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LONDON, June 20 (Reuters) - The closure of the Tara zinc mine in Ireland tells you how far the price of the galvanising metal has fallen over the last year. The closure is unlikely to alleviate the immediate over-supply of zinc concentrates but it is a sharp reminder for the market that the zinc price is teetering on the edge of the mining production cost curve. LME zinc price, stocks and spreadsTARA'S PERFECT STORMTara Mines, based in County Meath, is "currently cash flow negative due to a combination of factors including operational challenges, a decline in the price of zinc, high energy prices and general cost inflation", Boliden said. "The zinc market seems to be very volatile at the moment," Nystrom said, which is an understatement given the scale of the price collapse over the last 15 months. But Tara's suspension is a wake-up call that after a year of worrying about smelters, zinc traders need to start worrying about zinc mines as well.

Persons: Tara, Boliden, Mines, Gunnar Nystrom, Ireland's, " Nystrom, Morgan Stanley, Barbara Lewis Organizations: London Metal Exchange, Ireland's RTE, Shanghai Metal Markets, Fastmarkets, Reuters, Thomson Locations: Ireland, County Meath, Europe, China, Shanghai, London

☆ Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades
▼ + stars: | 2023-06-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesGoldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world's second-largest economy stutters and loses momentum after its coronavirus reopening. "With the reopening boost quickly fading, medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions may start to become more important in China's growth outlook," they said. Stock Chart Icon Stock chart iconUBS also sees continued weakness in China's economy ahead, particularly focusing on the second quarter of the year. Wang noted that uncertainty in China's property sector remains a central risk to its forecast and could bring its growth outlook even lower. "Risks to our forecast is slightly biased towards the downside, mainly from uncertainties in property market and path of property policy support ahead, as well as weaker external demand," she said.

Persons: Goldman Sachs, Chief China Economist Hui Shan, Wang Tao, Wang Organizations: Getty, Nurphoto, Chief China Economist, UBS, Bank of America, JPMorgan, U.S, People's Bank of, Federal, UBS Investment Bank's Locations: Nanjing, East China's Jiangsu Province, China, People's Bank of China, saar

☆ Swiss referendum set to back global minimum corporate tax, climate goals
▼ + stars: | 2023-06-18 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

SummarySummary Companies Swiss set to back 15% minimum business taxMinimum tax backed by business groupsClimate law, rejected in 2021, set to passExtension to COVID-19 law also set to win approvalZURICH, June 18 (Reuters) - Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday. The projections, based on counted votes, showed 88% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. We want the additional tax revenue to stay in the country, and be used to improve its attractiveness for businesses," said Christian Frey, from Economiesuisse, a lobby group.

Persons: SRF, Christian Frey, Noele Illien, John Revill, Emma Farge, Tomasz Janowski, Frances Kerry, Hugh Lawson Organizations: ZURICH, Economic Cooperation, Development, Google, Nestle, Reuters Graphics, Thomson Locations: COVID, Switzerland, Economiesuisse

☆ Major banks cut China 2023 GDP forecasts as recovery falters
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 16 (Reuters) - Four major Western banks have cut their 2023 gross domestic product (GDP) growth forecasts for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy. The government has set a modest GDP growth target of around 5% for this year after badly missing its 2022 goal. UBS economists on Friday cut their GDP forecast to 5.2% from 5.7% and said in a note that they expected more policy support to come. Economists at Standard Chartered lowered their 2023 growth forecast to 5.4% from 5.8% previously. BofA downgraded its 2023 GDP growth forecast to 5.7% from 6.3%, while JPMorgan had earlier trimmed its outlook to 5.5% from 5.9%.

Persons: BofA, Kevin Yao, Jamie Freed Organizations: UBS, Standard Chartered, Bank of America, JPMorgan, Chartered, Thomson Locations: BEIJING, China, Beijing

☆ Cheap 'like cabbage' apartments in some Chinese cities draw buyers, and caution
▼ + stars: | 2023-06-16 | by ( Liangping Gao | Marius Zaharia | ) www.reuters.com time to read: +4 min

Real estate agents said low-cost apartments in smaller Chinese cities such as Huainan and Rushan in the east, and Gejiu in the southwest, are also being bought, largely by people living outside those locations. The deals come at a time the picture for China’s property market is getting darker. For buyers with the means to get back into the market, the rock-bottom prices of second-hand apartments in the smaller cities have been hard to resist. ‘BUYERS ARE NOT LOCALS’Real estate agents said buyers in the small cities are mostly from out of town. “The fact that there are so many people buying low-cost flats in smaller cities reflects caution,” said Hwabao Trust economist Nie Wen.

