European sovereign bond sales attracted an unprecedented level of interest, as investors sought to lock in yield amid expectations that euro zone interest rates will remain near record lows in 2020.
China’s pledge to boost imports from the U.S under a recently signed trade deal could end up costing the European Union about $11 billion.
A trade war, initiated by the United States, would do serious damage to the global economy as protectionist actions escalate. Countries imposing tariffs and countries subject to tariffs would experience losses in economic welfare, while countries on the sidelines would experience collateral damage. If tariffs remain in place, losses in economic output would be permanent, as distorted price signals would prevent the specialization that maximizes global productivity.
The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. Labor markets remain strong and unemployment continues to fall. However, the external environment becomes much less supportive and uncertainty is running high. As a result, the European economy looks to be heading towards a protracted period of more subdued growth and muted inflation.
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