The European Union is considering launching infringement proceedings against Germany after the country’s Federal Constitutional Court (GCC) ruled last week that the European Central Bank (ECB) overstepped its mandate by purchasing bonds from countries and companies hit by the pandemic.

“We are now analysing the ruling of the German Constitutional Court in detail. And we will look into possible next steps, which may include the option of infringement proceedings,” Ursula von der Leyen said on Sunday. Source New Europe

Chinese investment in the United States dropped to $5 billion in 2019, a slight decrease from a year earlier and the lowest level since the global financial crisis a decade ago, according to a new analysis by the U.S.-China Investment Project. Source Global News

Istat reports that Italian industrial production contracted by an eye-watering 28.4%% MoM in March (from -1.0% in February). The working day adjusted measure was down 29.3% YoY (-2.3% YoY in February). In both cases, they are the steepest declines since the current production series began in 1990. In a single month, industrial production has fallen more than over the entire 2008/2009 crisis. Source ING

France was severely affected by the COVID-19 lockdown and new car sales collapsed 88.8% year-over-year to just 20,997. New plug-in electric car registrations also followed the general trend and are down 67% year-over-year to 1,745. Source InsideEV

Unsurprisingly, vehicle sales also plummeted across the rest of the world by alarming levels too during April, with Italy down 97.5 per cent, France dropping by 89 per cent, and so on across the globe. Some, like Spain, the USA and Japan are still yet to reveal their sales statistics. Source GoodWood

China’s monthly auto sales rose for the first time in 22 months as factories restarted production following easing virus-related curbs, said the country’s largest auto industry association. Source CGTN

In an unprecedented move, the European Court of Justice has said that a recent ruling by a German court on the powers of the European Central Bank could place in jeopardy the unity of the EU’s legal order Source ING