After a few volatile weeks, equity markets stabilised this week on the back of Chinese authorities cutting stamp duties on stock trades in half.
ECB pricing went a couple of basis points lower as this could be the first signs that the decline in activity we have seen so far in Q3 is feeding through to companies' price setting. Headline inflation was unchanged at 5.3%, though, which remains a big headwind to consumers. In Japan, the labour market surprisingly loosened somewhat in July with an increase in the unemployment rate to 2.7% from 2.5% in June. This looks like a bump on the road and does not change the fact that the Japanese labour market remains tight. Even so,
Overall, both private and national PMIs were better than expected indicating the economy has not fallen completely out of the bed We already saw negotiated wage growth spike, but the data next week is ECB's preferred measure of labour costs.
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