US inflation hits six-year high; UK wage growth slows – business live

Pay growth has fallen to 2.8% per year, but the employment rate is the highest since records began

BREAKING: Prices in America are rising at their fastest pace since 2012.

The US consumer prices index rose to 2.8% per annum in May, up from 2.5% in April.

U.S. consumer prices increase 0.2% in May. Inflation in past 12 months climbs to 6-year high of 2.8% (from 2.5%). Core CPI up 0.2% to yearly rate 2.2%. Interest rates are going higher, question is how fast.

May US CPI figures right on the nose, fastest headline seen in more than six years. With rate hike 100% priced-in for tomorrow’s FOMC meeting (per Fed funds futures), little meaningful impact on price action. $DXY

European stock markets continue to be underwhelmed by the results of Donald Trump and Kim Jong-un’s historic summit in Singapore.

In London, the FTSE 100 has dropped into the red – down 20 points at 7718. The Frankfurt and Parisian markets are looking becalmed too.

Related: What have Trump and Kim signed? We read between the lines

“The historic meeting between Trump and Kim can be a first step in a longer-term process that might eventually see a peace treaty for the Korean peninsula and North Korean denuclearisation.

“But both sides have different views of what denuclearisation means. The US line has always been that it wants to see complete, irreversible and verifiable dismantlement of North Korea’s nuclear programme in return for aid and sanctions lifting – or relief.

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