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LME copper reaches near 3-week highs on dollar dropback and China stimulus hopes
London copper reached a near-three-week high Thursday, spurred on by a sharp drop in the U.S. Dollar and expectations for more stimulus coming from China's top consumer. As of 0154 GMT on the London Metal Exchange, three-month copper rose by 0.4% to $9 624 per metric ton. This is its highest level since 14 February. The Shanghai Futures Exchange's most active copper contract rose 1.7% to 78,430 Yuan ($10,834.67) per tonne, a two-week high. Dollar index fell 1.5%, hovering near a 4-month low. This made commodities priced in greenbacks cheaper for buyers with other currencies. As investors anticipated more headlines on stimulus amid concerns about a trade war, the Chinese National People's Congress entered its second day. Base metals rose in Asian trade due to the prospect of more China stimulus measures. Premier Li Qiang said the goal of economic growth for 2025 is 'about five %',", according to Daniel Hynes. The White House announced on Wednesday that President Donald Trump would exempt automakers for one month from the 25% tariffs he has imposed on Canada and Mexico, as long as they follow existing free-trade rules. Trump's tariffs are straining relations with Canada and Mexico. Trump imposed a 10% additional duty on Chinese products, and Beijing responded by imposing its own tariffs. The looming threat to import tariffs has pushed up the price of aluminium in the U.S. to record levels. SHFE aluminium increased 1.6%, to 20,925 Yuan per ton. Zinc gained 1.6%, to 24,030 Yuan. Nickel gained 0.4%, to 128,680 Yuan. Lead rose 0.4%, to 17,390 Yan, and tin firmed up 0.6%, to 258,350 Yan. LME aluminium rose 1.1% to $2688.5 per ton. Zinc climbed 0.8% to 2,900.5; lead remained at $2,033.5; nickel surged 0.6% to 16,000 and tin jumped 0.9% to $30,975. ($1 = 7.2388 Yuan) (Reporting and editing by Rashmi aich in Bengaluru)
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US Board reinstates thousands USDA employees terminated by Trump administration
The U.S. Board that reviews the firings of Federal employees ordered on Wednesday the U.S. Department of Agriculture (USDA) to temporarily reinstate thousands of people who lost their jobs in President Donald Trump's federal layoffs. Cathy Harris is a member of Merit System Protection Board. She ordered that the USDA reinstate probationary employees fired for 45 days, while a legal challenge against the terminations takes place. The decision came a day after a judge in federal court blocked Trump's attempt to fire Harris, a Democrat and remove her from her board position without cause, before her three-year term expired. The administration has appealed that decision. J. said, "This is a great news. It needs to be implemented as quickly as possible with all agencies that have employees in similar situations." Ward Morrow is the assistant general attorney at the American Federation of Government Employees (AFGE), which represents some of these reinstated workers. Tanya Torst was fired on February 15 from the U.S. Forest Service (a USDA agency), but she said she'd be delighted to return to fundraising for six national forests. She did worry, however, about talks of closing federal offices across the country and further staff cuts later in this month. We're excited to return, but we hope they'll have a room for us." The USDA and White House didn't immediately respond to our request for comment. Trump and Elon, the architect of what is called the Department of Government Efficiency (DGE), are leading an unprecedented effort to shrink federal bureaucracy through job cuts. Out of the 2.3million federal civil servants, it is estimated that over 20,000 employees, mostly probationary workers have lost their job and another 75,000 took a buyout. Most probationary workers have served in their current role for less than one year, but some federal employees are long-time workers. The unions' attempts to challenge the mass firings at federal court were met with procedural obstacles. Judges questioned whether the unions had the right to bring these cases, or found that they should have brought them to administrative boards such as the MSPB. The merit board could be a roadblock to the Trump administration in its efforts to clean up the federal workforce. The board is responsible for hearing appeals from federal employees who have been fired or disciplined. The administration has already stopped the firing of six employees from various agencies, at the request of an agency that was headed by Hampton Dellinger, former director of the U.S. Office of Special Counsel. Trump had fired Dellinger. Dellinger, a Trump appointee appointed by Biden's Democratic predecessor, revealed on Tuesday that he asked the board to stop the firing of thousands USDA employees. Dellinger claimed that the Trump Administration fired the probationary workers without respecting the rights of the employees and in violation of federal regulations on mass reductions. Harris also agreed, stating that she had reasonable grounds to believe the agency terminated them in violation of federal laws. The board has ordered that all probationary USDA workers terminated after February 13 be temporarily reinstated. Dellinger welcomed the decision in a press release. Dellinger said that his agency will continue to investigate the firings of other probationary federal employees. He also called on agencies who have recently terminated such workers, to reinstate them immediately. He said that "rescinding these hasty, and seemingly unlawful personnel actions" was the right thing to be done and would prevent taxpayers from wasting money. Dellinger was fired by Trump on February 7. He had been reinstated on the bench, but on Wednesday a federal appeals court in Washington allowed Trump to dismiss him. Dellinger said on Wednesday that he had been removed from his position shortly after the decision, which was temporary until appeals court judges reviewed the merits in the case. Reporting by Daniel Wiessner, Albany, New York, and Nate Raymond, Boston; Additional reporting from Leah Douglas, Washington; Editing and proofreading by Chizu, Alexi, Garamfalvi, and Sandra Maler.
