US Retail-Sales in Focus.

The focus today centres around US Retail sales. As per the preliminary estimates, the economic data has not shown any growth in retail demand. A stagnancy in consumers’ demand is not good for the economy but a sign of decline in the confidence of the consumers in the economy.

The vanilla UK inflation rate that includes the volatile food and energy prices shifted lower to 9.9% vs. the prior release of 10.1% and remained lower than the forecast of 10.2%. The decline in CPI comes at an opportune time as households are facing the headwinds of energy bills.

No. 10 has confirmed that a ‘Mini-budget’ budget is set to take place later this month, although Parliament is suspended. The new PM has vowed to cut taxes to boost the economy and help people with rising living costs. It is also expected that the government will also give details of last weeks energy plan.

According to reports from Bloomberg, the French power grid is running out of options to keep the lights on. The grid has issued a “red” alert. This will further limit the access to electricity to big industries that will have a knock-on effect to the nation’s GDP.

 

Economic Calendar