Guardian Stockbrokers Key Economic News Tuesday 7 June 2022

The key points from today’s economic news, brought to you by Guardian Stockbrokers.

UK BRC like-for-like retail sales dropped less than expected in May

In the UK, the BRC like-for-like retail sales fell 1.50% on a YoY basis in May, compared to a drop of 1.70% in the prior month. Markets were expecting the retail sales to record a fall of 3.50%.

RBA raises key interest rate

The Reserve Bank of Australia (RBA), in its latest monetary policy decision, raised its benchmark interest rate by 50 basis points to 0.85%, well ahead of market expectations.

Japan overall household spending declined more than anticipated in April

In Japan, overall household spending fell 1.70% on a YoY basis in April, compared to a drop of 2.30% in the previous month. Market anticipations were for overall housing spending to fall 0.80%.

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