3. China’s economic muddle
The economic signs coming out of China aren’t great, as its post-“zero Covid” recovery stalls out. On Thursday, the country released a wave of lackluster data, including that the unemployment rate for workers aged 16 to 24 rose to a record 20.8% in May. Retail sales, industrial production and fixed asset investment all grew at slower rates than expected. While China’s statistics bureau said the data represented continued momentum for the recovery, it also acknowledged that certain international challenges could pressure the economy, but didn’t elaborate beyond that. China’s central bank, meanwhile, is in rate-cutting mode as it looks to juice growth.
4. In the rough
It was just last week that the PGA Tour and its Saudi-funded rival, LIV Golf, announced a deal that rocked the sports world. Since then, there have been plenty of twists and turns, including the sudden leave of absence taken by PGA Tour Commissioner Jay Monahan over an unspecified health matter. Senators have opened probes while urging the Justice Department to look into the agreement, which has yet to fully take shape. CNBC’s David Faber, meanwhile, reported that PGA Tour players who had previously missed out on big LIV paydays may be looking to hire a bank to advise them on compensation if the deal closes. PGA Tour players, meanwhile, are in Los Angeles for the U.S. Open, which begins Thursday.
5. Putin’s mercenary problem
Russian President Vladimir Putin finds himself at odds with the country’s infamous Wagner Group of mercenaries. Until recently, Wagner’s leader, Yevgeny Prigozhin, primarily has had issues with Russia’s defense ministry over strategy in the Ukraine invasion. Now, though, Putin has endorsed the ministry’s call to have groups like Wagner sign contracts with the military, which Prigozhin has opposed. Elsewhere, U.S. Secretary of State Antony Blinken plans to attend the Ukraine Recovery Conference next week in London as allies and organizations work to devise a reconstruction plan for the war-ravaged country. Follow live war updates.
— CNBC’s Mike Calia wrote this newsletter. Hakyung Kim, Sara Salinas, Evelyn Cheng, Jihye Lee, Jessica Golden, Chelsey Cox and Holly Ellyatt contributed.
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