Opinion | The Expansion of Democracy Is What Does the Trick

European Economics Preview: Eurozone Economic Confidence Data Due

Economic sentiment from eurozone and flash consumer prices from Germany are due on Monday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s import prices for April. Economists expect import price inflation to rise to 32.0 percent from 31.2 percent in March.

In the meantime, Statistics Sweden is set to publish revised GDP data and foreign trade figures. Also, retail sales and household spending from Norway are due.

At 3.00 am ET, Spain’s INE is scheduled to issue flash consumer and harmonized prices for May. EU harmonized inflation is seen at 8.2 percent versus 8.3 percent in April.

In the meantime, the National Institute of Economic Research releases Sweden economic tendency survey results. Also, Swiss KOF leading index is due. Economists forecast the leading index to rise to 102.3 in May from 101.7 in the previous month.

At 5.00 am ET, the European Commission is set to issue Eurozone economic sentiment survey results. Economists forecast the economic confidence index to fall slightly to 104.9 in May from 105.0 in the previous month.

At 8.00 am ET, Germany’s flash CPI & HICP data is due. Consumer price inflation is expected to rise to 7.6 percent in May from 7.4 percent in April.

Iraq reports bird flu outbreak on poultry farm, OIE says

PARIS (Reuters) – Iraq has reported an outbreak of highly pathogenic H5N8 avian influenza, commonly called bird flu, on a farm southeast of Baghdad, the World Organisation for Animal Health (OIE) said on Friday.

The outbreak last month at the poultry farm in the province of Wasit killed 24,060 birds out of a flock of 158,000, the Paris-based OIE said, citing a report from its Iraqi delegate.

Peter Navarro Charged With Contempt of Congress for Skirting Jan. 6 Committee

Peter Navarro, the former Trump trade adviser who has spoken openly about his plans to overturn the 2020 election, has been charged with contempt of Congress.

The indictment came down on Friday as Navarro has refused to cooperate with the Jan. 6 committee. He filed a lawsuit against the committee earlier this week, alleging that the committee is abusing its power and he shouldn’t have to testify. Navarro discussed the lawsuit during a heated interview with MSNBC on Thursday, during which he said he will “lead the charge” to subpoena Democratic leaders if Republicans win the 2024 election. “We’ll start with the impeachment of Biden,” he said. “We’ll subpoena his senior staff.”

 

He then claimed that George Washington would be on his side in his lawsuit against the Jan. 6 committee.

This is a breaking news story and will be updated.

India Service Sector Expands Most Since 2011

India’s service sector grew at the fastest pace in more than 11 years in May, underpinned by a strong growth in demand following the reopening of the economy after the COVID-19 lockdowns, survey results from S& P Global showed on Friday.

The services Purchasing Managers’ Index rose to 58.9 in May from 57.9 in April, while the reading was forecast to fall to 57.5.

Any score above 50.0 indicates expansion. Moreover, the lastet level was the highest since April 2011.

The survey showed that new business increased at the quickest pace since July 2011.

Outstanding business among services firms grew at the fastest pace in a year. Still, service providers refrained from taking on additional workers in May.

Input price inflation advanced to the highest in 16-and-a-half years of data collection due to greater food, fuel, labor, material and transportation costs.

Firms, in turn, transferred rising cost burdens to customers via raising selling prices. The overall rate of charge inflation was the second-highest in close to five years.

Despite remaining optimistic towards the 12-month outlook for business activity, firms remained concerned that inflationary pressures would dampen the economic recovery.

Rising from 57.6 in April to 58.3 in May, the S&P Global composite output index pointed to the fastest rate of expansion in the private sector since last November, the survey showed.

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Opinion | The Expansion of Democracy Is What Does the Trick

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