U.S. Consumer Prices Surged in June, Topping All Estimates
“Prices paid by U.S. consumers surged in June by the most since 2008, topping all forecasts and showing higher costs associated with the economy’s reopening continue to fuel inflationary pressures. The consumer price index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday. Excluding the volatile food and energy components, the so-called core CPI also rose 0.9%. The core increased 4.5% from June 2020, the largest advance November 1991.”
U.K. Banks Freed From BOE’s Pandemic Dividend Restrictions
“Britain’s biggest banks will be able to increase shareholder payouts after the Bank of England removed restrictions imposed at the height of the pandemic to make sure lenders could weather deep losses. The BOE said Tuesday it is fully removing guardrails that limited dividends this year at HSBC Holdings Plc, Barclays Plc, Standard Chartered Plc and other top lenders. The central bank concluded the industry now has enough capital to resume payments as they wish.”
China’s Export Growth Unexpectedly Accelerates in June
“China’s export growth unexpectedly picked up in June, shrugging off the impact of port disruptions in southern China and helping to underpin the economy amid signs the recovery is starting to slow. Export growth accelerated to 32.2% in dollar terms in June from a year earlier, the customs administration said Tuesday, overturning economists expectations of a slowdown to 23%. Imports climbed 36.7%, also beating the median forecast of 29.5%. That left a trade surplus of $51.5 billion for the month, the highest since January.”
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