September 14, 2023
United States:
US Retail Sales, Producer Prices Jump on Rising Energy Costs
US retail sales and producer prices both rose in August by more than forecast on higher fuel costs, limiting other spending and suggesting prices are pinching consumers and businesses.
The value of total retail purchases increased 0.6% from July following a downward revision to the prior month’s surge, Commerce Department data showed Thursday. Excluding gasoline, sales climbed 0.2%.
Europe:
ECB Hikes Again in 10th Salvo as Lagarde Sees Rates Staying High
The European Central Bank raised interest rates for the 10th consecutive time as President Christine Lagarde signaled a shift in gear toward keeping them high to choke inflation out of the economy.
While economists and investors now see the 4% level reached on Thursday as the high point for borrowing costs in the current tightening cycle, the ECB chief insisted that she can’t yet say if that’s the case.
Asia:
China Cuts Bank Reserve Requirements to Aid Fiscal Stimulus
China’s central bank cut the amount of cash lenders must hold in reserve for the second time this year, a move that will help banks support government spending to stimulate the slowing economy.
The People’s Bank of China lowered the reserve requirement ratio for most banks by 25 basis points, according to a statement Thursday. The weighted average RRR for banks will be 7.4% after the reduction.
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