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Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading with the Shanghai Composite up 0.6 per cent on hopes of more monetary easing. Europe is mostly down, and U.S. stocks have opened flat.
- A massive flurry of data out of China showed that consumer prices climbed 1.8 per cent in July, while producer prices fell 2.9 per cent. The decline in inflation leaves room for more monetary easing but leaves investors concerned about deflation. Here’s what the latest data means for the Chinese economy >
- Meanwhile, Chinese industrial production climbed 9.2 per cent in July, slowing to a three-year low. The all-important fixed asset investment climbed 20.4 per cent in year-to-date July, and retail sales disappointed climbing 1.3 per cent.
- Some mixed data out of Greece, with the nation’s unemployment rate rising to 23.1 per cent in May, and the youth unemployment rate at 54.9 per cent. Meanwhile, industrial production surprisingly climbed 0.3 per cent in June. This is what needs to happen for the European crisis to end >
- Standard Chartered is reportedly looking into suing the U.S. regulator that accused it of “being a rogue institution which had funded $250bn of Iranian sanctions breaches.”
- In earnings news, NVIDIA is expected to report earnings of $0.22 per share. Retailer Nordstrom is expected to report earnings of $0.74 per share. Kohl’s missed expectations when it reported second quarter earnings of $1.00 per share, on revenue of $4.2 billion. The world’s biggest companies explain what’s going on in the global economy >
- The U.S. trade gap shrank at a greater-than-anticipated rate, falling to $42.9 billion in June. Meanwhile, initial claims also were better than expected, down to 361,000, against predictions for a 370,000 print.
- Asian central banks chose not to act, with the Bank of Japan keeping its asset purchase program unchanged at 45 trillion yen. The Bank of Korea kept its benchmark interest rate unchanged at 3 per cent.
- Indian industrial production decline again in June, with production at factories, utilities and mines declining 1.8 per cent year-over-year. The declining industrial production number added to concerns about the slowdown in the Indian economy.
- The Australian economy added 14,000 jobs in July and the unemployment rate declined to 5.2 per cent. Dylan Grice warns that Australia’s credit bubble is built on an even bigger Chinese credit bubble >
Bonus – Jennifer Aniston was seen filming her upcoming movie “We’re The Millers” at a private home in Wilmington, North Carolina.
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