The first economic update comes in from the United States, US Treasury Secretary Janet Yellen said that interest rates may need to rise to keep the US economy from overheating. The comments by Yellen raised concerns among investors and led to a sell-off in the technology stocks. She spoke at an event hosted by the Atlantic magazine and warned on interest rate hike in the context of Biden’s plan of 4 trillion dollar of infrastructure and welfare spending over the next decade.
The UK and India have outlined a “2030 road map” to strengthen bilateral ties in key areas such as trade, education and defence. London announced that the two countries had agreed investment deals worth almost £1 billion. World Commodity Price Index lifted 2.3% month on month in April to extend its record high. The lift in the index was driven by stronger prices for beef, lamb, logs and aluminium.
Global shipping costs remain elevated due to congestion at ports and strong demand for commodities. The Baltic Dry Index – a lead indicator of economic activity – shot up 49% in April.