August 15, 2023
United States:
US Retail Sales Top Forecasts, Showcasing Consumer Resilience
US retail sales rose in July by more than forecast, suggesting consumers still have the wherewithal to sustain the economic expansion.
The value of retail purchases increased 0.7% in July after upward revisions in the prior two months, Commerce Department data showed Tuesday. The upbeat figure reflected increases in a variety of sales categories, including sporting goods stores, clothing outlets and restaurants and bars.
Europe:
European Gas Surges 18% as Possible Australia LNG Strikes Loom
European natural gas futures jumped by as much as 18% as labor disputes among Australian LNG workers appeared unresolved, potentially disrupting global supplies if staff proceed to strike.
Talks were scheduled to take place between union officials and Woodside Energy Group Ltd. on Tuesday, one of the two companies operating the affected liquefied natural gas facilities. While the discussions resulted in some progress, the two sides weren’t yet close to an agreement ahead of a potential strike decision for Friday, Montel reported.
Asia:
China Cuts Rate by Most Since 2020 as Economic Woes Deepen
China’s central bank unexpectedly reduced a key interest rate by the most since 2020 to bolster an economy that’s facing fresh risks from a worsening property slump and weak consumer spending.
The People’s Bank of China lowered the rate on its one-year loans — or medium-term lending facility — by 15 basis points to 2.5% on Tuesday, the second reduction since June. All but one of the 15 analysts surveyed by Bloomberg had predicted the rate would stay unchanged. A short-term policy rate was also cut by 10 basis points.
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