China’s industrial profits rose 3.4% in the first five months of year, data from the National Bureau of Statistics showed on Thursday.

Profits edged up 0.7% in May alone.

The January-May increase was slower than the January-April period when profits increased 4.3%.

China’s Ministry of Housing and Urban-Rural Development urged local governments to buy completed commercial homes for affordable housing at county-level cities, the official XInhua news agency reported.

China’s central bank announced last month that it was to establish a relending facility to support local state-owned enterprises to buy commercial homes for affordable housing.

Beijing, China’s capital city, eased homebuying requirements for downpayment and mortgages on Wednesday in its latest move to boost the property market.

The city cut the minimum downpayment ratio for first time home buyers from 30% to 20% while the ratio for second-time home buyers was cut to 30% for areas outside of the city’s fifth ring road and to 35% for areas within.

The minimum five-year mortgage rate for first homes was cut to 3.5%.

Families with more than two children can second homes with downpayment threshold and mortgage rates applied for first-home buyers.

China’s Chang’e-6 lunar probe landed on Tuesday in northern China’s Inner Mongolia with samples from the far side of the moon.

China is the first country that has brought back samples from the moon’s far side.

Chinese President Xi Jinping said the success completion of the lunar mission marked another landmark achievement in China’s endeavor to become a space and sci-tech power.

Argentina entered a recession in the first quarter of 2024.

The country’s economy fell 2.6% the the first quarter compared to the fourth quarter of 2023, official data showed on Monday.

Argentina’s economy contracted 1.4% in the fourth quarter from the third quarter of 2023. Two consecutive quarter-on-quarter contraction is the usual definition of a recession.

Japan’s retail sales rose 3% in May from a year earlier, data from the Ministry of Economy, Trade and Industry showed on Thursday.

Sales of new homes in the U.S. fell 11.3% in May from the previous month, official data showed.

The country saw sales of 619,000 newly built homes in May, the lowest level since November.

Meanwhile, the median new house price dropped 0.9% in May from a year ago.

Australia’s inflation reached a six-month high in May, data from the Australian Bureau of Statistics showed on Wednesday.

The consumer price index rose 4% in May from a year ago, up from a 3.6% rise in April.

Core inflation, which excludes volatile items and holiday travel, rose 4%.

Canada’s consumer price index rose 2.9% in the twelve months to May, up from a 2.7% increase in April, data from Statistics Canada showed on Tuesday.

The gain was largely due to higher prices for services, which rose 4.6% in May.

On a monthly basis, prices rose 0.6% in May, which was attributed to price increase in travel tours.