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UK's Credit Rating Downgraded

Ratings Agencies S&P and Fitch Cut UK's Investment Grade Rating

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S&P Global Ratings cut the UK's credit rating from an investment grade AAA to AA while Fitch lowered UK's ratings from AA+ to AA late yesterday. Both maintained a negative outlook on the country’s economy.

 

China Industrial Profits Rise Lower Than Expected in May


Industrial profits in China increased modestly in May at a slower than expected pace from a month ago. According to data from the National Bureau of Statistics released on Monday, China's industrial profits grew at a pace of 3.70% from a year ago, to an aggregated 537.2 billion CNY. This was below April's increase of 4.20%. State owned firms saw industrial profits falling -7.30% but private firms offset the decline for the headline figure, with profits rising 9.40% from January through May.

 

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Eurozone M3 Money Supply Rises in May


Money supply growth in the Eurozone accelerated in May with a broad improvement in the annual increase in loans to households, data from the European Central Bank showed on Monday. The M3 money aggregate increased 4.90% on a yearly basis rising above forecasts of 4.80%, which the three months to May matched. Loans to households and also to government grew, by 1.60% and 11.10% respectively.

 

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US: Markit Flash Services PMI steady at 51.3


A preliminary or flash services PMI released by Markit’s survey in the US showed that activity was subdued in June and hinting at a potential slowdown in the economy's retail and services sector. Flash services PMI for June was recorded at 51.3, unchanged from May but still showing an expansion in the sector. Participants in the PMI survey said that relatively subdued demand continued to weigh on the activity in June. The participants also said that there was heightened uncertainty and risk aversion among clients. The US services sector is one of the strongest contributors to the net GDP in the economy and has been affected by the upcoming elections.

 

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US Final GDP Growth in Q1 Forecast to Rise 1.00%


The final revision to the first quarter GDP in the US is expected to be released today at 12:30 GMT. Economists forecast an increase of 1.00% in the first quarter of the year. Yesterday, trade deficit in goods in the US expanded at a pace of 5.30% in May from April. Exports of goods fell 0.50% on the month while imports increased 1.40% resulting in the deficit. The trade deficit data is the preliminary reading with the final confirmed report due on July 6th.

 

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