U.S. Consumer Spending Rebounded in May While Incomes Declined
“U.S. consumer spending surged by a record in May — while remaining below pre-pandemic levels — as Americans spent relief payments and ventured out of their homes to newly reopened stores and restaurants. Household outlays rose 8.2% from the prior month, the sharpest increase in more than six decades worth of data, after falling by the most on record in April, a Commerce Department report showed Friday. The median estimate in a Bloomberg survey of economists called for a 9.3% jump.”
Sunak Says Bar for U.K. Company Bailouts Exceptionally High
“U.K. Chancellor of the Exchequer Rishi Sunak said he will set an “exceptionally high” bar for companies seeking taxpayer-funded bailouts during the coronavirus pandemic, days before the government sets out its plans to revive the country’s economy. “This is not my money,” Sunak told Bloomberg Television on Friday. “It’s not government’s money. This is taxpayers’ money. I shouldn’t be sitting here trying to pick winners.”
Singapore’s Retail Investors Load Up On What Institutions Dump
“Retail investors are filling the void left by institutions in Singapore’s equities market this year, Singapore Exchange Ltd. data show. Individuals have pumped a net S$4.8 billion ($3.5 billion) into the city-state’s stocks since March, whereas institutions offloaded a similar amount in the same period, according to calculations by Bloomberg based on data from the Singapore bourse. The divergence began to become apparent in March, when retail investors put in an aggregate of S$1.9 billion and professional investors sold around S$1.8 billion.”
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