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Weekly news summary for May 21 to 27, 2021

Friday, May 21, 2021: Eurozone PMI Climbs in May, Services PMI Improves

Europe’s economic rebound gained momentum this month, with its services improving as manufacturing activity eased.

Initial flash reading of the IHS Markit Eurozone composite purchasing managers’ index (PMI) increased to 56.9 in May, its highest in more than three years and beating analysts’ forecasts, while services PMI rose to 55.1 from 50.5 in April and the UK’s composite PMI climbed to 62.0 from 60.7.

Monday, May 24, 2021: G7 Close to Reaching Global Corporate Tax Deal

The Group of Seven (G7) major advanced countries are near reaching a deal on the corporate taxation of international companies, leading to a worldwide agreement later in the year to establish new policies for the implementation of taxes on the world’s largest corporations.

The news came after the US Treasury Department offered in the previous week to accept a 15% global minimum tax on corporate income, which is lower than the proposed 21% minimum for US international companies.

Tuesday, May 25, 2021: Germany’s Economy Falls More than Expected in Q1

Germany’s economy declined more than anticipated in the first quarter as COVID-19-driven restrictions urged householders to increase their contributions on savings, pushing household spending down to 5.4% and savings rate up to a record high of 23.2%.

The Federal Statistical Office stated that the first-quarter gross domestic product (GDP) of Europe’s biggest economy fell 1.8% over the fourth quarter of 2020, while Germany’s GDP dropped 3.1% on a year-over-year basis.

Wednesday, May 26, 2021: Bitcoin Rises Above $40,000

Bitcoin’s price returned to the $40,000 threshold on Wednesday, following the weekend’s heavy selloff and a 30% drop that pushed its value to about $30,000.

The world’s most popular cryptocurrency climbed 6.9% to $40,196.06, with optimism supported by news of MicroStrategy CEO Michael Saylor conducting a successful meeting between Tesla CEO Elon Musk and other major North American Bitcoin mining companies.

Thursday, May 27, 2021: Gold Falls as Investors Await Key US Economic Data

Gold prices slipped on Thursday following a 4-1/2 month high, as investors await critical US economic data, including first-quarter gross domestic product (GDP), last week’s initial jobless claims, and April’s Core Durable Goods Orders and Pending Home Sales to be revealed later in the day.

Gold futures were down 0.10% to $1,899.25, while the US dollar added 0.04% to $90.06 against a basket of six major currencies, and the 10-year US Treasury note increased to 1.58%.

 

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