Retail Trade Jumps by More than 4% in May in the Euro Area and EU
(Eurostat) Retail sales in the EU and euro area surpassed projected 4.4% growth to post an expansion of 4.6% in May. The jump in retail sales in May follows a…
Didi Ignored Requests by China to Delay IPO amid Network Security Issues
(WSJ) Requests by Chinese cybersecurity regulator to delay Didi’s US listing and allow a thorough self-examination of the company’s network security were ignored. Didi went ahead with the US Initial…
India’s Service Sector Extends Contractions as Index Plunges to 41.2 in June
(IHS Markit) India’s service sector showed less signs of recovery from Covid-19, with the activity index falling further to 41.2 in June, from 46.4 in May. The decline in business…
Easing of New Export Orders Pushes China’s Services Growth to a 14-Month Low
(Caixin Global) China’s Caixin Services Purchasing Managers’ Index plunged to 50.3 in June, the lowest level in 14 months. The plunge reflected slowdowns in new export order expansion. The services…
NFP Employment Jumps by 850,000 — Unemployment Rate More than Expected at 5.9%
(Bureau of Labor Statistics) US nonfarm payroll jobs rose by 850,000 in June, more than an estimated 706,000. The unemployment rate rose to 5.9%, more than the projected 5.6%. The…
Galactic’s Branson Schedules Space Flight on July 11 Ahead of Bezos
(WSJ) Virgin Galactic’s Richard Branson plans to board a space flight on July 11, nine days ahead of Amazon’s Jeff Bezos. Branson’s planned space flight would occur subject to technical…
Alibaba’s Jack Ma and Joe Tsai Uses Personal Holdings to Secure Loans from Banks
(Financial Times) Alibaba’s largest individual shareholders Jack Ma and Joe Tsai will use part of their combined $35 billion stake in the company to secure financing from banks. The share…
Manufacturing Activity Eases to a 13th Consecutive Month of Growth in June
(Institute for Supply Management) US Manufacturing PMI fell by 0.6% in June from May to record a growth of 60.6%. The PMI is an expansion in activity for the 13th…
George Soros Ends Speculation on Crypto Entry to Begin Active Trading Via His Fund
(The Street) George Soros’s hedge fund is actively trading bitcoin, about three years since he developed an interest in cryptocurrencies. Soros Fund Management started trading bitcoin after chief investment officer…
Jobless Claims Fall by 51,000 to Hit Below-Estimate Level of 364,000
(Department of Labor) US jobless claims extended declines by 51,000 to reach a new low of 364,000 in the pandemic era. The jobless claims were lower than expected 390,000 as…
House Bidding Wars Push Annual Prices up by Double Digits – A Bubble Burst Likely?
(Bloomberg) Discussions of the housing bubble burst are back after the craze for home ownership saw global property prices jump at the fastest rate since 2006. Low-cost mortgage, desire for…
Relief for European Banks as ECB’s Lagarde Hints at Lifting Payout Cap in September
(Bloomberg) ECB President Christine Lagarde expects restrictions on dividend payouts and share buybacks imposed on European banks to end in September. Lagarde’s statement signals a return to normalcy that could…
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