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India's small importers are seeking to reduce import duties in response to US tariffs on steel and aluminium
The head of a trade body in India said that India's small engineers goods exporters had urged the government on Monday to reduce import tariffs for some U.S. products to achieve better trading terms, as President Donald Trump is preparing to implement new duties on steel and aluminum. Exporters in India are concerned about the 25% U.S. steel and aluminum tariffs that will be implemented on March 12th. Pankaj Chadha is the chairman of Engineering Export Promotion Council which represents over 10,000 small exporters. Chadha said that the EEPC, along with other industry groups, has urged the federal government to lower tariffs on certain U.S. products with low inbound shipments. They believe that by lowering these tariffs, the Trump administration will be more inclined to negotiate a bilateral trade agreement. Trump has labeled India as a high-tariff nation and warned about "reciprocal duties" starting in early April. India's Trade Minister Piyush Goyal, is currently in the U.S. to hold trade talks. He hopes to negotiate possible tariff reductions as part of a proposed trade agreement and assess the impact Trump's reciprocal tariffs. Chadha stated that India could reduce import duties on U.S. scrap steel from 7.5% down to almost zero and lower tariffs on nuts and castings, while also offering concessions for certain agricultural and manufacturing products. Exporters are also concerned that India's proposed safeguard duty on steel imports of up to 14 percent, which is intended to protect local steel producers from cheaper Chinese imports will increase domestic prices and squeeze margins. EEPC data shows that India's engineering exports to the U.S. grew 18% on an annual basis in January, surpassing the overall sector growth of 7.44%, ahead of tariffs. Engineering exports to the U.S. increased by 9% annually from April 2024 until January 2025. This was driven by an increase of shipments of automobiles, aircraft parts, and industrial machinery. The latest U.S. Tariffs have added pressure to the engineering industry. "Continued government support for export credit and technology are crucial for competitiveness", Chadha said. India's engineering exports to the world, which make up a quarter (or $8.77 billion) of all merchandise exports in India, increased to $9.42 Billion in January, from $8.77 Billion a year ago, but were still lower than the $10.84 Billion exports made by India in December. EEPC data show that cumulative exports from April to January rose by 9.82% on a year-over-year basis, reaching $96.75 billion. Manoj Kumar reported; Kirby Donovan edited.
