Turkey’s consumer inflation fell to its lowest level in a year in June thanks to a high so-called base effect and a drop in food prices, potentially paving the way for the country’s first interest rate cut since last year’s currency crisis.
A host of US consumer companies have warned that costs related to tariffs on goods imported from China would weigh on their results. The United States increased tariffs on $200 billion worth of Chinese goods to 25% from 10% in May.
Japan’s economy contracted slightly in the first quarter as corporate and consumer spending weakened, a Reuters poll showed on Friday. Exports also deteriorated amid trade disputes and weaker global demand, hurting the trade-reliant economy. Gross domestic product (GDP) is expected to have fallen 0.2% in January-March on an annualised basis,
Japan’s economy grew much faster than expected in April-June to mark the third straight quarter of expansion, as robust household consumption and business investment offset the hit to exports from cooling global demand.
US retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial market fears that the economy was heading into recession.