Main points of global economic news for May 14, 2026

1. A global oil shock could force the ECB to raise interest rates: Philip Lane, chief economist of the European Central Bank (ECB), believes that the global oil shock caused by the conflict in the Middle East could force the ECB to raise interest rates to prevent energy prices from impacting wages and the general price level. He suggests that the ECB could raise rates in June, despite geopolitical tensions weighing on euro zone growth. He emphasizes that this new shock comes after a period of high inflation following the COVID-19 pandemic and the Russian-Ukrainian conflict, making businesses and consumers particularly sensitive to price fluctuations.

2. The United States and China consider tariff reductions: The United States and China would study the possibility of gradually establishing a trade control mechanism for goods not sensitive to national security. Under the proposal, each side could identify a list of goods worth around $30 billion to reduce tariffs and allow exports to respective markets. The mechanism, known as the “Trade Council,” was first mooted in March by U.S. Trade Representative Jamieson Greer and is among the key topics of high-level meetings between U.S. President Donald Trump and President Xi Jinping.

3. The US House of Representatives passes a bill authorizing the sale of E15 gasoline all year round: On May 13, the US House of Representatives passed a bill authorizing the year-round sale of E15 gasoline, a fuel containing 15% ethanol produced from corn, throughout the United States. This is an important victory after more than a decade of lobbying by agricultural organizations to promote the consumption of surplus corn. The bill passed 218 votes to 203, but must still be approved by the U.S. Senate and signed into law by the president. If implemented, this text should stimulate demand for corn and improve the income of American farmers.

4. South Korea’s ICT exports reach record high thanks to AI: In April 2026, South Korea’s ICT exports reached $42.71 billion, an increase of 125.9% from the previous year, an all-time high. According to the Ministry of Science and ICT and the Ministry of Trade, Industry and Energy, this is also the first time that the country’s ICT exports have exceeded $40 billion for two consecutive months. This result is mainly due to strong demand for semiconductors and artificial intelligence (AI) products.

5. Unemployment in France reaches its highest level in 5 years: The unemployment rate in France reached 8.1% in the first quarter of 2026, its highest level since 2021, according to data from the National Institute of Statistics and Economic Research (INSEE). The number of active job seekers currently stands at around 2.6 million, an increase of 68,000 compared to the previous quarter. Unemployment increased sharply among 25-49 year olds, reaching 7.3%, its highest level in more than 5 years. At the same time, the unemployment rate for young people aged 15 to 24 remains very high, at around 21.1%, in a context of almost stagnant economic growth in France.

6. EIA: Oil traffic in the Strait of Hormuz falls to its lowest level in several years: According to the US Energy Information Administration (EIA), traffic of oil and petroleum products in the Strait of Hormuz fell to 14.6 million barrels per day in the first quarter of 2026, its lowest level in years. This figure represents a sharp decline compared to the 20.4 million barrels per day recorded in the same period in 2025 and the 20.7 million barrels per day in the fourth quarter of 2025. The EIA indicates that this drop of almost 6 million barrels per day constitutes a major disruption in supply, causing market concerns and leading to volatility in global oil prices.

7. Experts warn of risks of AI-powered cyberattacks: Experts warn that AI-powered cyberattacks could rise sharply and become a global threat in the near future. Lee Klarich (Palo Alto Networks) said AI exploitation of vulnerabilities could emerge in the next 3 to 5 months. A May 13 report also showed that some new AI models are able to detect and exploit vulnerabilities beyond predictions, raising concerns about the rapid development of next-generation cyberattack tools.