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Trump's trade tariffs and threats
Since returning to office in January, Donald Trump has issued numerous tariff threats. These range from a duty on all imports to a targeted tariff on certain sectors or countries. Trump's threats changed over time. This left other nations and business unclear as to what was next. It also created uncertainty for consumers and triggered a recent stock-market sell-off. Here's a summary of Trump’s threats and actions in relation to trade. BROAD TARIFFS Trump's vision is based on a gradual roll-out of tariffs that will apply to all U.S. imported goods. Last month, Trump asked his team of economists to devise plans for reciprocal duties on all countries that tax U.S. imports. They also had to come up with ways to combat non-tariff barriers, such as vehicle safety regulations that exclude U.S. automobiles and value added taxes that raise their costs. In the past, tariffs accounted for the majority of U.S. taxes. However, they now only make up a small fraction. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the costs to consumers. Potential counter-tariffs against U.S. agricultural and energy exports, as well as machinery and equipment, could escalate into a global trade war. This would create uncertainty for investors and businesses. Specific COUNTRIES Trump's tariff proposal targets several key trading partners. MEXICO AND CANADA : Mexico and Canada were the two largest trading partners of the U.S. from 2024 to November. Trump's new tariffs of 25% on imports from Mexico, Canada and the European Union took effect on 4 March as a response to migration and fentanyl. Tariffs were imposed on the majority of goods imported from Mexico and Canada. A 10% tax was also imposed on Canadian energy imports. Canada exports mainly crude oil, other energy products and cars and auto components within the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products. Canada retaliated with a 25% tariff on C$30 billion worth of imports from the United States, including oranges juice, peanuts butter, beer and coffee. It also imposed tariffs on appliances, motorcycles, beer, and other products. The Canadian government said that it would add additional tariffs to C$125 billion worth of U.S. products if Trump's Tariffs were still in effect in 21 days. This could include vehicles, steel and aircraft, as well as beef and pork. In his address to Congress on March 4, Trump said that further tariffs will be implemented by April 2, including "reciprocal duties" and non-tariff measures to address trade imbalances. U.S. Commerce secretary Howard Lutnick stated that U.S. officials could still work out a partial solution with the two neighboring countries, and added that they need to do more in the fentanyl arena. CHINA: Trump imposed 10% tariffs on all Chinese imports to the U.S. effective February 4, after repeatedly warning Beijing that it was not taking enough measures to stop the flow of illegal drugs into the United States. Trump then added another 10% tariff on Chinese products, which took effect on March 4. This is on top of the 25% tariffs that were imposed during Trump's initial term on Chinese imports. China announced additional tariffs between 10% and 15% on some U.S. Imports starting March 10, as well as a number of new export restrictions for certain U.S. Entities. It then complained to the World Trade Organization about the U.S. Tariffs. Trump has said that the EU, and other countries, have alarming trade surpluses against the United States. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S. despite the fact the U.S.'s gas export capacity has reached its limit. In a statement released on 14 February, the European Commission stated that the "reciprocal trade policy" was a step backwards. Trump has threatened to impose a "reciprocal rate" of 25% on European goods. Pharmaceuticals are among the industries that could be affected, since U.S. companies such as Johnson & Johnson, Pfizer, and others have large facilities in Ireland. Ireland is also a leading exporter of medical equipment. PRODUCTS AUTOMOBILES - On March 5, Trump announced that he would exempt certain automakers, such as the Detroit Three – Ford, General Motors, and Jeep owner Stellantis – from his 25% tariffs against Canada and Mexico if they comply with a free trade agreement. According to these rules, vehicles must contain 75% North American components to be eligible for duty-free entry into the U.S. Some foreign automakers, such as Honda and Toyota with large U.S. manufacturing footprints would also benefit from the exemption, while competitors who don't comply will have to pay 25% of tariffs. Trump also floated the idea that tariffs of up to 100% would be imposed on other vehicles including EVs. In 2024, the automobile industry will account for more than $200 billion in imports from Canada and Mexico. METALS: Trump announced on February 9 that he would impose tariffs on all imports of steel and aluminum used by automakers and aerospace companies as well as in construction and infrastructure. More than half of the U.S.'s aluminum and steel imports come from Canada, Mexico, and Brazil. Trump ordered on February 25, a new investigation into the possibility of new tariffs on imports of copper to rebuild U.S. manufacturing of this metal, which is critical for electric vehicles, military equipment, semiconductors, and a variety of consumer goods. Just over half of the refined copper that America consumes every year is produced domestically. SEMICONDUCTORS : Trump stated that tariffs would start at "25%" or more, and increase substantially over a period of one year. He did not specify when they will be implemented. Taiwan Semiconductor Manufacturing Co., the largest contract chipmaker in the world, produces semiconductors for Nvidia and Apple, among other U.S. customers. In 2024, it will generate 70% of its revenues from North American clients. LUMBER: On March 1, Trump ordered a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian Softwood Lumber and 25% tariffs for all Canadian and Mexican products.
