Singapore and New Zealand Sign World's First Bilateral Treaty to Protect Essential Trade

• A new study reveals that the United Kingdom's GDP per capita has fallen below that of every individual U.S. state. • This finding highlights a widening economic gap between the U.S. and the U.K. that has been increasing for more than a decade.

• Amazon has announced plans to invest over US$33 billion in cloud infrastructure across Indonesia, Malaysia, Singapore, and Thailand by 2039. • The investment focuses on expanding data center capabilities to strengthen the digital infrastructure of these four Southeast Asian nations.

• U.S. Secretary of State Marco Rubio and Indian Prime Minister Narendra Modi held discussions focused on strengthening bilateral trade and energy security. • The leaders addressed the ongoing crisis in West Asia, coordinating efforts to maintain regional stability and security.

• The House of Commons Library released an analysis of the latest UK and international economic indicators. • Government borrowing for the 2025/26 financial year was recorded at £132 billion.

• LTM has issued an offer to acquire Randstad’s Technology and Consulting Services business across Australia, France, Germany, Belgium, and Luxembourg. • The proposed acquisition targets a business segment representing over USD 500 million (€469M) in annual revenue.

• European stock markets, including the Stoxx 600, FTSE, DAX, and CAC, pushed higher on Friday as investors reacted to global geopolitical and economic trends. • Market participants are closely monitoring the escalating tensions between the U.S. and Iran alongside a series of new economic reports.

• Indian stock markets show easing bearishness, with Nifty targeting 24,000 and Bank Nifty recovering above 54,000 based on current momentum indicators. • SEBI has approved the initial public offerings (IPOs) for Deepa Jewellers and Cotec Healthcare, while reportedly planning a new work-from-home policy and spending cuts on travel.

• The House of Commons Library has released updated economic indicators focusing on UK government borrowing and debt. • Public sector net financial liabilities (PSNFL), a key metric for the government's wider financial balance sheet, reached 83.6% of GDP by the end of April 2026.

• On May 20, 2026, the Governing Council of the European Central Bank (ECB) met to discuss financial stability issues within the euro area. • The Council authorized the publication of the May 2026 Financial Stability Review, which identifies key vulnerabilities and includes four special features.

• The US Department of Labor (DOL) has proposed new regulations under ERISA to clarify fiduciary duties of prudence regarding the selection of designated investment alternatives. • The proposal establishes a process-based safe harbor for fiduciaries, specifically those incorporating alternative asset exposure, to prioritize decision-making processes over final investment outcomes.

• Poland and Portugal experienced the strongest real household income growth in Europe over the last two years, with Spain leading among major economies. • Specific growth rates included the Netherlands at 2.3%, Portugal at 2%, Denmark at 1.9%, Greece at 1.8%, and Spain at 1.5%.

• Euro zone economic activity shrank at its fastest rate in over two-and-a-half years during May, according to survey data released Thursday. • The downturn was driven by a war-induced surge in energy prices and living costs, which severely stifled demand for services across Europe.