Welcome to the Economic Corner – where we update you on all the biggest global economic announcements. • The first news in the Economic corner show are latest announcements that came in from Australian Prime Minister. Prime Minister Scott Morrison announced a new "temporary COVID-19 disaster payment" for people who live in declared COVID-19 hotspots and are unable to work because of a lockdown.
• There are reports of possibilities of end of Benjamin Netanyahu’s 12-year reign as prime minister of the Jewish state. Israel’s opposition leaders have agreed to form a government which would end Netanyahu’s era.
• Moving on to the next news. UK and Australia hold further talks in a bid to strike trade deal within weeks. The British envoy said that Britain and Australia held another round of talks to progress a free trade deal, as both countries seek to strike an agreement in mid-June. Britain is pursuing a deal with Australia as one of the pillars of its post-Brexit strategy to build stronger commercial and diplomatic links in the Indo-Pacific region.
• Moving on to a major economic update coming in from the United States. The US has threatened to impose tariffs on $2bn worth of goods from the UK and five other countries. The threat comes in as the countries argue about how to tax technology companies. The move points towards reigniting transatlantic trade wars unless parties resolve talks over a broader international tax agreement.
• Next up are important economic data announcements – First up is - China’s General Services PMI data – The May data pointed to another strong performance of China's service sector. Business activity and new orders both rose sharply, despite rates of expansion softening since April, while firms continued to add to their staffing levels.