Top-of-mind economic headlines as we start the week:
— Sales of newly constructed U.S. homes surged 20% in May from a year ago, while the median price fell to $416,000 in May from $487,000 in April.
— U.S. consumer confidence improved substantially in June (to 109 on a key index), the highest level since January 2022.
— First quarter U.S. GDP growth was revised upward to 2% (from 1.3%) on consumer and inventory data, easing fears of recession amid healthy labor market.
— China’s factory activity shrank for the 3rd month in a row in June, as its services activity showed slowest expansion so far in 2023.
— Australia will introduce mandatory climate-related reporting for companies in 2024, with phased in adoption of Scope 3 impact reporting.
