world economic news

World Economic News – Tuesday 12/07/2022

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EU

The European Commission approved on Tuesday a €406.4 million scheme that will support filling gas storage in the Netherlands before the winter. ”This measure will enable the Netherlands to ensure that existing gas storage facilities on its territory are filled up to at least 80% of their capacity by November 1, 2022, and thus comply with the gas storage level obligation foreseen in the recently adopted regulation on gas storage,” the EU’s executive arm explained.

AUSTRALIA

The Westpac-Melbourne Institute Index of Consumer Sentiment dropped 3.0 percent to 83.8 in July from 86.4 in June, amid surging inflation and interest rate hikes, survey data from Westpac showed on Tuesday.

UK

According to the latest British Retail Consortium-KPMG tracker, UK retail sales declined for the third consecutive month in June, falling 1.0% yearly and slowing from May’s 1.3% decline, as households cut back spending amid rising costs.

PHILIPPINES

The Philippine trade deficit widened in May from the last year, as imports grew at the fastest pace since December, government data showed on Tuesday. The trade deficit increased to $5.678 billion in May from $3.180 billion in the same month last year.