Janet Mui: weekly economic update 26 July

  • The ECB left interest rates on hold at its latest meeting. It has hinted at rate cuts and other policy initiatives, but markets were disappointed by a lack of detail.
  • Eurozone manufacturing continued to struggle in July, with a key index of German activity hitting its lowest levels since the financial crisis.  
  • US output grew at an annualized rate of 2.1% in the second quarter, better than expected. Consumer spending was a bright spot while business investment and trade weighed on growth.

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