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US retail sales in record monthly rebound

Capital Economics said it now expects the US economy to contract at an annual rate of 30% in the three months to July, compared to its previous more than 40% estimate. US share prices headed higher on the stronger-than-expected figures, rising more than 2% in opening trade. Online companies benefited the most from the spending, with sales up more than 30% on the year. Building material and garden stores gained 16.4%.

Photo Credit: Fernand De Canne

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