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UK BRC total retail sales rose 1.9% year-on-year in June, down from 3.7% in the previous month.
UK BRC same-store retail sales rose 1.7% year-on-year in June, below the expected 2.7% and the previous reading of 3.40%.
Reserve Bank of New Zealand Chief Economist Paul Conway: We do not intend to shift to a restrictive policy stance.
Reserve Bank of New Zealand Chief Economist Paul Conway: The Monetary Policy Committee reached a consensus last week, and no vote was required.
On July 14th, US President Trump stated on July 13th local time that the US is protecting several wealthy Middle Eastern countries and therefore should receive compensation from them for the costs incurred. Trump specifically named Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait, claiming the US is maintaining the security of these countries, as well as Israel. He stated that the US invests funds in the region, therefore it is appropriate for the protected countries to share the costs. Trump also stated that the US possesses abundant oil resources, "including oil from Venezuela and other places, the US controls more than half of the worlds oil supply," therefore the US itself "does not depend on Middle Eastern oil"—the USs actions in the Middle East are "primarily to protect allies."