German economy improves
Germany’s IFO business climate judgment index continued to rise to 90.5 in July, the third consecutive month of rising, and was higher than market expectations of 89.3. The previous value was revised to 86.3, reflecting the further strengthening of German business confidence. The IFO said that the data reflects that Germany’s economy has started well in the third quarter and maintains its forecast that the economy will rebound by 6.9% quarter-to-quarter.
U.S. 1 trillion dollar anti-epidemic stimulus plan is fraught with difficulties
The latest news is that Republicans in the US Senate announced a $1 trillion stimulus plan to fight the epidemic. Republican lawmakers proposed to lower the weekly supplementary unemployment benefit from $600 to $200 until states can establish a system to provide unemployed people with relief equivalent to 70% of their pre-unemployment income, fearing opposition from Democrats. In addition, the Republican Party has not fully resolved the differences in the scale and scope of the federal anti-epidemic supplementary expenditure, which may increase the difficulty of negotiations with the Democratic Party.
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