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The Morning Brief - May 22, 2024

Good morning. Here are today's significant business news stories:

Target's Weak Q1 Results and Cautious Outlook

Target reported disappointing first-quarter results, missing earnings estimates due to pressured discretionary spending. The retailer also forecast lower-than-expected current-quarter comparable sales and profit, indicating continued consumer caution.

UK Inflation Rate Hits Lowest Level in Almost 3 Years

UK inflation fell to 8.7% in April, the lowest rate in nearly three years, though it remains well above the Bank of England's 2% target. The decline was less than economists had anticipated.

US Announces Details on Higher China Tariffs

The US provided details on increased tariffs on $300 billion worth of Chinese imports, with some hikes starting on August 1st. This move escalates the ongoing trade tensions between the US and China.

Exiled Chinese Businessman Guo Wengui on Trial for Fraud

Chinese businessman Guo Wengui, living in exile, is on trial in the US for allegedly defrauding investors of over $1 billion. He could face decades in prison if convicted .

FDIC Chair Martin Gruenberg to Resign After Workplace Probe

FDIC Chair Martin Gruenberg will resign following a damaging investigation that revealed a toxic workplace environment under his leadership at the banking regulator.

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