Where we yield right now we're still in inversion with the two year yield higher above 3%, and the dollar is fairly mixed this morning the Euro down four tenths of 1%, though, one spot zero one 8 9, a day after, of course, we got that big hike from the ECB. That's a Bloomberg business flash. Now here's Liang garands with more and what's going on around the world. And a good morning and thank you. The ECB has raised its key rate 50 basis points for its first increase in 11 years ahead of most expectations, the hike ends in 8 year experiment with sub zero borrowing costs, the Central Bank says more rate rises may be coming, president Christine Lagarde also renounced a tool to prevent borrowing costs from jumping aggressively in weaker economies. Now here in the UK soaring food and fuel prices and also rising interest rates have kept consumer confidence out of 48 year low. According to the latest monthly research by JFK, all of the measures that make up the confidence in decks remain deep in negative territory. However, one bright spot is UK retail sales, The Office for national statistics shows a figures are down .1% covering everything sold in shops and online. The month of four was a drop of .8%, the new data does cover the jubilee weekend which could have provided a boost, and elsewhere in Europe, but we can corn futures plunged after turkey and Ukraine and Russia will today sign a deal to restart grain exports. The U.S. said it would welcome any deal that frees up Ukrainian grain but remains concerned Russia will not abide by its terms. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, and Leigh Anne guerins, this is Bloomberg, Anna Leigh Anne, thank you very much. Now step aside Eddie the eagle because Eddie van der belt is about to give us a bird's eye view of one of the big economic stories of the day I didn't write that. My producer has great fun introducing Eddie van der belt on a daily basis. Let's talk to Eddie. Our chart guru about what's going on on the UK eco side of things. UK retail sales, good morning, Eddie. They are a bit of a focus today. What's the main takeaway? Good morning. Yes, absolutely. UK retail sales came in better than expected. They fell by 0.1%, but that was after a drop of 0.8% in May. So it looks like the situation is improving somewhat, at least the consumer is not in a more dire situation month upon month upon month. But this is a very noisy dataset. Now, Bloomberg terminal clients can see this data by running the NIHR chat function as usual. And I chart chat, of course, wouldn't do without it. So is it all, it's not all good news then. Because you could take a look at this data and say, oh, what was all the fuss about? The crisis has been averted. I'm assuming that is not the message that the data fundamentally sends. Right, absolutely. I think The Office of national statistics has cautioned that there's a general trend for sales that is continuing to fall. The monthly figure has proven very volatile and really it's been swinging between big holes and small games for ever since the pandemic hit. So it's been a really difficult dataset. And it's not one that begins paint a positive, bigger picture from. And I think that's the problem here. I think that yes, we've seen some improvement this month, but it is still on a downward trajectory. Yeah, it's a volatile set of data like monthly data can often be so, and Eddie, we should mention, of course, this is for the month of June. Food sales around the jubilee, guilty as charged. Apparently added to demand for food around this time. And so there's something of a one off factor in here. Although interestingly, I did see that fuel sales had dropped and some people were talking about actual demand destruction taking place there that prices are so high that consumers are pulling back. Is all of these go to feed into the UK leadership election. I mean, not this month's retail sales specifically, but I guess it all ties in with the inflation story. Yeah, absolutely. I think that is exactly it and the UK is going through the work cost of living prices in a generation with inflation at a 40 year high. And on track to hit double figures in the months to come. And that I think the backdrop for this context for the conservative leadership election. And I think this battle that currently puts Liz trotsk versus Rishi sunak. I think that's why it is so absolutely cool. Their economic message for the electric for that set of electorate that will select the country's next prime minister. Okay. Eddie, thank you so much. Thanks for joining us, chart guru, Eddie Vanderbilt here at Bloomberg. And I char chat, as he says, is the function to use on your Bloomberg terminal if you want to look at today's chart and all of the chance that we discuss with Eddie here on Bloomberg radio because I appreciate talking about charts on radio might leave you feeling like you're missing something slightly so NI char chat is the function if you want to see that chart for yourself, let me tell you what's coming up on the program, we will talk to Charles capel, he'll be here to discuss the news that is moving the markets in the square mile, the London rush is