31 July – 04 August
Eurozone unemployment fell to its lowest level in eight years in June, while a key inflation figure picked up to its fastest pace since 2013 in July, underscoring the gathering momentum of the bloc’s economic expansion.
Asian currencies were mixed on Monday as strong industrial data out of Japan helped push the country’s currency to its strongest level in six weeks.
Apple has removed from its Chinese app store applications that enable users to bypass China’s “Great Firewall”, in a move that developers have condemned as “censorship”.
If you drive one of the 1.7m cars built in the UK last year it is likely the power steering on the vehicle was manufactured in Germany; the electronic control units came via Romania; and the shock absorbers travelled all the way from Poland. Indeed, more than half the 30,000 components in an average British-made car come from somewhere else.
Australia’s central bank held interest rates steady as expected on Tuesday. The Reserve Bank of Australia held its cash rate target at 1.5 per cent at its August meeting, in line with the median forecast from from economists surveyed by Reuters.
Indonesia’s manufacturing sector shrank at the fastest pace in a year in July as factory output saw the sharpest fall in 19 months.
Tuesday’s market moves are not matching the events in the White House for drama, but they are leaving the dollar looking hobbled around a broad range of notable lows.
Solid sales of its motorcycles and weakness in the yen provided Honda’s earnings with a boost in the first quarter and have prompted the vehicle maker to lift its full-year forecasts.
India’s central bank lowered its benchmark interest rate to a six-and-a-half-year low of 6 per cent on Wednesday, down from 6.25 per cent, after a drop in consumer prices and an overall slowdown in economic growth.
US private sector jobs creation grew at a slower but still solid pace in July, with all sectors, bar manufacturing, adding to their hiring.
The New Zealand dollar fell half a per cent against its US counterpart on Wednesday after second-quarter employment came in lower than expected.
Diagnostics company Illumina saw its shares climb in after-hours trading after it raised its revenue growth forecast due to stronger-than-expected demand for its NovaSeq sequencing platform and posted quarterly earnings above Wall Street forecasts.
Axa chief executive Thomas Buberl has said that the company’s focus on cover for SMEs has allowed it to escape the worst of the price pressure in the commercial insurance world.
Persistent uncertainty over the UK’s future relationship with the EU is holding back business investment and household spending, Mark Carney warned on Thursday, as the Bank of England cut its growth forecasts and left interest rates unchanged.
US equities opened slightly lower on Thursday, pulling back a bit after the Dow Jones Industrial Average breached 22,000 for the first time on Wednesday.
Shake Shack reported a drop in sales at restaurants open more than two years on Thursday and warned that sales at those restaurants would decline further this year as the high-end hamburger chain sees fewer customers walk through those doors.
Kraft Heinz reported earnings that topped expectations in the second quarter but said sales fell, as the packaged-food company behind Jell-O and Heinz ketchup deals with an industry-wide adjustment to more health-conscious customers.*
Consumer prices in the Philippines broadly rose in line with expectations last month, but grew at the slowest pace in nearly a year when excluding fuel and food prices.
Euroboom is firing on all cylinders. A strengthening eurozone economy, expectations of monetary policy tightening, and tumbles in the US dollar have all combined to propel the euro to its strongest level in three years.