Latest news with #consumer spending
Yahoo
a day ago
- Business
- Yahoo
Asian markets mixed as China's economy meets forecasts
Markets were mixed Tuesday as positive Chinese economic data was offset by weak consumer spending, while optimism that governments will hammer out deals to avoid the worst of Donald Trump's tariff threats provided support. Beijing said gross domestic product expanded 5.2 percent in April-June thanks to a surge in exports as businesses front-loaded shipments ahead of the US president's stiff levies, and after the superpowers agreed to work on a long-term pact. While the reading was slightly slower than the first quarter, it was in line with forecasts in an AFP survey and comes after figures on Monday showed exports soared more than expected in June, including a strong recovery in goods sent to the United States. Meanwhile, industrial output came in above expectations. However, Tuesday's reports showed efforts to boost consumer activity continue to fall flat, with retail sales expanding 4.8 percent last month, well below estimates in a Bloomberg study and highlighting the work leaders face in kickstarting the economy. China's recovery has been hamstrung by a bruising trade war with the United States, driven by Trump's sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month. But observers warn of lingering uncertainty. "The national economy withstood pressure and made steady improvement despite challenges," National Bureau of Statistics (NBS) deputy director Sheng Laiyun told a news conference. "Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said. And the US president upped the ante Monday, warning Russia's trading partners -- which include China -- that he will impose tariffs reaching 100 percent if Moscow fails to end its war on Ukraine within 50 days. After a strong start to the day, Hong Kong pared an early rally while Shanghai dipped into negative territory. Elsewhere, Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose, with Seoul and Manila in the red. Trump also Monday said he will impose antidumping duties on most imports of fresh tomatoes from Mexico, with the US Commerce Department accusing its neighbour of engaging in unfair trade. That came after he said he would hit the country and the European Union with 30 percent levies, having announced a slew of measures against key partners last week if deals are not struck by August 1. However, analysts said investors viewed the warnings as negotiating ploys rather than a genuine move, citing previous threats that were later rowed back. The mixed performance in Asian markets followed a healthy day on Wall Street, where the Nasdaq hit another record high. Bitcoin edged down after hitting a record high above $123,200 on Monday thanks to optimism over possible regulatory changes for crypto assets in the United States. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: UP 0.1 percent at 39,507.28 (break) Hong Kong - Hang Seng Index: UP 0.5 percent at 24,315.92 Shanghai - Composite: DOWN 0.4 percent at 3,503.99 Euro/dollar: UP at $1.1674 from $1.1670 Pound/dollar: UP at $1.3434 from $1.3428 Dollar/yen: DOWN at 147.63 yen from 147.77 yen Euro/pound: UP at 86.90 pence from 86.88 pence West Texas Intermediate: DOWN 0.4 percent at $66.70 per barrel Brent North Sea Crude: DOWN 0.3 percent at $68.98 per barrel New York - Dow: UP 0.2 percent at 44,459.65 (close) London - FTSE 100: UP 0.6 percent at 8,998.06 (close) dan/mtp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
a day ago
- Business
- The Guardian
Hot weather lifts UK spending as fans and sports gear add to sales
Retail sales in the UK recovered in June as hot weather drove spending on electric fans, sports and leisure equipment, but households remained under pressure from high living costs. The snapshot from the British Retail Consortium (BRC) showed total sales grew by 3.1% year on year in June, after a sharp drop in May, as record-breaking temperatures and promotional offers encouraged consumers to spend. Official figures showed UK retail sales collapsed by 2.7% in May, the sharpest monthly decline in almost two years, in a 'dismal' month for supermarkets as the economy unexpectedly shrank by 0.1%. However, the BRC said June's high temperatures helped to 'heat up' consumer spending. The total value of food sales rose by 4.1% year on year, although this partly reflected fast-rising food prices pushing up the cost of a supermarket shopping basket. Helen Dickinson, the chief executive of the BRC, said: 'The soaring temperatures increased sales of electric fans while sports and leisure equipment was boosted by the weather and the start of Wimbledon. 'Food sales remained strong, though this was in part driven by food inflation, which has risen steadily over the course of the year.' Households have come under pressure from lingering high inflation, adding to already elevated living costs, after tax rises and increases in bills. Consumer confidence has also been hit by uncertainty over sluggish growth, a cooling UK jobs market and Donald Trump's trade wars. Separate figures from Barclays showed consumer card spending – which takes into account broader spending on hospitality and leisure alongside retail – fell 0.1% year on year in June. Highlighting evidence of consumer caution, it said essential spending – including food and fuel – fell 2.1%. However, the bank, which processes almost 40% of UK credit and debit card transactions, said there were signs of rising consumer confidence and willingness to spend on experiences. The onset of summer festivals, weddings and sporting events contributed to a marginal 0.8% increase in non-essential spending, led by the strong performance of entertainment and health and beauty. Hospitality and leisure spending grew 2.1%, helped by live shows from Beyoncé and Pitbull, and huge outdoor concerts in Hyde Park. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Spending on furniture rose sharply, reflecting new homeowners furnishing their properties after a rush to complete purchases before the expiry of a temporary cut in stamp duty in England and Northern Ireland at the end of March. A survey of 2,000 adults by Barclays showed confidence in household finances improved by six percentage points to 73% – a four-month high. Jack Meaning, the chief UK economist at Barclays, said: 'The economy has cooled throughout through [the second quarter], but our data does show pockets of strength. 'However, with global and domestic uncertainty, and temporarily heightened inflation likely to continue, consumers are remaining cautious and maintaining savings buffers. 'We expect this to lead to limited GDP growth for the remainder of this year, before falling interest rates and a stronger sense of certainty drive a return to growth next year.'
