Europe: Eurozone Inflation Fall Raises Prospects of Damaging Deflationary Spiral
An unexpected fall in annual inflation from 0.7% in April to 0.5% in May has made it even more likely that the ECB will announce stimulus measures at its meeting on Thursday. (Source: The Guardian)

United States: Federal Reserve May Intend to Change Rules for Testing Bank Health
The Federal Reserve Bank may aim to substitute Basel III capital rules by its own rules to assess bank health. In a May speech, Fed Governor Daniel Tarullo criticized that Basel III allows banks to use their own risk models and promoted the Federal Reserve’s stress test. (Source: Reuters)

Australia: Australia Beats Growth Forecast
The Australian economy grows more than expected in the first quarter of this year. GDP rose 1.1% on a quarterly basis and mining accounted for around 80% of the growth. Despite the growth, analysts warn that domestic consumption may be hurt by the tax increases and spending cuts announced in the budget last month. (Source: BBC)

Global: G7 Powers Meet Without Russia in Summit Snub Over Ukraine
The G7 economies met today without Russia for the first time in 17 years following Russia’s annexation of Crimea. The two-day summit will take place in Brussels rather than the previously planned Sochi and the world’s most industrialized economies will cover topics such as will cover foreign policy, economics, trade and energy security.

United Kingdom: UK Job Creation at 17-year High
The UK’s Office for National Statistics (ONS) has issued data this morning showing that Britain’s employment rate has, finally, returned to its long-term average. (Source: The Guardian)

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