EU cuts Ukrainian wheat and sugar quotas, pushing Kyiv to new markets
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukrai...
Unexpected weakness in Germany's manufacturing orders in May signals ongoing uncertainty in industrial demand, despite a yearly rise and sector-specific gains.
Germany’s new factory orders declined by 1.4% month-on-month in May, exceeding market expectations of a 0.2% drop, according to provisional figures published by the Federal Statistical Office (Destatis) on Friday.
Excluding large-scale orders, the monthly fall was steeper at 3.1%, underlining broader weakness in manufacturing demand.
The downturn was led by a significant 17.7% fall in new orders in the manufacture of computer, electronic and optical products. Other sectors that contributed to the decline included electrical equipment and basic metals, which saw order reductions of 6.2% and 5.1%, respectively.
Some sectors, however, reported growth. Orders for fabricated metal products surged by 18.2%, while the manufacture of other transport equipment saw a 6.8% increase, helping to offset broader declines.
By category, capital goods orders dropped by 0.9%, and intermediate goods fell by 3.4%, while consumer goods bucked the trend with a 3.1% monthly increase.
Despite the monthly contraction, factory orders in May were up 5.3% year-on-year. Additionally, Destatis revised April’s monthly figure upwards to a 1.6% gain from the previously reported 0.6%, citing late data submissions from the automotive sector.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
The Bank of England has launched a public consultation on future banknote designs.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Russia actively shifted its trade focus away from Europe and the United States, redirecting it toward markets in friendly countries—primarily China, India, Central Asia, Africa, and the Middle East. The share of these countries in Russia's foreign trade has increased from 46% to 82%.
Fast fashion retailer Shein has been fined €40 million ($47.17 million) by France’s antitrust watchdog for allegedly having misleading discounts and unclear environmental claims, despite the company’s claim that the issues were fixed a year ago.
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