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Russia’s GDP failed to improve as lower oil prices and Western sanctions hamper growth. Oil prices increased in the past year, but not enough for Russia to secure economic prosperity. The Moscow Times notes that the ruble strengthened to over 60% compared to the dollar, but has failed to enhance the economy thus far.
The Chinese government has put a heavy focus on innovation as a means of driving its economy and improving its recent, flagging performance. Local governments have heard the call and have rushed to erect new infrastructure and buildings designed to support this movement.
Unfortunately, there appears to be a big problem with this plan as an economic driver: businesses are not on board and nobody is making use of these newly built spaces and services.
Federal Reserve chiefs are reversing course on America’s economy as the country’s trade deficit widens with foreign nations. In May, the trade balance deficit rose 9.9% to $41.1 billion, far above expectations as exports fell and imports rose. Total imports were up 1.6% from the prior month, indicating America’s continued dependence on foreign production to meet domestic demand.
Prime Minister Narendra Modi will begin a four-day tour throughout Africa, with his first stop in Mozambique, according to The Tribune. The prime minister has agreed to a Memorandum of Understanding with the southern African country to double the amount of legume imports by 2021. Mozambique’s economy has struggled due to such factors as corruption and decreased donor aid from the international community.
Lower factory orders and a lower growth expectation show cracks in America’s already slow recovery. Factory orders for manufactured goods fell 1% in May, according to a new report by the Census Bureau. That is a sharp reversal of April’s 1.8% growth for new orders of manufactured goods. Meanwhile, shipments were almost flat, down from the 0.4% increase in April.
Manufacturing companies in Argentina have postponed investments in the second half of the year, as the economy takes longer than expected to recover, according to Reuters. President Mauricio Macri has sought to reform the economy through market-oriented reforms and settling Argentina’s debt with creditors. In addition, the economy is threatened by higher living costs and decreased consumption.
Ireland has been slowly recovering from a long economic roller coaster that started with the global financial crisis in 2008 and has not improved as quickly as the rest of the world has. Canada, on the other hand, is also facing economic uncertainty thanks to a significant downturn in the commodities trade around the world.
The problem of negative returns on sovereign bonds may be spreading. U.S. Treasuries are seeing yields fall on all parts of the curve, with 10-year and 30-year yields reaching historical lows. The 10-year Treasury fell to 1.38% in early morning trading Tuesday, a historic low as fears about growing global uncertainty hit growth expectations both in America and globally. The 30-year Treasury fell to 2.15%, a 101 basis point decline from a year ago (10-year yields fell 100 basis points over the same period).