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Canada's Parkland begins strategic review of the company to examine sale
Canadian fuel refiner Parkland Corp announced on Wednesday that it has launched a strategic evaluation which could lead to the sale of its company. Calgary-based Parkland stated that the review is necessary to "maximize shareholder value" and will explore the possibilities of asset divestments and acquisitions, as well as business combinations. Parkland has had its share price under pressure for over two years. The company has a value of approximately C$6 billion (4.19 billion). Engine LP, a U.S. activist investor, has urged Burnaby Refinery to sell its refinery or spin it off. The company has also been involved in internal conflict, namely a dispute over its 20% stakeholder Simpson Oil. Simpson Oil, Parkland's largest shareholder with a 20% stake in the company, has asked Parkland for a strategic review. However the Simpson nominees to the board of directors have resigned since December 2023. The resignations were not explained at the time. However, Simpson continued to express his concern over the direction the company was taking, most recently in an open message to Parkland’s board on February 25, 2019. Simpson called for a review of Parkland's strategic direction and a possible sale in the letter. Parkland announced on Wednesday that Simpson would be invited to join the board of the company and take part in its strategic review. (1 Canadian dollar = 1.4335 dollars) (Reporting and editing by Jamie Freed in Calgary)
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Los Angeles County and Pasadena sue Southern California Edison for wildfires
On Wednesday, the County of Los Angeles, City of Pasadena and other public entities filed lawsuits against Edison International, its subsidiary Southern California Edison and others, alleging that they were responsible for igniting California's most devastating wildfire. The Eaton Fire, which began early in January in the foothills to the east of Los Angeles and scorched over 14,000 acres - nearly as large as Manhattan - caused dozens of fatalities. The authorities have not yet released an official cause of the major fires including the Eaton fire. The County of Los Angeles and the Los Angeles County Flood Control District filed lawsuits to seek compensation for damage caused by fire to public infrastructure and resources. The lawsuits are intended to hold Southern California Edison accountable for the devastating fire, and to recover the infrastructure and taxpayer funds that were destroyed by the fire, said Ed Diab in a press release. Like other lawsuits filed by SCE, the lawsuits cite eyewitness reports and images showing a fire at a transmission tower owned SCE before the wind gusts spread the flames rapidly. Edison International announced that it was reviewing recent lawsuits filed against the company, and would respond in the appropriate legal channels. SCE's spokesperson said that because the investigation is still in its early stages the company cannot estimate the potential costs. According to the lawsuits, the amount of damages and losses resulting from the Eaton Fire are still being assessed but are expected at least to be hundreds of millions of dollar. Edison International stated that it has not determined whether the Eaton Fire was caused by its equipment in its earnings announcement for the fourth quarter. Reporting by Seher dareen and Pooja menon in Bengaluru, editing by Mohammed Safi Shamsi
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Euro up as stocks rise after Trump delays some auto tariffs
The stock indexes soared sharply after the White House announced that President Donald Trump would exempt automakers for one month from his 25% tariffs against Canada and Mexico. Meanwhile, the U.S. Dollar fell against the majority of currencies and the Euro hit its highest level in four months. The White House announced that automakers would be exempted if they adhere to an existing free-trade agreement. Trump also stated that he is open to hearing other products which should be exempted. Trade wars sparked by the new tariffs of 25% on imports to Mexico and Canada, as well as on Chinese products, have fueled concerns about economic growth. The stock market was volatile in the morning, but then turned sharply upwards by afternoon. "It is not a consistent message from the administration, in that they seem to be open to change, but the policies that they are announcing have been quite dramatic," said Rick Meckler of Cherry Lane Investments, a New Vernon, New Jersey-based partner. Investors were comforted by Trump's promise to cut taxes during his major speech to Congress on Tuesday night, but expressed concern about the continued focus he has on tariffs and plans. The Dow Jones Industrial Average increased 485.60 points or 1.14% to 43,006.59; the S&P 500 gained 64.48 points or 1.12% to 5,842.63; and the Nasdaq Composite advanced 267.57 points or 1.46% to 18,552.73. The MSCI index of global stocks rose by 12.57 points or 1.49 percent to 858.71. The pan-European STOXX 600 rose by 0.91%. