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An indisputably ugly Retail Sales.....>

US DATA REACT
US DATA REACT: An indisputably ugly Retail Sales release, with Control Group
coming in at -15.3%, which was three times the contraction vs the expected -5.0%
(and relevant for the GDP estimate for the 2nd Qtr), and all of the main figures
hugely missing already negative expectations.
- Lost in the shuffle and more positive was a better-than-expected Empire State
manufacturing reading of -48.5 in May (vs -60.0 exp). New orders (-42.4 in May
vs -66.3 in April) and 6-month outlook (29.1 vs 7.0 in April) both showing signs
of a rebound from the depths.

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