Global Economic Prospects 2015

The global economy is still struggling to gain momentum. Read more ...

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Global Daily: German consumer confidence set to rise in June

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Financial Markets

European financial markets rallied on Wednesday after reports that Greece and its creditors, including the International Monetary Fund, is nearing a deal that will proved debt relief to the struggling nation. Europe’s benchmark stock index closed 1.3 percent up with Greek shares gaining 3.6 percent. The euro strengthened 0.2 percent against the dollar to $1.09, up from its session low of $1.0815 earlier. The yield on the benchmark 10-year Greek government bond fell about 64 basis points to 11.3 percent.

Global Daily: U.S. durable goods orders slip in April

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Financial Markets

Hungary's central bank cut its key interest rates by another 15 basis points as expected by economists.   The Magyar Nemzeti Bank on Tuesday reduced the base rate to a record low 1.65 percent from 1.8 percent. This was the third consecutive monthly reduction in rates.  The bank had lowered the rate by 15 basis points each in March and April.


High Income Economies

Global Daily: Remittances remain a key source of funds for developing countries

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Official remittance flows to developing countries are estimated to have reached $436 billion in 2014, more than three times larger than official development assistance ($135 billion). However, flows to developing countries are expected to slow in 2015, especially in Europe and Central Asia, owing to a weak economic outlook in remittance source countries.

Global Daily: Eurozone growth accelerates in first quarter

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Financial Markets

The dollar fell to its lowest level in three months as weaker-than-expected U.S. retail sales reinforced the view that the Federal Reserve will hold off raising interest rates for some time to come. The U.S. dollar index, which tracks the greenback against a basket of six major currencies, fell 1% after hitting a more than three-month low.  The gauge has now dropped some 6.5% from a 12-year peak reached in March. Meanwhile, the euro strengthened to as much as $1.137 versus the dollar.

Global Daily: Bank of England keeps interest rate at record low

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Financial Markets

U.S. Treasury prices moved lower, pushing yields up, as Eurozone government bonds extended declines from last week and the U.S. government prepared to sell $64 billion in new coupon-bearing debt this week. The yield on the U.S. 10-year note rose 6 basis points (bps) to 2.2%, while the 30-year bond yield gained 7 bps to 2.97%.  The benchmark 10-year German bond yield has gained more than 50 basis points since April 27th.

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