July 7, 2022
BofA Says Consumer Spending Remains Resilient Despite Inflation
Bank of America Corp. said customer spending continues to show signs of resilience despite surging inflation, with pent-up demand for travel and leisure countering rising gas prices and other increased costs.
Pound Climbs and UK Stocks Rise on Reports of Johnson Resignation
The end of Boris Johnson’s run as prime minister may ease the sense of political chaos, but it won’t fix any of the issues depressing UK markets.
That’s the view from investors and market strategists, who said they’re still bearish on British assets as Johnson announced he will step down. The market reaction was positive, with the pound approaching $1.20. The FTSE 100 Index gained alongside other global stock indexes.
China Considers $220 Billion Stimulus with Unprecedented Bond Sales
China’s Ministry of Finance is considering allowing local governments to sell 1.5 trillion yuan ($220 billion) of special bonds in the second half of this year, an unprecedented acceleration of infrastructure funding aimed at shoring up the country’s beleaguered economy.
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