7 on a four-day trip aimed at finding common ground for a mutually beneficial economic relationship between the world's two largest economies. Treasury Secretary Janet Yellen landed in Beijing Thursday on a four-day trip aimed at finding common ground as rivalry between the U.S. and China becomes increasingly adversarial. Before departing for China, Yellen had a "frank and productive discussion" with Xie Feng, the Chinese U.S. ambassador, according to the U.S. Treasury. In an April speech, Yellen stressed the importance of fairness in the U.S. economic competition with China. "A full cessation of trade and investment would be destabilizing for both of our countries and the global economy."

Persons: Janet Yellen, Andrew Sheng, Antony Blinken's, Yellen, Xie Feng Organizations: Treasury, University of Hong, Asia Global Institute, CNBC, U.S, U.S . Treasury, Treasury Department, U.S . Locations: Beijing, Asia, China, Europe, Chinese, People's Republic of China, U.S

[1/6] U.S. Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing, China, Thursday, July 6, 2023. Both sides are sceptical that Yellen's visit will be able to take much heat out of U.S.-China ties, however, with officials accepting that both countries have placed safeguarding national security above economic ties. Yellen will address "unfair" practices by China, including recent punitive actions against U.S. firms and market access barriers, the official added. On Friday she will meet China's Premier Li Qiang and former economy tsar Liu He, who is widely seen as a close confidant of President Xi Jinping. They come ahead of a possible meeting between President Joe Biden and Xi at the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

Persons: Janet Yellen, Mark Schiefelbein, Yellen, Nicholas Burns, Li Qiang, Liu He, Xi Jinping, Wang Huiyao, Yellen's, Zhu Feng, Xie Feng, Trump, Wu Xinbo, Antony Blinken, Joe Biden, Xi, Yew Lun Tian, Andrea Shalal, Joe Cash, Clarence Fernandez Organizations: . Treasury, Beijing Capital International Airport, REUTERS, U.S, Center for, Nanjing University, Global Times, Fudan University, Economic Cooperation, Thomson Locations: Beijing, China, REUTERS BEIJING, U.S, Center for China, United States, Russia, Washington, Asia, San Francisco

The pan-European STOXX 600 index (.STOXX) dropped 1.2%, led by losses in travel and leisure (.SXTP) and retail index (.SXRP), which fell 2.3% and 2.0%, respectively. Embracer (EMBRACb.ST), the top loser on the STOXX, fell 13.8% after the gaming group raised 2 billion crowns ($182 million) in a share issue directed to institutional investors. "Now the gap between the two main central banks is closer than two months ago as Fed has moved more towards the position of the European Central Bank (ECB)." German industrial orders rose significantly more than expected in May, due to large scale orders of ships, spacecraft and military vehicles. Reporting by Matteo Allievi in Gdansk and Shubham Batra in Bengaluru; Editing by Sherry Jacob-Phillips and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: hawkish, Stuart Cole, Janet Yellen's, UK's, policmaker Joachim Nagel, Matteo Allievi, Shubham Batra, Sherry Jacob, Phillips, Varun Organizations: CAC, Equiti, Fed, European Central Bank, Treasury, policmaker, Thomson Locations: China, U.S, British, Gdansk, Bengaluru

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