French Prime Minister Sébastien Lecornu said Tuesday in his first speech to parliament that he plans to freeze an unpopular law that raised the minimum retirement age until the next presidential election in 2027.

The decision is a major victory for the opposition Socialist Party, who had threatened to vote to topple Lecornu's nascent government if he did not freeze the pension reform, which was passed in 2023 and is incrementally raising the minimum retirement age to 64 from 62 for most workers.

"A suspension must be an opportunity. Debating the issue of pensions is not just a financial equation. It is an essential part of our social contract. And this contract, too, needs overhauling," Lecornu said. (POLITICO – Continue Reading)

The global economy has shown “unexpected resilience” in the face of Donald Trump’s tariffs, but the full impact is yet to be felt, and outlook for growth remains “dim”, the International Monetary Fund (IMF) has warned.

As policymakers gather in Washington for its annual meetings, the IMF has upgraded its forecast for global GDP growth this year to 3.2%, from 3% at its last update in July. Next year’s global forecast is unchanged, at 3.1%.

The forecast for economic growth in the UK has also been modestly increased, from 1.2% to 1.3% this year – though slightly downgraded next year, also to 1.3%. (Guardian – Continue Reading)

German investors remained moderately upbeat about the country’s medium-term prospects, according to the latest ZEW survey.

The thinktank said Tuesday that its October expectations indicator for Germany rose two points to 39.3, undershooting the forecast of 41.1. The current conditions gauge, meanwhile, continued to deteriorate, falling to -80.0 from -76.4 in September and weaker than the -74.2 estimate.

ZEW President Achim Wambach said that despite persistent global uncertainties and the lack of clarity over the state investment programme, experts “still expect an upturn in the medium term.”

For the Eurozone, both the expectations and current situation indicators fell by roughly three points each to 22.7 and 31.,8 respectively, with the decline attributed to France’s ongoing budget dispute, the ZEW said. (LiveSquawk – Continue Reading)

The European Union is considering forcing Chinese firms to hand over technology to European companies if they want to operate locally, in an aggressive new push to make the bloc’s industry more competitive.

The measures would apply to companies seeking access to key digital and manufacturing markets like cars and batteries, according to people familiar with the plans. The rules would also require the firms to use a set amount of EU goods or labour, and to add value to the products on EU soil. (Bloomberg – Continue Reading)

Billionaire investor Paul Tudor Jones believes the stock market could see a significant upward move in the final two months of the year, but expects defensive positioning until late October when several key events converge.

Speaking on Bloomberg TV, Jones identified the last week of October as a critical period when major tech earnings reports will be released, providing greater clarity on the U.S.-China conflict resolution, and coinciding with a Federal Reserve meeting.

"If the Nasdaq is higher going into early November then you have a chance for a real ramp in the last two months," Jones said, though he admitted he’s not currently taking a long position in stocks, preferring to wait "a week or two’s time" before making decisions. (Investing – Continue Reading)