Global Economic Update

Global Economic Update

In the UK, retail sales advanced more-than-expected by 2.3% MoM in April, compared to a revised drop of 1.4% in March.

The European Central Bank (ECB) in its latest meeting minutes stated that the next meeting held on June 8 will be an appropriate time to consider shifting towards an exit from the stimulus efforts that have improved the economy. Moreover, confidence is growing about the region’s recovery, though some downward risks are still acknowledged. However, policy makers indicated that the outlook for inflation remained fragile, given the continued uncertainty across the Eurozone.

In the US, the seasonally adjusted initial jobless claims unexpectedly fell to 232.00K in the week ended May 13, 2017, compared to a reading of 236.00K in the previous week. In April, leading indicator rose less-than-anticipated 0.3% MoM, compared to a revised similar rise in March.

The Cleveland Federal Reserve Bank (Fed) President, Loretta Mester, reiterated her stance for further interest rate hikes, citing full employment and inflation approaching the Fed’s 2% target.

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