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 1.19%, reaching 104.31. Meanwhile, the euro rose 1.55%, at $1.0789. The euro is on course for its best weekly performance since November 2022. The euro got a boost on Tuesday night when German political parties agreed on a 500-billion-euro ($534.75-billion) infrastructure fund, and crucially, a revamp of borrowing limits, which economists called "a really large bazooka". The euro gained ground against the British pound and other currencies such as the Japanese yen, the Swiss franc, and the Japanese yen. The restructuring of German government debt also led to the largest sell-offs in German debt since the 1990s. Germany's 10-year bond yield rose 1.6 basis points to 2.8%. Investors assessed the latest U.S. data on economic growth while also weighing Trump's tariffs. The yields initially dropped after the ADP National Employment Report revealed that private payrolls only increased by 77,000 jobs in the last month. This was well below the 140,000 estimates of economists polled, following an upwardly-revised 186,000 increase in January. A series of data have raised concerns over a slowing of the economy, and pushed up expectations on the market for the timing and magnitude of the Federal Reserve's interest rate reductions this year. The benchmark 10-year Treasury yield in the United States rose by 5.9 basis points, to 4.269% from 4.284%. It was at its highest level since February 27. Investors were also watching the National People's Congress's first annual session, where Beijing reaffirmed its goal of a 5% growth in the economy by 2025. The dollar fell 0.22%, to 7.236 against the offshore Chinese Yuan. The oil prices fell after U.S. crude stockpiles grew more than expected, adding to the other factors that weighed on them. Brent futures fell $1.74 or 2.45%, to $69.30 per barrel. U.S. West Texas Intermediate (WTI), a crude oil produced in the United States, settled at $66.31 per barrel, down $1.95 or 2.86%. Caroline Valetkevitch, Amanda Cooper and Kevin Buckland contributed additional reporting from London and Tokyo. Richard Chang, Nick Zieminski, and Daniel Wallis edited the story.
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Senate to scrutinize top EPA nominees over plans to undo climate findings
On Wednesday, two Trump nominees for the U.S. Environmental Protection Agency to lead its deregulatory effort faced questions from senators about the agency's plan to eliminate the basis of greenhouse gas emission regulations. The question is whether or not the agency will unwind its 2009 "endangerment findings", which paved the way for regulating greenhouse gas emissions under the U.S. Clean Air Act. This finding also formed the basis of numerous EPA climate regulations, such as those on power plants and vehicle exhaust fumes. According to two sources with knowledge of the situation, EPA Administrator Lee Zeldin recommended to the White House that they try to reverse the findings. The EPA confirmed that there was a report, but refused to disclose any details. The Senate Environment Committee on Wednesday weighed in on the confirmation of Aaron Szabo as the EPA's Assistant Administrator for Air and Radiation and David Fotouhi as deputy administrator – two key roles which would lead any effort to undo the endangerment findings. As EPA General Counsel during the first Trump Administration, Fotouhi did not seek to reverse the endangerment findings despite industry opposition. Sheldon Whitehouse, ranking member of the Senate committee, pressed Szabo about his role in advising Project 2025. This conservative policy blueprint has influenced many of Trump's policies. He also asked if he would implement these recommendations at EPA. Project 2025 called on the undoing of the endangerment ruling. Szabo stated, "I am open to any group's ideas." "I am open-minded to all ideas." CLIMATE FOCUS The Democratic Senators asked the two nominees for a clear statement of their position on the effect of greenhouse gas emission on the atmosphere, and the role that fossil fuels have in exacerbating the climate change. Szabo refused to answer whether fossil fuels worsen climate change and rebuffed insinuations his former work as a fossil fuel lobbyist affects his judgement. California Senator Adam Schiff asked Szabo if the EPA should lower greenhouse gas emissions of fossil fuels. He said Szabo had "difficulty giving a clear answer". Does the oil industry have such a large influence on your policy in dealing with climate changes that you are unable to answer this question? He asked. Szabo replied, "No," and I was curious to know if you were insinuating I was somehow under the oil and gas industries influence. Szabo did not respond to the question of whether climate change was a factor in California's wildfires. He said that "there are a number of reasons why wildfires occur on their own." In a case from 2007, Massachusetts v. EPA ruled that greenhouse gasses are air pollutants that fall under the Clean Air Act. EPA is required to issue a determination that the presence of greenhouse gases in the air endangers public health and environment. The EPA, under the former president Barack Obama, finalized this finding in 2009. And the 2022 Inflation Reduction Act – former President Joe Biden’s signature climate legislation – codified language deeming that greenhouse gases are air pollution. The Edison Electric Institute (a utility trade group) declined to comment on possible plans to rollback the endangerment findings but referred to a legal brief from 2022 in which the industry "has come to rely on EPA’s authority" to control greenhouse gases. Brian Weiss, a spokesperson for the Alliance For Automotive Innovation, said that its members had not yet expressed their opinion on whether or not the endangerment ruling should be reversed. Zeldin, a New York congressman, stated in his Senate confirmation hearing, that the endangerment findings gives EPA the authority to regulate greenhouse gas emissions, but the agency is not obligated to.
