Coming off a strong first quarter of consumer spending in Canada, two consecutive months of higher retail sales isn't what the Bank of Canada will be looking for as it hopes to slow domestic demand, says Randall Bartlett, senior director of Canadian economics at Desjardins. He notes that retail sales rose 1.1% on-month in April, with eight of the nine subsectors tracking higher for the month, while the flash estimate points to a 0.5% gain in May. Strength was also broad-based regionally, with increases in eight provinces, he adds. Desjardins is tracking second-quarter real gross domestic product growth of around 2%, roughly double the pace of the Bank of Canada's most recent forecast, and suggesting the retail data just works to reinforce the view another quarter-point rate rise in July is likely.

-Robb Stewart

Commentary Bitcoin Bonanza on Tap if BlackRock ETF Is Approved

Betting that regulators approve BlackRock's filing for an exchange-traded bitcoin fund might be foolhardy, but a nod would have an electric effect on the besieged asset class if it were to happen, Telis Demos writes.

Basis Points The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million in May, the lowest level dating back to 2012, Redfin said, because homeowners are holding on to their homes with low mortgage rates. (Dow Jones Newswires) New-house prices in Canada edged higher by 0.1% in May from April, according to Statistics Canada's new-home price index, a further indication the country's housing market is recovering after being squeezed by higher interest rates over the last year. (DJN) China unveiled a $72 billion package of tax breaks aimed at boosting the purchase of electric vehicles over the next four years, extending an existing policy at a time when auto sales and broader consumption have been flagging. (DJN) Japan is bracing for a summer of "revenge tourism" as tourists who had been barred from visiting for nearly three years during the pandemic make up for lost time . The surge has brought with it a revival of complaints about "tourism pollution"-overcrowding, litter, loud talking and other nuisances. The Bank of Japan must be mindful of the risk that lifting its cap for 10-year Japanese government bond yields could interfere with the country's economic recovery, policy board member Asahi Noguchi said. Indonesia's central bank stood pat as expected at its June policy meeting as inflationary pressures have eased. The Philippine central bank kept its benchmark interest rate unchanged , amid signs of easing inflation in the Southeast Asian nation. Australian Treasurer Jim Chalmers said he expects to announce the next governor of the Reserve Bank of Australia in July. Feedback Loop

This newsletter is compiled by James Christie in San Francisco.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

06-22-23 0728ET