Charting the Global Economy: Europe Inflation Picks Up Before ECB Meeting

-- Inflation in Europe accelerated by more than forecast in May, but the European Central Bank is still expected to start cutting interest rates next week.Consumer prices rose 2.6% from a year ago, up from 2.4% in April, according to Eurostat. A measure stripping out volatile components like food and energy also surpassed expectations. While money markets still see a quarter-point cut at the June 6 ECB meeting, they pared wagers on reductions beyond that.

Sweden’s economy exceeded forecasts in the first quarter by expanding at the fastest clip in almost two years — helped mainly by higher inventories — as the Nordic country’s prospects are brightening with its central bank having started interest-rate cuts. Output for the three previous quarters was also revised higher, meaning there was no technical recession — as defined by two consecutive quarters of falling output — in the past two years.

The insistence that Israel should never again be caught flat-footed led to a huge ramp-up in defense spending, which averaged almost 29% of gross domestic product in 1973-1975 — a period known in economic circles as “the lost decade.” Israel is a very different country today, but the parallels are haunting.

--With assistance from Galit Altstein, James Attwood, Ethan Bronner, Jonathan Gilbert, James Mayger, Brendan Murray, Shoko Oda, Tom Rees, Niclas Rolander, Andrew Rosati, Augusta Saraiva and Alexander Weber.Israel Seeks Underground Secrets by Tracking Cosmic ParticlesDonald Trump Jr.

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