The Commerce Department's data is expected to show personal consumption expenditures (PCE) price index remained flat in May after rising 0.3% in the previous month, with the core figure seen rising 0.1% after a 0.2% gain the month before. Deutsche Bank analysts expect the year-on-year PCE to come in at an over three-year low, which although promising news for the Fed, would not be enough to assure the central bank after the unexpected inflation spike seen back in the first quarter. Even in the face of the Fed guiding for just one interest rate cut this year in December, market participants still expect two cuts starting September, hoping for a sustained downtrend in price pressures and as the economy remains susceptible to decades-high interest rate.
Life-sized lion and antelope puppets took their first steps at the London launch of a new public art project that will see them embarking on a 20,000-kilometre (12,400 miles) trek from central Africa to northern Europe, symbolically fleeing from the effects of climate change. Next year, the animal puppets will travel from the Congo Basin to northern Norway, with their herd expanding along the way. "The idea is that a group of animals starts fleeing because of climate change and as they go from city to city, they will add more native species, more endemic species and the herd grows and grows," artistic director Amir Nizar Zuabi said.
Nike is set to post its slowest revenue growth in two years when it reports fourth-quarter results on Thursday, due to a lack of innovation amid growing competition from Deckers' Hoka and Roger Federer-backed On. At least seven brokerages have cut their price targets on Nike since the start of the month, with many expecting the sportswear maker to further cede market share to newer, more innovative brands. "On and Hoka are still capturing consumers' interest and they're still taking market share away from Nike, and in that respect, I think Nike is still a company that is on the back foot... (and) feels slightly boring," GlobalData analyst Neil Saunders said.