US Retail Sales Post First Drop in Five Months as Auto Purchases Plunge
“US retail sales fell in May for the first time in five months, restrained by a plunge in auto purchases and other big-ticket items, suggesting moderating demand for goods amid decades-high inflation. The value of overall retail purchases decreased 0.3%, after a downwardly revised 0.7% gain in April, Commerce Department figures showed Wednesday. Excluding vehicles, sales rose 0.5% last month. The figures aren’t adjusted for inflation.”
ECB Speeds Up Work on Crisis Tool After Italian Bond Blowout
“The European Central Bank accelerated work on a new tool to combat unwarranted jumps in euro-area bond yields as markets strain at the prospect of the first interest-rate increases in more than a decade. Following an emergency meeting Wednesday, convened after Italian yields surged to the highest since Europe’s sovereign-debt crisis, the Governing Council said it’s instructed committees to create a new instrument to tackle so-called fragmentation.”
China’s Surprise Economic Rebound in May Propelled by Coal
“Official Chinese economic statistics for May told a story of a lockdown-wounded economy improving on the back of stronger industrial output and investment – but a deeper look suggests an economy still contracting. Headline industrial output in May grew an unexpected 0.7% from a year earlier, but output of electricity was down 3.3% and power consumption was down 1.3% for the same period, according to government data released Wednesday. While gross domestic product data for this quarter won’t be released until July, that gap and other high-frequency data points to an economy that was still shrinking.”
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