Overseas Headlines – October 15, 2020

United States:

U.S. Jobless Claims Hit Highest Since August in Unexpected Jump

“Applications for U.S. state unemployment benefits unexpectedly jumped last week to the highest since August and more Americans moved to longer-term aid, underscoring a recent slowing in the pace of the labor market’s recovery. Initial jobless claims in regular state programs totaled 898,000 in the week ended Oct. 10, up 53,000 from the prior week, Labor Department data showed Thursday. On an unadjusted basis, the figure posted the largest one-week increase since July.”



Germany Presses France Over Fishing Ahead of Brexit Summit

“Germany put pressure on France to back down on its demands over fishing, one of the biggest obstacles to a post-Brexit trade deal with the U.K., as Boris Johnson warned he is “disappointed” about the progress of the negotiations. European leaders will gather in Brussels for a summit on Thursday as discussions with the U.K. over their future relationship enter a critical phase: the prime minister is waiting for the end of the meeting before he decides whether it is worth continuing to work toward an accord.”



China September Inflation Slows as Food Price Gains Moderate

“China’s consumer inflation slowed in September, driven by a moderation in food price gains. The consumer price index rose 1.7% last month from a year earlier, following a 2.4% gain in August, the National Bureau of Statistics said Thursday. The median forecast was for a 1.9% increase. The producer price index registered a 2.1% decline, after a 2% drop in August.Pork prices, a key element in the country’s CPI basket, rose 25.5% after gaining 52.6% the previous month. The moderation has some effect on lowering inflation for households, but base effects are also present — prices of the meat hit record levels during the peak of the African Swine Fever pandemic last year.”




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