U.S. Tax Proposal, U.K. Retail Jump, Japan Bucks Trend: Eco Day

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Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • The U.S. called for a global minimum corporate tax of at least 15%, less than the 21% rate it proposed for overseas earnings of U.S. businesses -- a level that some nations had argued was excessive. Here’s an explainer of the plans for a global minimum tax revolution
  • U.K. retail sales jumped for a third month in April after an easing of Covid-19 restrictions allowed consumers to return to stores
  • Almost a third of U.K. logistics companies expect to face trucker shortages this year, and a 10th say recruitment issues will pose an “extreme barrier” to the recovery of their business from the pandemic
  • China has defended retaliatory sanctions on the European Union after lawmakers in the bloc voted to freeze an investment deal agreed to late last year
  • Japan is bucking the global trend of rising inflation with continued falls in prices, a disconnect that could split its policy stance away from the trajectory of other major economies and further weaken the yen
  • Federal Reserve Chair Jerome Powell turned up the volume in the U.S. digital dollar debate, announcing the central bank will publish a research paper and seek public comment as it weighs issuing one in the future
  • This should have been a promising year for Africa. Instead, a lack of access to vaccines threatens to make things worse
  • Asian economies have been slow in rolling out vaccination programs after early successes in controlling the coronavirus, leaving the region vulnerable to further economic damage, writes Bloomberg Economics Chang Shu
  • South Korea’s early trade data show exports are set to surge in May as vaccinations allow a broader reopening of major economies
  • Australia’s relentless recovery struck an air pocket as sentiment retreated and employment fell for the first time in seven months

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