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Janet Mui: weekly economic update 26 July

Eurozone activity remains weak – the ECB looks increasingly likely to take measures to support growth



Janet Mui
Global Economist, Cazenove Capital
  • 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.

This article is issued by Cazenove Capital which is part of the Schroders Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested.

This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

All data contained within this document is sourced from Cazenove Capital unless otherwise stated.


Janet Mui
Global Economist, Cazenove Capital


The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.