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Charting the global economy: Israeli airstrikes boost oil prices
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Crude oil prices surged and investors sought the safety of gold after Israel conducted airstrikes on Iranian atomic facilities involved in nuclear data in the US showed underlying inflation in May rose by less than forecast for a fourth straight month, while producer price inflation remained muted. While Federal Reserve will likely keep interest rates unchanged at next week's meeting, officials may face more pressure to lower borrowing costs the UK, the economy shrank in April by the most in 1 1/2 years on large tax increases and US tariffs . Chinese exports to the US slumped the most in more than five years due to higher import are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy , markets and geopolitics:US President Donald Trump urged Iran to accept a nuclear deal to avoid further attacks, hours after Israel bombed the Islamic Republic's atomic facilities and killed top commanders. Israel said it struck around 100 targets across Iranian cities on Friday morning, using 200 planes. The attacks, which Israel has said will likely continue over the coming days, caused crude oil to surge as much as 14%, though it later pared its gains. Gold hovered near its all-time earths are among the most critical raw materials on the planet, deeply embedded in the technologies that underpin modern life. Yet few people have heard of them or know what they do. They are used across sectors — from semiconductors and iPhones to MRI machines and cancer treatments. China leveraged its dominance of the supply chain to retaliate against American tariffs by restricting the export of rare bankers in Peru and Serbia held rates steady this week. Kenya lowered its benchmark all the hand-wringing about tariffs, Americans are so far experiencing limited inflation from the Trump administration's trade policy. More broadly, the government's consumer price index report showed underlying inflation rose less than forecast for a fourth month in May. Goods costs, excluding the volatile food and energy categories, were flat compared with a month inflation remained muted in May across the board, another sign that tariffs have yet to result in higher prices for consumers and House-passed version of Trump's massive tax and spending bill would deliver a financial blow to the poorest Americans but be a boon for higher-income households, according to a new analysis from the Congressional Budget tax increases and US tariffs triggered the UK's biggest monthly economic contraction in 18 months, casting doubt over the Labour government's plan to fund its spending ambitions with faster exports rose last month by less than expected last month as the worst drop in shipments to the US in more than five years counteracted strong demand from other markets. Exports rose almost 5% from a year ago, slower than economists' forecast of 6% growth. Despite that slowdown, record shipments so far this year provided much-needed support for an economy that is stuck in deflation and struggling with weak domestic is easing across Asia as lower food and fuel prices and stronger local currencies against the dollar push down costs. That's giving the region's central bank chiefs scope to support their trade-reliant economies as the risk of US tariffs and related uncertainty weigh on the tariffs threaten to batter Japan's vital auto industry and derail the country's long-standing efforts to engineer a sustainable economic recovery. With the 25% US tariff now in place on cars and auto parts, Japan's major automakers — including Toyota Motor Corp., Honda Motor Co., Mazda Motor Corp. and Subaru Corp. — are bracing for a collective hit of more than $19 billion this fiscal year inflation accelerated more than expected in May, breaching the top of the target range amid a central bank easing cycle and an economic slowdown.