CTV News
2 days ago
- Business
- CTV News
Retailers to increase prices from Trump's tariffs, pass on costs to shoppers
Rick Patel, Senior Research Analyst, Digital Commerce, Global Brands & Softlines Retail at Raymond James, joins BNN Bloomberg to discuss the impact of tariffs on retail consumer spending.
New York Times
2 days ago
- Business
- New York Times
China Is Buying Appliances and iPhones. What Happens When the Subsidies Stop?
Browsing through the selection of Apple iPhones in an electronics store in Tianjin in eastern China, Zhan Demi rattled off the reasons she needed to upgrade her device. Photos and videos of her toddler were quickly eating up her phone's storage. One of her children's teachers asked her to download various apps, again straining the limits of her device. But the factor that ultimately brought her into the store was a government trade-in program aimed at stimulating stubbornly sluggish consumer spending in China. Confronting a trade war with the United States, China's government has poured $42 billion this year into a consumer trade-in program, double last year's amount. The aim was to jolt a much-needed surge in spending at a precarious moment for the economy by subsidizing discounts for a wide variety of consumer goods, from washing machines to electric vehicles. The program has proved so successful that several municipalities have suspended or curtailed the program in recent weeks to prevent the money from running out prematurely. In May, retail sales grew a surprising 6.4 percent, exceeding economists' expectations, spurred by robust demand for smartphones and home appliances. 'We want to shear wool from the sheep,' Ms. Zhan said, using a popular Chinese idiom for seizing an opportunity. She had already taken advantage of the program to buy an energy-efficient air-conditioner and other home appliances at discounts of up to 20 percent. 'If we can upgrade everything at once when there's a good deal, we'll do it,' she said. Want all of The Times? Subscribe.
Yahoo
6 days ago
- Business
- Yahoo
4 Ways To Save Money After Cutting Your Cable Bill
For years now, personal finance experts have been recommending cutting the cord on cable and using streaming services as a way to save money. It's no wonder, as average cable bills can come in around anywhere between $150 and $200. Try This: Read Next: Although consumer spending has gone up year-over-year — largely due to inflation — cable and internet bills have dropped. It would seem that more and more people are opting to stream. Simply put, consumer consumption has changed. Nowadays, cable and internet are a small percentage of consumers' household bills, indicating that, beyond cutting the cord, there could be other ways to cut back on your household expenses. If you've already canceled your cable package in an effort to save, here are five more ways you can keep your costs low. One of the big-ticket items for many families is mortgage payments. Even though interest rates have risen in recent months, you may still save money by refinancing depending on your loan. Start by evaluating options from a range of lenders and mortgage providers and do some research to ensure that refinancing makes sense for your monthly payments. If a re-fi doesn't make sense because you purchased your home when rates were historically low, you might consider a cash-out re-fi — and use the money you've pulled from the equity in your home to consolidate higher interest debt, especially since credit card rates are continuing to rise. For You: Home and auto insurance also provide opportunities to save money. On average, customers can save almost 16% by bundling their home and auto insurance policies. Insurance companies make these discounts available because bundled customers have lower claims costs, so it's a win-win situation for both your convenience and your finances. When you're shopping around for new insurance policies, you may also ask about other coverage lines that can provide greater peace of mind. You can often personalize your policy with coverages that accurately reflect your way of life through a variety of options. Often, the more you bundle, the more you save. Mobile carriers have been offering savings for trading in old devices recently. Often, you can save money by changing your cell phone provider. But before you jump ship, ask your current company if they have a better deal for you. Whether you make a phone call or walk into a smartphone retailer, you'll want to have as much knowledge as you can to negotiate. Make sure to do your research as hard data makes your plan negotiating much easier when directly dealing with providers. Some of the highest annual bill increases are within the utilities category, whether it's heating oil and propane costs, natural gas or electricity. However, consumers can control some of these costs by changing their behavior in small ways — or by making minor upgrades to their home. You don't have to negotiate to adjust a lot of these expenses. You can make living adjustments such as investing in energy efficient appliances or improving your home's insulation. You can also incorporate smart devices to help monitor and reduce usage and ultimately save money. The bottom line is that Americans are making these streaming services an increasingly large part of their household budgets, and that is not the same thing as saving money after getting rid of cable. Make sure you aren't paying for monthly subscriptions you don't really use or need. Simply put, just because you're saving on cable and internet doesn't mean you should go out and double your household spending on other media consumption — or anything else, for that matter. Once you start the ball rolling with saving on cable, you'll be motivated to save in all these ways around your house and more. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 4 Ways To Save Money After Cutting Your Cable Bill Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
