Singapore President Tharman Shanmugaratnam expressed the city-state's intention to work on a free trade agreement with the East African Community during the former's state visit to Tanzania, according to a release by the Ministry of Foreign Affairs on Tuesday.
The negotiation is the first of its kind for both parties.
The EAC comprises eight member states, with the announcement coming on the back of the city-state's push to deepen its ties with African countries.
Retail sales in the UK rose 3.4% year over year on a like-for-like basis in May, following a 3.4% decline in April, according to data from the British Retail Consortium published Tuesday.The reading, which surpassed the expected 0.6% increase for the month, marks the strongest retail sales growth since April 2025.BRC attributed the recovery to robust demand in outdoor and summer goods due to a heatwave, alongside an additional boost in food sales from the early bank holiday.
The impact of potential geopolitical shocks is likely to differ from more traditional macro-financial stress in several ways, including by generating new operational challenges for the financial system, the Reserve Bank of Australia (RBA) noted in its bulletin released Tuesday.The RBA defined geopolitical risk as the potential for adverse impacts on the financial system from international tensions, including trade restrictions, sanctions, grey-zone activities and conflicts.The geopolitical risk framework identified four key stress transmission channels: financial conditions, the real economy, safety and security, and international policy responses, per the report. Credit risk, liquidity risk, operational risk, security and capacity risk, and political risk are expected to be the most relevant in a geopolitical scenario, it added.Such a shock could lead to the potential amplification of financial risks, new operational challenges for the financial system, and coordination challenges in crisis management, given the potential for multiple financial and operational risks to be triggered at once, RBA said.Periods of heightened geopolitical risk may not be fully reflected in asset prices or volatility measures until risks crystallize, the bank said. Material geopolitical risks can build while remaining only partially priced, increasing the potential for sudden and nonlinear adjustments when conditions deteriorate, it added.
China's trade surplus expanded to $105.4 billion in May from $84.8 billion in April, according to data from the General Administration of Customs released Tuesday.The reading was higher than the consensus forecast of $88.7 billion tracked by Investing.com.Exports rose 19.4% year over year to $376.8 billion, hitting the consensus forecast for a 15% growth and exceeding April's 14.1% expansion.Imports increased 27.4% to $271.3 billion, faster than the 25.3% jump in April. The consensus forecast was for a 25% rise.