By MCX Report
Despite intense talks, European officials and
the International Monetary Fund (IMF) failed to strike a deal on Greece's
bailout programme. Ultimately, Greece failed to make a €1.73 billion payment to
the IMF by June 30.
• US economy
– Following Federal Reserve's policy meet (17 June), Chairperson
Janet Yellen said she wanted "more decisive evidence" that labour
markets were healing and that wages would increase beyond their current
"subdued pace."
– Earlier, the U.S. Labor Department said that the US economy
generated 280,000 new jobs in May. The unemployment rate edged up to 5.5%, but
mainly because more Americans entered the labour force in search of work.
– Construction starts on new US homes fell 11.1% to an annual rate
of 1.04 million in May, pulling back from a surge in April and missing
expectations, while the US industrial production unexpectedly fell in May.
– US consumer sentiment rose to 96.1 in June, a five-month high,
according to the University of Michigan gauge.
US trade deficit contracted by 19.2 % in
April, the sharpest drop in more than six years.
• European economy
– Just before Greece actually defaulted, Greek leaders imposed
capital controls and closed banks beginning 29 June, to prevent panic withdrawals
after the European Central Bank capped emergency funding for Greece's banking
system.
– Meanwhile, the European Central Bank left its main interest
rates unchanged at a record low.
• Asian economy
– China's official manufacturing purchasing managers index was
flat at 50.2 in June, while the preliminary HSBC China Manufacturing Purchasing
Managers’ Index rose to 49.6 in June from 49.2 inMay.
– China's exports fell 2.5% in May from a year earlier in dollar
terms, after a drop of 6.4% in April. Imports in May fell 17.6% y-o-y, compared
with a 16.2% drop in April.
– Japanese exports grew the
slowest (2.4% y-o-y) in 9 months inMay as shipments to the U.S. and China
slowed.
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