News in Brief
Asian stocks rise, dollar drops
AFP – Major stock markets rose and the dollar dropped Tuesday as data showed China’s economy grew far more than expected in the first quarter, when activity resumed following three years of painful zero-Covid measures.
The blockbuster 4.5-percent expansion, helped by above-forecast retail sales last month, revived optimism for an economic recovery in the world’s second biggest economy after its worst performance in decades seen in 2022.
The figures are the first snapshot since 2019 of a Chinese economy unencumbered by public health restrictions that included city-wide lockdowns lasting months.
Deals on emissions trading, carbon tax
AP – European Union lawmakers on Tuesday adopted key pieces of a package designed to achieve the EU’s climate goals of cutting emissions of the gases that cause global warming by 55% over this decade.
European Parliament members approved deals to reform the 27-nation bloc’s emissions trading system, introduce a so-called carbon border adjustment mechanism and to create a new hardship fund for vulnerable households and small businesses affected by higher fuel costs arising from the new measures.
Oil slips on economy worries
CNBC – Oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook.
Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month.