Persons: Hu Yongwei, Thomas Peter, Hu, “, Zhao, Liu Yong, Gejiu, ”, Nie Wen Organizations: Reuters, REUTERS, Beijing, Hwabao Locations: BEIJING, HONG KONG, Beijing, Hebi, Zhengzhou, Henan province, China, Huainan, Rushan, Anjuke, Chongqing, COVID

☆ A Russian far-right party made an AI chatbot of its dead leader which makes predictions about the Ukraine war
▼ + stars: | 2023-06-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

A Russian ultranationalist party has made an AI chatbot of deceased leader Vladimir Zhirinovsky. The chatbot answers questions about the Ukraine war. According to The Moscow Times, people can ask the chatbot questions, and it makes "predictions" about key world events. At Thursday's event, the outlet said, the chatbot predicted that the war in Ukraine would continue until "peace and the Russian people's safety are fully restored." Putin paid tribute to Zhirinovsky after his death, and made a rare public appearance to attend his funeral last April.

Persons: Vladimir Zhirinovsky, Zhirinovsky, —, ultranationalist, Max Seddon, Alexander Dupin, Lenta.ru, Dupin, Vladimir Putin's, Putin Organizations: Service, Liberal Democrat, St ., Economic, Moscow Times, Financial Times, University of World Civilizations, Duma Locations: Russian, Ukraine, St . Petersburg, St, Moscow, USSR, Russia

☆ Ex-PM Boris Johnson deliberately misled UK parliament over parties during Covid, committee rules
▼ + stars: | 2023-06-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A U.K. parliamentary committee has found that former U.K. prime minister Boris Johnson intentionally misled parliament over illegal Covid-19 lockdown parties held during his tenure. Former U.K. prime minister Boris Johnson intentionally misled parliament over illegal Covid-19 lockdown parties held during his tenure, a parliamentary committee said Thursday, describing it as a "serious contempt." "We conclude that in deliberately misleading the House, Mr Johnson committed a serious contempt," the findings of the cross-party committee showed. "There is no precedent for a Prime Minister having been found to have deliberately misled the House," it added. It also said that, if Johnson were still a member of parliament, he should be suspended from the House for 90 days.

Persons: Boris Johnson, Johnson, Mr Johnson Organizations: Conservative Party, Labour Party, Conservative

☆ Factbox: UK Privileges Committee's findings about Boris Johnson
▼ + stars: | 2023-06-15 | by ( Andrew Macaskill | ) www.reuters.com time to read: +5 min

He has accused the privileges committee, a parliamentary standards body that has investigated Johnson, of mounting a "witch-hunt" and behaving like a "kangaroo court". The former prime minister said it was a lie to say he deliberately misled parliament and called the report a charade. Below are the main findings from the report into Johnson's behaviour:JOHNSON DELIBERATELY MISLED PARLIAMENTThe committee offered a damning verdict on Johnson's honesty and conduct, concluding that he had deliberately and repeatedly misled parliament. JOHNSON WOULD HAVE FACED 90-DAY SUSPENSION FROM PARLIAMENTThe Committee said it would have recommended a suspension of three months from the House of Commons for Johnson if he had not resigned. FIVE WAYS JOHNSON COMMITTED CONTEMPTS OF PARLIAMENTThe committee found that Johnson had committed five contempts of parliament.

Persons: Boris Johnson, Johnson, JOHNSON, CONTEMPTS, Mr Johnson, Scottish National Party –, Andrew MacAskill, William James, Angus MacSwan, Toby Chopra Organizations: CONTEMPTS OF, BE, PASS, Labour, Scottish National Party, Thomson Locations: British, COVID, Downing Street, Downing, Chequers

☆ Boris Johnson deliberately misled UK parliament - report
▼ + stars: | 2023-06-15 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsBoris Johnson deliberately misled UK parliament - reportPostedBoris Johnson deliberately misled the British parliament in an unprecedented way over rule-breaking parties at his office during COVID-19 lockdowns, a committee said on Thursday in a damning verdict that further tarnished the former prime minister. Johnson has denounced the report as "rubbish". Rachel Judah has more.

