Overseas Headlines – July 2, 2021

United States:

U.S. Job Growth Surges Mostin 10 Months, Jumping Past Forecast

“U.S. job growth accelerated in June, with payrolls gaining the most in 10 months, suggesting firms are having greater success recruiting workers to keep pace with the broadening of economic activity. Nonfarm payrolls increased by 850,000 last month and the unemployment rate edged up to 5.9%, a Labor Department report showed Friday. May payrolls were revised up to a 583,000 gain. The labor force participation rate held steady and remained well short of pre-pandemic levels.”



Brexit-Battered London Spars With Paris for Green Finance Crown

“As JPMorgan Chase & Co. chief Jamie Dimon made clear this week, Paris keeps chipping away at London’s financial dominance. The next prize at stake: becoming the global capital of green banking, and the trillions of dollars of deal flow that will bring. Paris and London are competing to dominate this burgeoning world of investment products tailored for environmental, social and governance factors, which Bloomberg Intelligence estimates could grow to more than $53 trillion of assets by 2025 — a sum that’s greater than the global market for corporate bonds.”



Bank of Korea Chief, Finance Minister Pledge Policy Coordination

“Bank of Korea Governor Lee Ju-yeol and Finance Minister Hong Nam-ki met Friday and pledged tight policy coordination as they sought to reconcile the goals of taming asset bubbles and safeguarding an economic recovery from the pandemic. “Elaborate coordination and role allocation” between fiscal and monetary authorities to deal with risks latent in South Korea’s rapid economic recovery matter more than ever, the central bank and finance ministry said in a joint statement.”



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