European Union

EU Nations to Question IMF Chief Over New Russia Engagement

Several European Union nations intend to challenge International Monetary Fund chief Kristalina Georgieva about the Washington-based lender’s plan to engage with Russia on economic issues for the first time since the invasion of Ukraine, Bloomberg News reported. At a meeting of EU envoys Wednesday, France, Belgium and Poland, as well as several Baltic and Nordic nations, said they were surprised by the IMF’s decision earlier this month to restart annual economic reviews with Moscow.
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Russia
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EU Probes into Chinese Subsidies and Imports

The European Commission on Tuesday proposed final duties of up to 36.3% on imported electric vehicles made in China, as part of the highest profile EU probe of alleged Chinese subsidies which has provoked threats of retaliation from Beijing, Reuters reported. It has also launched investigations into whether Chinese clean tech producers are dumping subsidised goods on EU markets and whether Chinese-owned companies unfairly benefit from subsidies while operating inside the European Union. The EU executive says its aim is to prevent unfair competition and market distortion.
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China
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Euro Nears Year’s High on Bet Fed Will Cut Rates Faster Than ECB

The euro inched toward its highest level against the dollar this year, amid anticipation the Federal Reserve will cut interest-rates by more than the European Central Bank in the coming months, Bloomberg reported. The single currency rose as much as 0.3% to $1.1029, the strongest level since Jan. 2, as markets awaited U.S. inflation data for further evidence the Fed will likely begin easing policy next month. Money markets are currently pricing over 100 basis points of cuts in the US by December, compared to 70 basis points in the euro area.

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