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International
Market Chatter: Bank of Korea Widely Expected to Raise Rates to 2.75%
The Bank of Korea is projected to raise its benchmark interest rate by 25 basis points to 2.75% at its upcoming monetary policy meeting on Thursday, according to a Reuters poll of economists published on Tuesday.The move would mark the central bank's first interest rate hike in more than three years.Out of 37 economists surveyed by Reuters between July 7 and July 13, 36 forecast a rate increase this week.Driven by persistent inflation pressures that remain well above the central bank's 2% target, the majority of economists also expect policymakers to implement an additional rate hike before the end of 2026, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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International
BRC: UK Retail Sales Gain 1.7% in June
Retail sales in the UK rose 1.7% year over year on a like-for-like basis in June, following a 3.4% jump in May, according to data from the British Retail Consortium published Tuesday.The reading, which missed the expected 2.6% increase for the month, corresponds to the slowest retail sales growth since February.BRC attributed the increase to the heatwave, with a rise in demand for clothing, electric fans, air-conditioning units, food, and drinks, adding that the hot weather was the main sales factor for the second consecutive month. The FIFA World Cup also bolstered sales during the month.
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International
Business Confidence in Australia Rises in June As Concerns Over Impact of Middle East Tensions Ease, NAB Says
Business confidence in Australia rose 9 points to negative 5 in June, driven by gains in retail and manufacturing, National Australia Bank said in a Tuesday report.Confidence remains 4 points below its February level and below the long run average of 5 index points, NAB said. It remains negative in all industries but improved across most industries, except for transport, utilities, and mining.Business conditions was unchanged at 3 index points, for a third consecutive month. In trend terms, business conditions declined from above-average levels in late 2025 to be slightly below average. Capacity utilization was steady at 82%."The picture that emerges is one of an economy that is slowing, but not as sharply as many had feared a few months ago," said Sally Auld, NAB chief economist.The survey suggests businesses are becoming less concerned, as the rise in fuel costs and disruption to activity from the Middle East conflict had a smaller impact on the Australian economy than feared.It also points to a lower-than-expected inflation impact from the conflict, with purchase cost growth well down from its March peak, final prices slowing, and retail prices falling for the first time in seven years, per the report.
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