Persons: Boris Johnson, Johnson, Rachel Judah Locations: COVID

The more than 100-page report detailed six events held at Downing Street, the prime minister's offices and residence. There is no precedent for a prime minister having been found to have deliberately misled the House (of Commons, lower house of parliament)." It recommended that he should not be entitled to a former member's pass, which enables most former prime ministers and lawmakers to gain automatic access to parliament. But so-called Partygate spelt the beginning of the end for his tenure as prime minister. They have also rowed this week over the former prime minister's resignation honours list.

Persons: Johnson, Boris Johnson, Rishi Sunak, Mr Johnson, Sunak, Thangam Debbonaire, Elizabeth Piper, Alistair Smout, Andrew MacAskill, Kylie MacLellan, Muvija, William James, Kate Holton, Frank Jack Daniel, Angus MacSwan Organizations: Conservatives, Downing, Street, Labour Party, Conservative Party, Thomson Locations: COVID

The findings amount to a historic admonishment of a former prime minister, who won a landslide electoral victory less than four years ago but saw his political career collapse amid a series of scandals. The committee dismissed Johnson's argument that he didn't know he was breaking his lockdown rules during the events. Johnson, in his own response to the report, called its publication a “dreadful day for democracy.”“This report is a charade. The former PM’s departure from the House of Commons is not necessarily good news for Sunak, whom Johnson criticized in his resignation statement. Johnson has always been an influential figure among Conservative voters, whether inside or outside of parliament.

Persons: Boris Johnson, Johnson “, Johnson, ” “, Johnson’s Conservative Party –, Rishi Sunak, Mr Johnson …, ”, Liz Truss, Sunak Organizations: London CNN — Former British, Downing, Johnson’s Conservative Party, Commons, Conservative Locations: Downing Street

☆ Tech investor Prosus flags sharp drop in full-year profit
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 14 (Reuters) - Technology investor Prosus (PRX.AS) on Wednesday said its profit dropped significantly last year due to impairments and lower contributions from its biggest holding, Chinese software and gaming giant Tencent (0700.HK). Prosus said it expected earnings per share to have fallen by 40% to 47% in the year through March 2023 as Tencent was hit by COVID-19 lockdowns and regulations in China. "The operating environment was characterised by significant geopolitical and macroeconomic uncertainty," Prosus said in a trading update. Prosus cut back its stake in Tencent from 29% to 26% in the past year. Reporting by Bart Meijer; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Prosus, Tencent, Bart Meijer, Jan Harvey Organizations: Technology, HK, Thomson Locations: AMSTERDAM, China, Tencent

☆ Several Chinese lenders cut yuan deposit rates from Monday
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins. The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September. Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio (RRR) to expand credit and boost investment spending. The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points. The rate cuts will help ease pressure on lenders' profit margins as savings held in banks had ballooned when the economy slowed during COVID-19 lockdowns.

Persons: Yi Gang, Ziyi Tang, Ryan Woo, Sonali Paul Organizations: China's, China Merchants Bank Co Ltd, China Citic Bank Corp, China Minsheng Banking Corp Ltd, People's Bank of, Thomson Locations: BEIJING, Banks, China, People's Bank of China, Shanghai

☆ Netflix sign-ups jump as U.S. password sharing crackdown kicks off - data
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

June 9 (Reuters) - Daily U.S. sign-ups for Netflix (NFLX.O) have jumped in the first few days after the streaming giant's password-sharing crackdown came into effect on May 23, data from research firm Antenna showed. Netflix had estimated that more than a 100 million households had supplied their log-in credentials to people outside their homes. Under the new rules, U.S. users can add a member outside of their homes for an additional fee of $8 per month. Its calculations seem to have paid off as the company recorded nearly 100,000 daily sign-ups on both May 26 and May 27, according to Antenna. Netflix, which has expanded its crackdown to more than 100 other countries, did not immediately respond to a Reuters request for comment.

