A British exit from the European Union may trigger a recession in Denmark and Finland later this year and would shave up to one percentage point off economic growth in the Nordic region in 2017. “Our best estimate is that growth would suffer already in the second half of 2016.” Source: Reuters
China’s monthly trade surplus with the United States rose to a record high of US$34.1 billion in September on the back of an escalating trade war that shows little sign of cooling. The figure, released on Friday by the customs administration, represented a 10 per cent increase from the US$31.05 billion surplus booked for August, suggesting Washington’s tariffs on imports of Chinese products have yet to have the desired effect of narrowing the trade gap between the two countries. Source South China’s Morning Post
The U.S. federal government closed the 2018 fiscal year $779 billion in the red as tax cuts hit revenues and the government paid more to service a growing national debt, according to Treasury Department data released on Monday. Source Reuters
Portuguese and Italian government bond yields fell on Monday, outperforming euro zone peers after Moody’s ratings agency upgraded Portugal by one notch, back to investment grade, and Italy’s budget plans came back into focus. Source Reuters
