All the latest economic and financial news, including Greece’s bailout talks and the latest healthcheck of the world’s factoriesBundesbank: Five minutes to midnight for Greek banksCatch-up: Tsipras criticises creditors over ‘absurd demands’The agenda: factory data and Greek developments 8.22am BST The recovery in Spain’s factory sector continued last month, with output growing at the fastest rate since April 2007.Markit’s Spanish manufacturing PMI jumped to 55.8 in May from 54.2 in April, showing “a sharp improvement in business conditions”. 8.16am BST Italy’s prime minister, the reformist Matteo Renzi, has been given a wake-up call by disgruntled voters.Renzi’s centre-left Democratic party performed worse than expected in regional elections last weekend, as populist and anti-establishment parties enjoyed a rise in support. It lost the governorship of Liguria, which is usually a left-wing stronghold, and was pushed hard in other districts.Italian Government received a slap from the electorate as the Northern League and 5* movements did well. Related: Silvio Berlusconi mistakenly arrives at leftist party rally in Italy local elections 8.01am BST China’s stock market has surged this morning, following the news that its factory sector had contracted for the third month running.Traders piled into stocks in Shanghai, giving the main index its biggest one-day gain since January. #China | *SHANGHAI COMPOSITE INDEX RISES 3.4%, BIGGEST GAIN SINCE JAN. 21 ...need worserer data pic.twitter.com/YIMZJyBFpE 7.52am BST A top official at Germany’s Bundesbank has warned that Greek banks are on the brink of crisis.Andreas Dombret, an executive board member of the German central bank, told Germany’s Bild newspaper that the Athens government must move swiftly to reach agreement with creditors:“The Greek government would be well advised to act quickly - for the Greek banks, it is five minutes to midnight.”“The situation in Greece is very critical and bank customers see that naturally...The direct dangers for European banks are relatively small.”Bundesbank's Dombret says It’s Five to Midnight for Greek Banks in interview w/ @BILD as deposits drop like a stone. pic.twitter.com/rXHAoMAmYb 7.49am BST Greece may have invented democracy, but it still has a bit to learn about diplomacy. Related: Tsipras lambasts 'absurd proposals' of creditors for Greece debt-deal failure “The lack of an agreement so far is not due to the supposed intransigent, uncompromising and incomprehensible Greek stance.It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people.”....the beginning of the end for the European unification project by shifting the Eurozone from a monetary union to an exchange rate zone, [and] also triggers economic and political uncertainty, which is likely to entirely transform the economic and political balances throughout the West. Related: Tsipras lambasts 'absurd proposals' of creditors for Greece debt-deal failure #Greece's creditors long hoped @atsipras swoops into bailout talks to save deal. Not sure how he can after this op-ed http://t.co/KtChpba5xXPerhaps the closest to a "this is it, take it or Grexit" public statement by Tsipras: http://t.co/RmXjUwILHH 7.38am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.The clock is ticking louder for Greece, as Athens and its creditors continue to struggle to agree a deal before its bailout expires at the end of the month. Rumours of my impending resignation are (for the umpteenth time) grossly premature...@nikimoza1 "In the long run we are all dead." J.M.Keynes. (In the medium run, those nostalgic of the troika days are stuck with me @ FinMin) Continue reading...
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