Persons: Chavi Mehta, Devika Organizations: Netflix, Thomson Locations: Daily U.S, Bengaluru

☆ Mysterious Covid-19 lineages in US sewers could offer clues to chronic infections
▼ + stars: | 2023-06-09 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +5 min

One possible explanation for these “cryptic lineages” is that they can be traced back to people who have been living with a chronic – and serious – Covid-19 infection for years. In a recent preprint study, about two dozen researchers set out to understand the origin of these cryptic lineages by closely examining the evolution of one from Wisconsin. Right now, the cryptic lineages do not pose a public health threat, she said. Wastewater surveillance is inherently messy, and lots of factors can interfere with interpretation of the data, she said. Johnson says that people with chronic infections that could be behind these cryptic lineages might have unexplained symptoms.

Persons: Marc Johnson, Johnson, it’s, ”, Amy Kirby, ” Kirby, ” Johnson, We’ve, IE2GB6CwPO — Marc Johnson, “ Don’t, “ I’m Organizations: CNN, University of Missouri, US Centers for Disease Control, Surveillance, Kirby, Washington Court House Locations: United States, Wisconsin, Ohio, Columbus, Washington

☆ Netflix password crackdown leads to an explosion in subscription sign-ups
▼ + stars: | 2023-06-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

The streaming service has seen a bigger jump in new subscriber sign-ups as a result of the crackdown than it did in the early days of the Covid pandemic. In the following days, Netflix has seen a more than 100% increase in sign-ups from the prior 60-day average. For years, Netflix turned a blind eye to password sharing because it was fueling growth. But the streamer suffered heavy subscriber losses last year, and said that password sharing hurt its revenues and therefore limited its ability to invest in new content. The company started to clamp down on password sharing in several countries earlier this year, including Canada, New Zealand, Portugal and Spain.

Persons: “ Organizations: New, New York CNN, Netflix Locations: New York, United States, Canada, New Zealand, Portugal, Spain

☆ Boris Johnson's honours list includes aides tied to ex-UK PM's 'Partygate' scandal
▼ + stars: | 2023-06-09 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

LONDON, June 9 (Reuters) - Boris Johnson awarded his political aides and allies with some of Britain's highest honours to mark his resignation as prime minister, including some who attended parties in government buildings during COVID-19 lockdowns. Martin Reynolds, a senior civil servant and Johnson's former principal private secretary, was given an Order of the Bath award for public service. Labour Party deputy leader Angela Rayner called Johnson's honours list a "sickening insult". A Conservative member of parliament, who asked not to be named, said the list was "deeply embarrassing" and showed Johnson's lack of remorse. The former prime minister also approved honours for Conservative party politicians who have recently been caught in other scandals.

Persons: Boris Johnson, Martin Reynolds, Reynolds, Johnson, Dan Rosenfield, Jack Doyle, Angela Rayner, Ben Houchen, Conor Burns, Jacob Rees, Mogg, Simon Clarke, Priti Patel, Theresa May, David Cameron, Andrew MacAskill, Michael Holden, Mark Potter, Paul Simao Organizations: Bath, Labour Party, Conservative, Thomson Locations: COVID, Britain, British, Downing, lockdowns, Tees Valley

Star fund manager Zhang Kun, who manages nearly 90 billion yuan for Guangzhou-based E Fund Management, has seen his flagship 56 billion yuan Blue Chip Selected Mixed Fund lose 8% so far this year. The fund soared 95% in 2020 which attracted significant subscriptions and helped Zhang become China's first so-called "100 billion fund manager". Another high profile fund manager, Ge Lan at Lombarda China Fund Management, saw her flagship 28 billion yuan healthcare fund retreat 7% in 2021 and 23% in 2022, after a nearly 100% gain in 2020. "Not just mutual funds, the overall fund issuance is difficult, as this is closely connected with the economic situation," Steve Chen, partner of Shanghai-based hedge fund manager MX Capital. To boost market sentiment, some mutual funds announced fee cuts or started to purchase their own fund shares recently.

