Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
[Correction made in second para]
Retail sales in Canada rose in May, coming in more than consensus projections. Moreover, April’s data was revised downward a bit. Retails sales rose 0.2 percent in May, whereas in volume terms it was relatively flat, rising 0.1 percent. A robust end to 2015 and firm beginning to 2016 seems to be winding down, noted TD Economics in a research report.
Even if retail sales exceeded the flat consensus view, the volume rises seemed to have lost momentum. The Canadian economy is likely to contract 0.9 percent in the second quarter, adding in expected wildfire effects. Retail sales in the third quarter are expected to rebound as wildfire reconstruction and new home furnishing sales would give a slight lift up, according to TD Economics.
May’s retail sales were mainly driven by increased sales at beverages and food stores that recorded 2.1 percent rise in May. This was the fourth rise in five months. Sales at liquor stores increased 6 percent in May, whereas at grocery stores it climbed 1.6 percent. Sales at gasoline stations also contributed to the headline rise, climbing 2.3 percent in May following a 6.4 percent increase in April. Sales in other sectors came in flat or dropped. Furniture sales dropped 3.5 percent, sales at general merchandise stores fell 0.5 percent, whereas motor vehicle and parts dealers recorded drop of 2 percent.
Region wise, sales rose in seven of the ten provinces. Quebec and Newfoundland & Labrador registered growth of 1 percent each, while Manitoba recorded growth of 0.5 percent. Year-to-date sales in Ontario, Manitoba, B.C., Quebec and PEI continued to be high. On the contrary, retail sales remained subdued in Saskatchewan, Alberta and Newfoundland and Labrador. Sales in Alberta declined 1.1 percent.
