Retail sales have taken a steep 1.2% plunge, twice as bad as anticipated. This decline is due to consumers curtailing their spending on the high street, influenced by the cost of living crisis and a particularly wet July.
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Latest Developments
Wall Street stocks recorded their third consecutive day of decline.
The S&P 500 experienced a 0.8% drop to 4,370.36, making August potentially the worst month of the year for the index.
The Dow Jones Industrial Average fell 0.8% to 34,474.83, while the Nasdaq composite saw a 1.2% decrease to 13,316.93.
The yield on the benchmark 10-year Treasury briefly reached its highest level since October during early trading, but later retreated to 4.28%.
Asian markets mostly declined on Friday after a challenging week, driven by concerns about China’s weakening economy and the possibility of higher US interest rates as long-term bond yields surged.
MSCI’s broadest index of Asia-Pacific shares, excluding Japan, ticked up 0.5% after reaching a nine-month low the previous session. Nonetheless, it was on track for a weekly loss of 2.8%, marking the third consecutive week of declines.
Japan’s Nikkei index dropped 0.4% and was down 3% for the week. China’s blue-chip stocks rebounded with a 0.2% increase, while Hong Kong’s Hang Seng Index fell 0.3%.
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