World Bank revises global economic growth estimate for 2023 to 2.1%, up from 1.7%
China-Germany relationship to hit new heights, says Chinese Premier Li Qiang after meeting SDP delegation in Beijing — Premier Li welcomed representatives from the center-left SDP, one-third of Germany's coalition government, to Beijing on Monday. Details in China section. U.S. equities yesterday: The Dow ended down 199.90 points, 0.59%, at 33,562.86. The Nasdaq eased 11.34 points, 0.09%, at 13,229.43. The S&P 500 was down 8.58 points, 0.20%, at 4,273.79.
Slowdowns are expected in advanced economies, including the U.S., which is projected to see growth of 1.1% this year and 0.8% in 2024. Japanese workers' real wages fell 3% year on year in April, missing estimates and marking the 13th month of declines. The slump is a factor discouraging the Bank of Japan from tightening policy as it lowers the likelihood of achieving sustainable inflation backed by pay increases and growth.
•Intermittent disruptions at several key U.S. West Coast ports are now entering their fifth day amid ongoing labor-contracts negotiations between dockworkers and their employers. Pacific Container Terminals at the Port of Long Beach has canceled cargo operations for Tuesday's first shift, with other terminals in the area experiencing various closures and slowdowns.
• A significant decline in the quality of the U.S. corn crop,with the largest deterioration in almost three years due to insufficient rainfall. USDA rated only 64% of the nation's corn crop as good-to-excellent, which indicates a 5 percentage-point fall. This decline follows weeks of dry weather across the Midwest, which has placed stress on young plants as the sowing season came to an end.
—The White House today launched a new website, Invest.gov, aiming to showcase the impact of its policies on the U.S. economy. The site contains information on about 32,000 infrastructure projects and over $470 billion in investments in various sectors such as electric vehicles, batteries, computer chips, biotech, and clean energy production.
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