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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK retail sales advanced more than expected in May
In the UK, retail sales climbed 12.00% on a MoM basis in May, compared to a revised rise of 18.00% in the prior month. Markets were expecting retail sales to record an advance of 5.70%.
UK public sector net borrowing deficit widened in May
In the UK, public sector net borrowing reported a deficit of £54.50 billion in May, compared to a deficit of £47.80 billion in the prior month. Markets were anticipating public sector net borrowing to report a deficit of £47.30 billion.
Euro-zone current account surplus narrowed in April
In the Euro-zone, the seasonally adjusted current account surplus narrowed to €14.40 billion in April, compared to a current account surplus of €27.40 billion in the prior month. Markets were expecting the current account surplus to expand to €31.50 billion.
Jerome Powell: Coronavirus crisis exposes long standing inequalities
The US Federal Reserve (Fed) Chairman, Jerome Powell, stated that the economic crisis caused by the coronavirus pandemic has exposed a range of “troubling inequalities”. Further, he warned that the path ahead for the US economy is likely to be challenging which will take time and work.
US current account deficit narrowed less than expected in 1Q 2020
In the US, current account deficit narrowed to $104.20 billion in 1Q 2020, compared to a current account deficit of $104.30 billion in the previous quarter. Markets were expecting to record a current account deficit of $103.00 billion.
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