The Economic Corner || How Could The Red-Hot Iron Ore Rally Benefit Investors?

This is The Economic Corner show - where we update you on all the biggest global economic announcements.  • First update for the day comes in from Israel. Israel is facing the worst communal violence outbreak in years. Violence between Israeli Jews and minority Israeli Arabs has broken out in several Israeli towns, shaking the country to its core. Israel has now deployed additional troops to control the situation as the outbreak enters the fourth day.

• while commenting on the Colonial pipeline shutdown, President Joe Biden said the US government has “strong reason” to believe the hackers behind a massive cyber attack that shut the Colonial petroleum pipeline were based in Russia, as he urged Americans to not panic over temporary fuel shortages. 

• U.S. Secretary of State Antony Blinken on Thursday said that the United States would not leave Australia alone in the face of economic coercion from China. Washington has repeatedly criticized what it says are Beijing's attempts to bully neighbors with competing interests. U.S. President Joe Biden has sought to bolster ties with allies in the Indo-Pacific to counter China's growing power. 

• U.S. producer prices increased in April at twice the expected rate, according to government data released on Thursday. The Producer Price Index rose 0.6% last month, according to the U.S. Bureau of Labor Statistics.

• The manufacturing sector in New Zealand continued to expand in April according to the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 58.4. 

• Now for updates from the pandemic recovery phase, the top US public health agency has said that fully vaccinated people could forgo face coverings in almost all indoor and outdoor settings. The announcement comes in as a significant loosening of social distancing guidance that president Joe Biden hailed as a “great milestone” in the fight against the pandemic.

• UK study has revealed that extending the interval between doses of the BioNTech/Pfizer vaccine from three to 12 weeks strengthens the antibody response in elderly people. 

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