News in Brief
Musk, China industry minister hold talks
AFP – Tesla CEO Elon Musk and Chinese Industry Minister Jin Zhuanglong held talks on “new energy vehicles” Wednesday, Beijing said.
The two “exchanged views on the development of new energy vehicles and intelligent connected vehicles,” China’s Ministry of Industry and Information Technology said in a readout on its website.
ECB warns markets are vulnerable to sharp sell-off
CNBC – Financial markets could face a sharp downturn in the event of any further shocks to the global economy, European Central Bank Vice-President Luis de Guindos said on Wednesday.
Earlier on Wednesday, the ECB published its May Financial Stability Review, saying that the euro area’s stability outlook remained fragile in the aftermath of recent turmoil in the banking sector, which saw the failure of several U.S. regional banks and the emergency takeover of Credit Suisse by UBS.
Australia inflation rises in April
REUTERS – Australian consumer prices rose by more than expected in April, driven by a jump in automotive fuel, suggesting sticky inflation would likely keep pressure on the central bank.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 6.8% in the year to April, compared with 6.3% in the previous month and market forecasts of 6.4%.