REFILE: What Germany's planned spending spree might mean for the economy
A massive increase in German spending is expected under an agreement reached by parties seeking to form the next government. The agreement calls for a 500-billion euro fund for infrastructure, and also plans to free up defence investments from debt restrictions.
What the future plans for Europe's biggest economy could mean in terms of growth and debt:
CAN SPENDING HELP GERMANY'S ailing economy?
According to economists yes, according to the economists
The IMK institute for economic research expects Germany to grow by only 0.1% this year after two years of contraction in both 2023 and 2024. However, the institute said that the new proposals might make a significant difference.
Sebastian Dullien, IMK’s director of economics, said: "If the financial package was implemented quickly, a noticeable acceleration in growth could be expected for the second half the year. Growth in the entire year may also move away from stagnation."
Dullien stated that Germany could reach growth rates as high as 2% in coming years, provided that there are no more shocks.
WHICH SECTORS ARE SET TO PROFIT MOST?
Construction can benefit from the fund set up to upgrade Germany's crumbling infrastructure.
The shares of Heidelberg Materials increased by 14% on Wednesday. Bilfinger shares rose by 20%, while Hochtief's were up 12%.
Also, the defence industry stands to benefit. According to the coalition's plan, Germany's strict borrowing cap known as the "debt brake" would be amended into the constitution in order to exempt defense expenditures above 1% economic output.
In effect, this would mean that there is no upper limit to the amount of money spent on defence.
The proposals of Rheinmetall, Hensoldt, Thyssenkrupp, and Renk, German defence companies, have so far seen gains between 16% to 35%.
How much more debt will Germany take on?
Lots.
Germany's debt was 64% of its gross domestic product last year. This is lower than other industrialised countries like the United States or France.
Joerg Kraemer, chief economist at Commerzbank, expects this level to rise noticeably over the next few years. By around 10 percentage points purely due to the special fund.
If defence spending was increased to 3.5% of GDP, the debt ratio would increase by 2.5 points per year.
Kraemer stated that the government debt ratio in 10 years could reach 90%. However, this is also dependent on inflation, and therefore, not easy to predict.
Friedrich Heinemann, a ZEW economist, said: "This would mean Germany would soon join the ranks the EU's most indebted countries." He predicted that Germany's debt could reach 100% in 2034.
WOULD THIS COST GERMANY ITS top CREDIT SCORE of AAA? Not necessarily. Eiko Sievert, a Scope analyst, said that the spending plans may increase Germany's level of debt to 72% of its gross domestic product in 2029. This is below the previous record of 80%, which was set after the global financial crash of 2010, when Germany maintained its AAA rating.
Sievert stated that the future of this possibility depends on the implementation and success of the necessary reforms in politics to boost competitiveness and economic development.
CAN GERMANY FIND SUFFICIENT LENDERS?
Germany is a popular borrower because of its top credit rating.
Investors would need to be able to attract German government bonds by increasing interest rates.
Kraemer, Commerzbank, says that investors are likely to demand a higher risk premium for German government bonds. Investors digested the news about the debt and the spending plans. The yield of the German 10-year government bond increased from 2.5% to 2,7%. This indicates that interest rates for the state will likely increase.
Could Germany's Spending Spree Influence ECB Policy?
It is possible that pumping hundreds and billions of Euros into the economy will lead to inflation.
"The ECB must take into consideration that inflationary pressures will increase again as a consequence of the planned fiscal expansion in Germany", said Cyrus de la Rubia. Chief economist at Hamburg Commercial Bank. (Reporting and Writing by Rene Wagner; Editing by Gareth Jones).
(source: Reuters)