Ever since Standard & Poor’s stripped the U.S. of its AAA credit rating almost two years ago, the unemployment rate has fallen, household wealth has reached a record and the budget deficit is shrinking. More downgrades may be coming, anyway.
Bank of Canada Governor Mark Carney was unexpectedly named head of the Bank of England as the U.K. government looked abroad for a candidate untainted by financial turmoil to lead the beefed-up central bank.
Investors increased bullish bets on China’s currency, pushing yuan forwards to a five-month high, on prospects rising industrial output will help the world’s second- biggest economy meet its growth target this year.
Emerging-market stocks rose, lifting the benchmark index to an eight-month high, as the World Bank raised its East Asia growth outlook, business confidence in Germany improved and investors awaited a U.S. budget deal.
London is losing so much trust as the global financial center that Prime Minister David Cameron may need to consider an unprecedented choice for Bank of England governor: Mark Carney, the Canadian who polices the world’s financial system and has no ties to the bailouts or rigged markets tainting Labour and Conservative governments alike.