June 28, 2023
United States:
US Merchandise-Trade Deficit Shrinks on Decline in Imports
The US merchandise-trade deficit shrank in May by more than expected as the value of imports slid by the most in six months.
The shortfall in goods trade narrowed 6.1% to $91.1 billion, Commerce Department data showed Wednesday. The figure, which isn’t adjusted for inflation, compared with a $93.7 billion median estimate in a Bloomberg survey of economists.
Europe:
Italy’s Inflation at 14-Month Low Offers Limited Comfort to ECB
Italy’s inflation rate dropped to a 14-month low in June, offering limited reassurance to the European Central Bank about weakening cost pressures before data for the region as a whole later this week.
Consumer prices rose 6.7% from a year earlier, considerably lower than May’s increase of 8%, according to a report from Italy’s statistics institute released on Wednesday. Slowing utility price gains and cheaper transport costs helped push the overall pace down.
Asia:
Monsoon to Cover India Earlier Than Usual in Boost for Farmers
India’s monsoon, which accounts for about three-quarters of annual rainfall, is set to cover the entire country about a week earlier than usual even after a delayed start.
The monsoon will likely cover the entire nation in the next two to three days, according to the India Meteorological Department. The swift progress this year may improve prospects for sowing crops including rice, pulses and soybeans.
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