world economic news

Economic News Daily – Tuesday 21/06/2022

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AUSTRALIA

The Reserve Bank of Australia released the minutes from its monetary policy meeting on June 7.  At the meeting it raised its key interest rate by a bigger-than-expected 50 basis points to 0.85 percent from 0.35 percent and acknowledged the recent increase in volatility in global commodity prices and agreed to take further steps to normalise monetary conditions in Australia over the months ahead, the meeting minutes showed. “The size and timing of future interest rate increases will continue to be guided by the incoming data and the Board’s assessment of the outlook for inflation and the labour market, including the risks to the outlook,” the bank stated.

EUROZONE

European Central Bank’s Chief Economist Philip Lane during his last speech at the Society of Professional Economists Annual Dinner stated that the September rate hike is still undecided. His remarks come after President of the European Central Bank, Christine Lagarde speech, where she reassured that the institution intends to raise the interest rates by 25 basis points at the July policy meeting.

FINLAND

Finland’s unemployment rate dropped to 7.9% in May from 10.3% in the same month the previous year. The number of unemployed declined by 68 thousand to 227 thousand, while the number of employed increased 61 thousand to 2.641 million.

TAIWAN

Taiwan’s export orders rose 6.0% year-on-year in May, data from the Ministry of Economic Affairs showed on Monday. Economists had expected a 0.3% growth. Orders for electronic products jumped 17.4%, while orders for telecommunications products grew 2.7%.