United States: IMF US GDP Downgrade: What it Means for the Rate Outlook
The IMF cut its GDP forecast for the U.S. in 2014 from 2.8% to 2.0%. The revision comes as a surprise as recent data paints a positive picture for the economy and analysts begin to foresee a rise in interest rates sooner rather than later. (Source: CNBC)
China: Foreign Investment into China Falls in May
Foreign investment in China fell in May to its lowest level in 16 months, partly due to slowing growth. The government says China attracted USD 8.6 billion in foreign direct investment (FDI) in May. (Source: BBC News)
Argentina: Argentina President Defies US Court Orders on Repayment of Debts
Argentina’s President Christina Fernandez has declared on 16 June that her country is unable to pay USD 1.5 billion to NML Capital Ltd after the US Supreme Court ordered the country to disburse the payment starting two weeks from now. Under the orders, Argentina must pay the debt or lose the ability to use the US financial system to pay the holders of other Argentinian bonds. (Source: Fox News)
Germany: German Investor Confidence Drops Despite ECB Stimulus
In June, the German index of investor and analyst expectations fell from May’s 33.1 points to 29.8 points. The index has been declining steadily since December last year when it had reached a seven-year high. (Source: Bloomberg)
Ukraine: Europe Faces Gas Shortage as Russia Cuts Ukraine Supply After Talks Fail
Europe is set to face gas shortages as Russia cuts supplies into Ukraine after failing to reach a last minute deal on payments. (Source: The Telegraph)
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