This weekly news update from Blackfinch Group provides a summary of global events. In the UK, inflation as measured by the Consumer Prices Index (CPI) decreased to 6.8% in July, the lowest rate since February 2022. Retail sales fell by 1.2% in July, worse than expected, and the number of company insolvencies remained above pre-pandemic levels. Average weekly earnings rose 7.8% in the three months to June, the highest since records began in 2001. Employment fell by 66,000 between April and June.
In North America, US retail sales grew 0.7% in July, higher than expected, which could impact the Federal Reserve's interest rate decisions. Industrial production jumped 1% in July, nearly recovering from previous losses.
In Europe, Eurozone headline inflation eased to 5.3% in July, while core inflation remained steady at 5.5%. The Eurozone saw a trade surplus of €23bn in June, compared to a deficit of €27.1bn in June 2022.
In Asia, China's property market faced challenges as major developers, including Evergrande, faced financial difficulties. China unveiled measures to stimulate investment within the economy. In Japan, preliminary estimates showed GDP grew 1.5% quarter-on-quarter in Q2, driven by net exports.
Overall, these updates provide insights into the economic conditions and trends in various regions around the world.