November 20, 2024
United States:
Some key market metrics are starting to suggest the Trump-inspired rally in the dollar may have plateaued, as bullishness fueled by the US election wanes.
Bloomberg’s gauge of the currency fell for a third day on Tuesday after rising to a two-year high last week.
Europe:
Euro-Zone Wage Growth Surges in Test for ECB Rate Cuts
A key gauge of euro-zone wages jumped by the most since the common currency was introduced in 1999 — complicating the European Central Bank’s plans for interest-rate cuts as inflation eases.
Third quarter negotiated pay rose 5.4% from a year ago, the ECB said Wednesday. That’s up from 3.5% in the previous three months and was largely driven by Germany.
Asia:
Ishiba Gets Green Light for Stimulus With Tax Talks Pledge
Japanese Prime Minister Shigeru Ishiba struck a deal with a key opposition party over his economic stimulus package, by promising that discussion of the opposition’s tax cut proposals will be included among the measures, according to Makoto Hamaguchi, a senior official in Japan’s Democratic Party for the People.
The package will state that annual tax reform discussions for the next fiscal year will include raising the ceiling for tax-free income from ¥1.03 million ($6,650), as proposed by the DPP, and will mention discussions on cutting gasoline taxes, an initiative also proposed by the DPP, Hamaguchi said.
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