![]() ![]() This weak domestic spending is worrisome for a range of reasons. “The reopening momentum is falling.” He noted that catering and vehicle sales were the only bright spots, but that “very little else is showing much signs of life, including #consumer confidence bellwethers like clothing.” Retail sales were “the only functioning engine of Chinese growth,” Robert Carnell, head of Asia-Pacific research for ING, said in a note Thursday. Looked at monthly, the absolute value of retail sales has fallen consistently since December. Growth in the sector shrank to 12.7% year over year from April’s 18.4%, below consensus forecasts. To many, the most damning underperformance was for retail sales, a gauge of domestic consumption. Instead, there was disappointment across the board.įactory output, retail sales, property prices, fixed-asset investment, and youth unemployment all worsened for May beyond economists’ forecasts, according to data released last week by China’s National Bureau of Statistics. Investors were hoping this week’s data would show that to be a blip in a revival that just needed time to get on its feet. In the months since, nearly all major metrics have worsened. But by April, key areas showed weakening. ![]() China emerged from its Covid hibernation and ushered in a first quarter of robust growth across a range of sectors. New data show just how deflated that short-lived recovery was. □ Tanner Brown, Barron’s : As evidence mounts that #China’s #economy is in worse shape than previously thought, a particularly unwelcome detail is emerging.ĭomestic #spending, which economists hoped would compensate for weakness in traditional growth areas such as manufacturing and exports, isn’t going to revive China’s deflated recovery any time soon. Russian forces conducted limited ground attacks on the Kupyansk-Svatove-Kreminna line and in the Bakhmut area and on the Avdiivka-Donetsk City line. Prigozhin’s behavior indicates that he is unlikely to subordinate Wagner forces to the Russian MoD unless such a move would grant him more political power within Russia. Prigozhin also fears that the Russian MoD will not provide sufficient supplies or weapons for volunteers and will mistreat irregular forces. Wagner Group financier Yevgeny Prigozhin continued to signal his disinterest in formally subordinating the Wagner private military company (PMC) to the Russian MoD. Prigozhin noted that formalization will destroy hierarchies within volunteer formations and force volunteers to serve in the military without the Russian MoD respecting military contract deadlines. The Kremlin will likely exploit this proposal to promote Russian information operations aiming to slow Western security assistance to Ukraine ![]() The delegation likely seeks to balance Ukraine and Russia to maintain longstanding bilateral relationships with Russia without fully tying themselves diplomatically to the Kremlin’s war. The African peace plan’s inclusion of grain shipment guarantees suggest the states involved in the proposal view resolving the economic fallout from the war in Ukraine as their paramount concern. Putin stated that the Kremlin welcomes the African states’ “balanced” approach to resolving the war, but did not comment on the feasibility of Ramaphosa’s suggested peace plan. Zelensky reiterated in response to proposals that negotiations are only possible after the complete withdrawal of Russian forces from Ukraine and that Ukraine will not pursue negotiated settlements reminiscent of the Minsk Accords. A delegation representing seven African states met with Russian President Vladimir Putin in St Petersburg on June 17, following a meeting with Ukrainian President Zelensky on June 16, to propose a generalized peace plan focused on resuming international trade. The Egyptian prime minister, a Ugadan presidential envoy, and the presidents of South Africa, Zambia, Comoros, the Republic of the Congo, and Senegal visited Kyiv on June 16 and had to take shelter during Russian missile strikes targeting Kyiv. Ukrainian forces also conducted counteroffensive operations southwest and southeast of Orikhiv in western Zaporizhia Oblast. Ukrainian forces continued counteroffensive actions on at least four sectors of the front on June 17: attacks west and south of Kreminna operations near Bakhmut on the Avdiivka-Donetsk City line and south, southwest, and southeast of Velyka Novosilka near the administrative border between western Donetsk and eastern Zaporizhia oblasts. 17 June 2023: Key highlights from this evening's Ukraine Update from the great team at the Institute for the Study of War: ![]()
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