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May 17, 2024
Suggesting softer economic conditions lay ahead, the Conference Board released a report showing a continued decrease in its reading on leading U.S. economic indicators in April. The Conference Board said its leading economic index fell by 0.6% in April after dipping by 0.3% in March. Economists had expected the index to decrease by another 0.3%. The report said the leading economic index contracted by 1.9% over the six-month period between October 2023 and April 2024, a smaller decrease than the 3.5% decline over the previous six months. 05/17/2024 - 10:20:00 (RTTNews)
China Yuan traded at 7.2233 against USD at 9:00 am PST.
China's industrial growth accelerated in April driven by robust exports but softening growth in retail sales and fixed asset investment reflects an uneven economic recovery necessitating more efforts from the part of the government to achieve the official growth target. Industrial production registered an annual increase of 6.7% after rising 4.5% in March, the National Bureau of Statistics reported. This was also a better than the expected growth of 5.5%. By contrast, retail sales growth slowed to 2.3% from 3.1% a month ago and remained weaker than the 3.8% expected rise. From January to April, fixed asset investment expanded at a slower pace of 4.2% from the previous year, following an increase of 4.5% during the January to March period. Economists had forecast a faster increase of 4.6%. Real estate investment declined 9.8% in the first four months of 2024. Fixed asset investment is widely expected to improve with the issuance of CNY 1 trillion special long term government bonds today that is intended to fund strategic projects. 05/17/2024 - 08:08:00 (RTTNews)
Euro traded at 1.0869 against USD at 9:00 am PST.
Eurozone inflation remained stable in April as initially estimated, official data said. The HICP grew 2.4% on a yearly basis, the same rate as seen in March, Eurostat reported. At the same time, core inflation that excludes prices of energy, food, alcohol and tobacco weakened to 2.7% from 2.9%. Monthly, the HICP grew 0.6% and core consumer prices gained 0.7% in April. Data showed that food, alcohol and tobacco prices grew at a faster pace of 2.8%, following a 2.6% rise. Annual decline in energy prices eased to 0.6% from 1.8%. Non-energy industrial goods prices grew 0.9% after rising 1.1%. Likewise, services cost climbed at a slower rate of 3.7% following March's 4.0% increase. 05/17/2024 - 06:01:00 (RTTNews)
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