Strong US retail sales data and robust results from Walmart boosted markets and increased confidence that the US economy will avoid a recession and achieve a “soft landing”.
Retail sales leapt 1 per cent in July, the Census Bureau reported on Thursday, the most in a year and a half and far above economists’ forecasts for a 0.3 per cent increase.
Shares in Walmart, the world’s largest retailer, rose 8 per cent after it reported a 4.2 per cent year-on-year increase in same-store sales at its main US stores and raised its annual profit forecast.
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