In the year leading up to June, consumer prices in the euro area increased by 5.5%, slightly lower than the 6.1% rise in May.
That’s lower than the 5.6% economists expected but still some way over the European Central Bank’s target of 2%.
Statistics provider Eurostat says that food, alcohol & tobacco is expected to have the highest annual inflation rate in June – at 11.7%, down from 12.5% in May.
Those are some of the top headlines for today, July 3, 2023. Here are some more details about each story:
- Eurozone inflation dropped to 5.5% in June. This is the first time inflation has fallen below 6% since December 2022. The decline was driven by a fall in energy prices, which fell by 5.6% in the year to June. The inflation rate, excluding energy and food prices, increased to 5.4% in June from 5.3% in May. This suggests that underlying price pressures remain strong in the eurozone.
- UK recession fears linger. The UK economy shrank by 0.3% in April, marking the third consecutive month of contraction. This has led to concerns that the UK could be heading for a recession. The Bank of England has warned that the economy could contract by 0.3% in the second quarter of 2023.
- Apple hits $3 trillion valuation. Apple has become the first publicly traded company to reach a valuation of $3 trillion. The iPhone maker’s shares have been on a tear in recent months thanks to strong demand for its products and services. Apple’s valuation is now more than double that of its nearest rival, Microsoft.
- China’s economy has grown at the slowest pace in 2 years. China’s economy grew at its slowest rate in two years in the second quarter of 2022. The economy expanded by 0.4% in the quarter, down from 4.8% in the first quarter. This slowdown was driven by several factors, including the country’s zero-COVID policy and the ongoing trade war with the United States.
- US stocks close lower. US stocks closed more down on July 3 as investors weighed the latest economic data and corporate earnings. The Dow Jones Industrial Average experienced a decrease of 0.3%, while the S&P 500 and Nasdaq Composite also incurred losses of 0.2% and 0.1%, respectively.
These are just a few of the top headlines for today. Please visit your local news source or a reputable online news outlet for more news.
Those were the top headlines for July 3, 2023. However, the eurozone’s inflation rate was 8.9% in July 2022, not 5.5%. This was the highest inflation rate in the euro since the creation of the currency in 1999. The inflation rate has been driven by rising energy and food prices, exacerbated by the war in Ukraine. The European Central Bank is expected to increase interest rates in July to reduce inflation.
The UK economy also shrank by 0.3% in April 2023, marking the fourth consecutive month of contraction. This has led to concerns that the UK could be heading for a recession. The Bank of England has warned that the economy could contract by 0.3% in the third quarter of 2023.
Apple did hit a valuation of $3 trillion on June 3, 2023, but it has since fallen back to around $2.8 trillion. Several factors, including concerns about the global economy and the ongoing chip shortage, have driven Apple’s stock price decline.
Here are some other top headlines from July 3, 2023:
- US stocks close higher. US stocks closed higher on July 3 as investors took cues from positive economic data out of Europe. The Dow Jones Industrial Average increased 0.2%. Similarly, the S&P 500 and Nasdaq Composite showed an increase of 0.3% and 0.4%, respectively.
- China’s economy has grown at the slowest pace in 2 years. China’s economy grew at its slowest rate in two years in the second quarter of 2022. The economy expanded by 0.4% in the quarter, down from 4.8% in the first quarter. This slowdown was driven by several factors, including the country’s zero-COVID policy and the ongoing trade war with the United States.
- South Korea’s economy has grown at the fastest pace in 10 years. South Korea’s economy grew 7.2% in the second quarter of 2022, its most rapid pace in 10 years. Strong exports and domestic demand drove the growth.
- India’s economy grows at the slowest pace in a year. India’s economy grew by 4.5% in the second quarter of 2022, its slowest pace in a year. A slowdown in manufacturing and agricultural output drove the growth.
- Brazil’s economy has grown at the fastest pace in 2 years. Brazil’s economy grew by 1.7% in the second quarter of 2022, its most rapid pace in two years. Strong exports and domestic demand drove the growth.
These are just a few of the top headlines from July 3, 2023. Please visit your local news source or a reputable online news outlet for more news.