Persons: Thomas Peter HONG, Jiao Jinyuan, Zhang Kun, Zhang, Ge Lan, Emily Gao, Steve Chen, Debbie Dai, Dai, China Asset’s Jiao, Summer Zhen, Sumeet Chatterjee, Kim Coghill Organizations: REUTERS, Z, Ben Advisors, CSI, China Asset Management, Star, E Fund Management, China Fund Management, MX Capital, Thomson Locations: Beijing, China, Thomas Peter HONG KONG, Guangzhou, Shanghai

☆ World Bank cuts 2024 global growth forecast as rate hikes bite but lifts 2023 outlook
▼ + stars: | 2023-06-06 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. The development lender cut its 2024 global growth forecast to 2.4% from 2.7% in January, citing the lagged effects of central bank monetary tightening and more restrictive credit conditions that were reducing business and residential investment. These factors will slow growth further in the second half of 2023 and into 2024, but the bank released a new 2025 global growth forecast of 3.0%. The bank, however, halved its previous 2024 U.S. growth forecast to 0.8%, and cut China's forecast by 0.4 percentage point to 4.6%. This would likely cut 2024 growth by nearly half to just 1.3% - the slowest pace in 30 years outside of the 2009 and 2020 recessions.

Persons: Indermit Gill, Gill, David Lawder, Edwina Gibbs, Andrea Ricci Organizations: Bank, Real, World Bank, Thomson Locations: U.S, China, COVID, .

☆ Opinion: Ambitious, tech-savvy and jobless. Why India’s young people could reshape the internet
▼ + stars: | 2023-06-02 | by ( Opinion Snigdha Poonam | ) edition.cnn.com time to read: +10 min

Her book, “Dreamers: How Young Indians Are Changing Their World,” was longlisted in 2019 for the PEN America Literary Awards. Unlike China, which leveraged its demographic dividend through large-scale factory employment, India’s economic growth does not rely on young workers manufacturing goods. Catering to a market of 750 million smartphone users, India’s fast-growing gig economy is attracting young workers in great numbers. As incidents of abuse and exploitation pile up, many of India’s gig workers are questioning their career choice. Feeding the social media monsterThere are other ways in which India’s young people are shaping the future of technology.

Persons: ”, Raju Rai, Rai, “, ” Rai, Dhiraj Singh, Mithun Kumar, Kumar, hyperlocal, Jewel Samad, Mohit Yadav, Monu Manesar Organizations: PEN, CNN, Delhi CNN, Facebook, Catering, Bloomberg, Getty, YouTube, Big Tech, Twitter, New York Times Locations: Delhi, India, Thailand, Indian, Varanasi, Bangkok, Myanmar, Uttar Pradesh, Kerala, Southeast Asia, Europe, China, Mumbai, Bihar, Covid, AFP

☆ Column: Poland defies big polluter expectations with coal use cuts
▼ + stars: | 2023-06-02 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

So instead of emerging as a climate laggard compared to wealthier European peers, Poland is keeping pace with the cuts to coal use and power emissions seen elsewhere, and may soon force emissions forecasters to trim their future pollution projections across the region. TARGETED CUTSEmissions forecasters using planned power generation data from major economies estimate that Europe's total carbon dioxide emissions will drop by 47% from 2022's total by 2030, largely due to planned steep cuts to coal use in Germany. Over the same time frame, Poland's electricity generation from coal has dropped by roughly 20%, resulting in an equal magnitude drop in coal-fired emissions. PRICE PAINGoing forward, a key factor that will drive Poland's overall electricity demand will be the price of it. If coal prices remain stubbornly strong relative to gas, then Poland's power producers may find themselves in the unenviable position of potentially ranking among the highest cost electricity generators in Europe.

Persons: Gavin Maguire, Christopher Cushing Organizations: Poland, European Union, World Bank, COVID, Reuters, Thomson Locations: LITTLETON , Colorado, Poland, Germany, Western Europe, Europe, France, The Netherlands, Spain

WASHINGTON, May 31 (Reuters) - U.S. passenger railroad Amtrak CEO Stephen Gardner will testify on June 6 before a U.S. House Transportation and Infrastructure railroads subcommittee, a spokesperson for the panel said on Wednesday, as traffic rebounds after a pandemic-driven dip. Gardner and Northeast Corridor Commission Executive Director Mitch Warren will testify at a hearing on Amtrak operations examining the challenges and opportunities for improving efficiency and service. Traffic on the busy Northeast Corridor connecting Boston and Washington more than doubled in the 12-month period ending Sept. 30 to 9.2 million passengers. Aging infrastructure is preventing Amtrak from running trains at higher speeds along the Boston to Washington northeast corridor. Amtrak said ridership rose 89% over 2021 levels to 22.9 million riders, up 10.8 million passengers over the prior year.

