- The consumer price index increased 0.5% in April, due to a 4.5% increase in energy prices. Food prices jumped 0.7%. The core CPI, which excludes food and energy costs, was unchanged in April, the lowest rate of underlying inflation since November 2003.
- Oil prices fell to a three-month low near $47 a barrel on Wednesday after the DOE repotted inventories of oil in the United States rose 4.3 million barrels last week to 334 million barrels, the 13th increase in the last 14 weeks - and the highest level in six years. Unleaded gasoline supplies were up 1.1 million barrels and heating oil supplies were up 200,000 barrels.
- The unemployment rate in the U.K. remained steady at 4.7% last quarter.
- China rejected U.S. pressure for quick action toward revaluing its currency and criticized U.S. and European curbs on surging textile imports as unfair.
- U.S. Agriculture Secretary Mike Johanns has hit a roadblock as he stumps for the Central American Free Trade Agreement. Idaho sugar beet farmers are opposing the pact, known as CAFTA, because of provisions allowing 107,000 metric tons of sugar to be imported into the U.S.
- Wholesale sales in Canada were up 0.5% in March to C$39.1 billion.
- Retail sales in Australia were up 1.2% in the first quarter, stronger than expected.
- Hong Kong caps value of its currency but government denies that the move signaled China would soon revalue its currency.
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