China’s holdings of US Treasuries climbed to the highest level since the country ceded its status as America’s largest creditor nation to Japan last year, the Financial Times reports. China’s ownership of US government bills, notes and bonds rose by $10bn from a month prior to $1.1tn in May. Source: China Economic Review
German industrial activity is sluggish and recent data point to slower growth in the service sector, the German Economy Ministry said, adding this suggested Europe’s largest economy would experience a weak general economic trend in the second quarter. German industrial activity is sluggish and recent data point to slower growth in the service sector, the German Economy Ministry said, adding this suggested Europe’s largest economy would experience a weak general economic trend in the second quarter.
- China’s quarterly economic growth fell to 6.2%, the slowest pace of expansion since 1993.
- Analysts say a fierce trade dispute with the U.S. is adding to other factors weighing on the country’s expansion.
- President Donald Trump and Chinese leader Xi Jinping agreed late last month to resume talks in hopes of clinching a trade deal.
Source CBS
NAB and ANZ have both cut their savings rates again in the wake of the Reserve Bank of Australia’s decision to reduce the interest rate to one per cent. NAB’s basic savings account now offer just 0.11 per cent interest, and ANZ’s just 0.15 per cent, after they today reduced interest rates by between 0.15 per cent and 0.25 per cent. Source 9 News