Persons: Stephen Gardner, Mitch Warren, Biden, David Shepardson, Chris Reese, Jamie Freed Organizations: Amtrak, . House Transportation, Infrastructure, Commission, Congress, Thomson Locations: Gardner, Boston, Washington, United States, New York Hudson

Guardia Civil/Handout via REUTERSMADRID, June 1 (Reuters) - Spanish police raided three clandestine tobacco factories early this year, seizing nearly 40 million euros ($44 million) worth of tobacco leaf and illicit cigarettes. This operation is one of dozens across the EU that regional policing and anti-fraud agencies say have driven seizures of illicit cigarettes to record levels. It may have been further accelerated by the war in Ukraine, which for years has been a production hub and transit route for illicit tobacco, OLAF added. TOBACCO INVESTIGATORSThe industry has responded by hiring investigators to research illicit operations and share intelligence with European authorities, executives at Japan Tobacco, BAT and Imperial Brands told Reuters. "A good many workers from Ukraine have been found in these illegal factories," Japan Tobacco's Byrne said about counterfeiting operations across the EU.

Persons: who'd, OLAF, Cyrille Olive, Philip Morris, Olive, Europol, Vincent Byrne, Byrne, Japan Tobacco's Winston, Alex McDonald, Ernesto Bianchi, McDonald, Japan Tobacco's Byrne, They're, they're, Richa Naidu, Emma Pinedo, Emilio Parodi, Matt Scuffham Organizations: Guardia Civil, REUTERS, Spanish, EU, BAT, Imperial Brands, Japan Tobacco, Philip Morris International, Reuters, Marlboro, America's Dunhill, Supplies, Investigators, Mobile, Thomson Locations: Seville, Spain, Guardia, REUTERS MADRID, Alfaro, Europe, Ukraine, British American, France, Netherlands, Portugal, Slovenia, Denmark, Czech Republic, Ireland, Japan, China, Asia, EU, Russia, Belarus, Roda de Ter, Barcelona, Spanish, Italy, Pomezia, Russian, Moldovan, London, Madrid, Milan

LONDON/TOKYO, May 31 (Reuters) - The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China's recovery is sputtering. That helped the dollar index , which measures the greenback against six major peers, climb to 104.63, its highest since March 16. Data on Wednesday showed inflation in France and some of Germany's biggest states is slowing quickly. Euro zone-wide inflation data is due out tomorrow. "European inflation is rolling back now and you're taking back some of the previously anticipated hikes from the ECB," said Carl Hammer, chief strategist at European bank SEB.

Persons: Carl Hammer, SEB, Hammer, Shusuke Yamada, Bart Wakabayashi, Sterling, Tayyip Erdogan, Harry Robertson, Kevin Buckland, Mark Potter, Helen Popper Our Organizations: U.S, Analysts, European Central Bank, ECB, U.S ., Bank of America, State, Thomson Locations: TOKYO, France, U.S, China, COVID, Tokyo

☆ China's economy isn't rebounding as fast as anyone expected
▼ + stars: | 2023-05-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

While I personally won't be flying internationally anytime soon, we're diving into China's lethargic economy for today's newsletter. The much-anticipated economic rebound hasn't quite materialized for China in the way many had expected. The sluggish recovery has embedded itself in nearly every corner of the world's second-largest economy, even in some of the most obscure commodities markets. The CSI 300 index has slipped over recent weeks, and luxury brands reliant on China's large consumer base have tumbled. What's your outlook on China's economy for the rest of 2023?

Persons: I'm Phil Rosen, Jamie Dimon, Tesla, China Tuul, Bruno Morandi, Rockefeller International's Ruchir Sharma, Nicholas Lardy, Lardy, Filip De Mott, Tweet, Sheldon Cooper, Nordstrom, Goldman Sachs, there's, that's, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: JPMorgan, Peterson Institute for International Economics, Getty, World Gold, Fed, Nvidia, Microsoft, Saudi Aramco Locations: Elon, China, Washington, Shanghai, Shenzhen, . Utah , Colorado, Scottsdale, Saudi, New York, Los Angeles, London

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