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The lessons for today from FDR’s New Deal

Echoes of the transformative presidency of Franklin Delano Roosevelt are everywhere. The European Commission’s Ursula von der Leyen pledges a “Green New Deal” to help revive the EU economy; Britain’s prime minister Boris Johnson has cast his plan to get Britain moving again as his own version of the 1930s …

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China services index hits 10-year high in sign of recovery

A private survey of China’s services industries has indicated an accelerated recovery in activity in the sector as consumer spending rebounds from the country’s long coronavirus lockdown. The Caixin/Markit services purchasing managers’ index surged to a 10-year high of 58.4 last month, up from 55 in May and a nadir …

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China services index at 10-year high in June

A private survey of China’s services industries has indicated an accelerated recovery in activity in the sector as consumer spending rebounds from the country’s long coronavirus lockdown. The Caixin/Markit services purchasing managers’ index surged to a 10-year high of 58.4 last month, up from 55 in May and a nadir …

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Germany can unlock the EU’s recovery fund

The rotating six-month presidencies of the EU no longer shape its policies as they once did. But Germany, the holder of the office from July 1, is different by dint of its economic and political weight. For understandable historical reasons, it has taken care to use its power lightly, even …

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Fed’s Bullard says risk of financial crisis remains

A senior Federal Reserve official has warned that a wave of business failures owing to the pandemic could still trigger a financial crisis, as he justified the central bank’s continuing efforts to prop up capital markets. “We’re still in the middle of the crisis here,” James Bullard, president of the …

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PMIs are not a good month-on-month gauge

It’s confession time for IHS Markit, the firm behind the purchasing managers’ indices. The firm asks thousands of purchasing managers whether activity over the current month has declined, improved, or stayed about the same compared with the previous month. IHS Markit then tallies responses up to produce a net figure where …

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