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Charting The Global Economy: Israeli Airstrikes Boost Oil Prices
- Israeli airstrikes on Iranian atomic facilities caused crude oil prices to surge as much as 14%, leading investors to seek safe havens like gold.
- US economic data revealed lower-than-expected inflation in May, potentially influencing Federal Reserve's interest rate decisions.
- The UK's economy shrank significantly in April due to large tax increases and US tariffs, while Chinese exports to the US plummeted.
- US President Trump called on Iran to accept a nuclear deal to prevent further escalations after Israel's bombings.
- China's control over rare earths, crucial in modern technologies, was highlighted amid trade tensions with the US.
- Global central banks in Peru, Serbia, and Kenya made rate decisions, with Kenya lowering its benchmark rate.
- US inflation remained muted despite concerns about tariffs, with wholesale prices also showing no significant increase.
- The House-passed tax and spending bill could disproportionately impact lower-income Americans, benefiting higher-income households more.
- The UK experienced a significant economic contraction due to tax increases and US tariffs, posing challenges to economic growth plans.
- Asia saw easing inflation and mixed export performance, with Chinese exports to the US declining but strong demand from other markets.
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