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Economic News Daily – Tuesday 10/05/2022

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EU

Multinational investment bank Citibank forecasts the European Central Bank will hike rates by 25 basis points in July and then by another 25 basis points in September. The bank also said that the relatively quick return to zero or slightly above zero is expected to be accepted by the European Central Bank decision-makers.

GERMANY

German economic sentiment indicators improved by 6.7 points in May amounting to minus 34.3 points but still remaining at a relatively low level, the Centre for European Economic Research (ZEW) said on Tuesday. “Compared to last month, the outlook for the economic situation in Germany is thus slightly less pessimistic. The experts still assume that it will continue to deteriorate, but at a slower pace than expected before,” ZEW President Professor Achim Wambach stated.

UK

Retail sales fell in April as consumers reduced their spending amid rising cost of living, data compiled by the British Retail Consortium and KPMG showed on Tuesday. Total sales were down 0.3% last month, y-o-y, the first fall since January 2021.

US

Wholesale inventories increased by 2.3 percent in February after surging by an upwardly revised 2.8 percent in February, according to a report released by the US Commerce Department on Monday. The sharp increase in inventories matched the preliminary estimate as well as economist expectations.

CZECH REPUBLIC

The jobless rate edged down to 3.3 percent in April  from 3.4 percent in the previous month, but higher than the market expectations of 3.2 percent. It was the lowest jobless rate since November of 2021, according to data published by the Czech Labour Office.