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British inflation unexpectedly held at 2.8% for May, unchanged from the 13-month low reached in April, official figures showed on June 17, a day before the Bank of England will announce its next interest rate decision

British inflation unexpectedly held at 2.8% for May, unchanged from the 13-month low reached in April, official figures showed on June 17, a day before the Bank of England will announce its next interest rate decision. More here:

The UK voted to leave the EU 10 years ago, but English football has gone in the opposite direction: towards a European passing game. Simon Kuper argues that England may now have its best chance of winning the World Cup since its only victory in 1966.

The Trump administration said it was moving to challenge a reparations program for Black residents in the Chicago suburb of Evanston, while the city's mayor defended the program

ELON MUSK: The only way to reach 1,000 terawatts of AI power is a mass driver on the Moon. "In order to get to 1,000x from a terawatt per year. The only way that we can really achieve that is on the moon with a mass driver, essentially where you do local production of photovoltaics and radiators on the moon, maybe you bring the chips from Earth, or you could conceivably make the chips on the moon, and but you need most of the mass to be made on the moon, so you don't have to transport it to the moon from Earth, and then because the moon has no atmosphere and only 1/6 Earth's gravity, you can accelerate the AI satellites into deep space without a rocket, so you can basically shoot them into space using an electromagnetic gun, like a, like a rail gun type. I mean, just, it's basically a linear electric motor, as a way to think about it."

Chinese economic data released yesterday were weak on the surface. Retail sales growth was negative, and growth in fixed assets and property investment declined further in May. The cash-for-clunkers subsidy has been suspended, and car sales were down 16%. Car sales alone dragged down retail sales growth by 150bps. However, service spending rose strongly by 5.4% y/y. It suggests consumer spending is now more on services than on goods. The Chinese consumer no longer uses things but instead uses experiences to define themselves. These numbers are consistent with our field observations. Further, while retail sales growth declined, high-tech exports were up strongly, diverging from the traditional manufacturing sector (chart). As such, economic data paint a picture of a country’s economy undergoing restructuring, and the process is powering ahead. This change is what we have been waiting for and talking about for years. Too much attention has been drawn to headline numbers without looking under the hood. And thus a wrong conclusion was drawn by consensus. Time to look at Chinese data differently.