UK retail sales increased 3.1% year-on-year on a like-for-like basis in March 2026, far above market expectations for a 0.9% rise.

The latest figure also rose sharply from February’s nine-month low of 0.7%, marking the strongest growth since April 2025, mainly attributed to an early Easter.

Food sales rose 6.8%, surpassing the 12-month average of 2.6%. Meanwhile, non-food sales rose 0.9%, below the average 1.1% growth over the past year. (TE – Continue Reading)

Federal Reserve Governor Stephen Miran said the energy shock triggered by the Iran war has yet to impact longer-run inflation expectations, and he expects price pressures to return to the central bank’s target in a year’s time.

“There’s thus far no evidence that inflation expectations are higher,” Miran said in remarks at an event in Washington Tuesday. “With the labor market on the trajectory of cooling gradually, which it’s been on for about three years now, it’s very unlikely that we get a sort of wage-price spiral. So thus far, the traditional wisdom of the central bank of not responding to the model shock seems to me to be reasonable.” (BBG – Continue Reading)

China’s export growth slowed in March as manufacturers grappled with surging commodity and energy costs due to the Middle East conflict disrupting supplies, while imports logged the strongest growth in more than four years.

Exports grew at their slowest pace in six months at 2.5% in US dollar terms last month from a year earlier, Chinese customs data showed Wednesday, missing Reuters-polled analysts’ median estimate for a 8.6% growth, and weakening from the combined 21.8% surge in the first two months of the year.

Imports surged 27.8% in March from a year ago, marking the strongest growth since November 2021, sharply beating expectations for a 11.2% growth, and quickening from 19.8% in the prior two months. (CNBC – Continue Reading)

Vice President JD Vance sought a 20-year suspension in weekend negotiations, which ended without an agreement a day before the US military blockade of the Strait of Hormuz began. President Trump rejected the Iranian offer.

The United States and Iran traded proposals for a suspension of Iranian nuclear activities during weekend negotiations in Pakistan, but remain far apart on the length of any agreement, according to Iranian and US officials. (NYT – Continue Reading)