Economic Update: What you need to know this week

Discover the most significant data and events that impacted the markets this week. 

Highlights of the Week: 

  • U.S.: Service sector activity rebounded in July, driven by an increase in new orders and improved labor conditions. 78% of S&P 500 companies exceeded estimates, with a anual profit growth of 9% and revenue growth of 5%. 
  • Europe: Retail sales in the Eurozone fell by 0.3% annually in June, while industrial production in Germany grew by 1.4%. The ECB is expected to reduce its benchmark interest rate by 50 base points en their next meeting in September. 
  • Japan: The Nikkei index increased by 10.2% following the Bank of Japan’s rate growth, marking its best day since 2008. Service sector activity also rebounded in July, driven by strong domestic demand. 
  • China: Exports grew by 7% annually in July, below the expected 9.7% and less than the 8.6% growth in June. 
  • Mexico: Bank of Mexico raised the reference rate by 25 base points to 10.75%. Inflation in July accelerated to 5.57% annually, its highest level in 14 months. Exports to the U.S. reached US$249 billion in the first half of the year, a 5.6% increase compared to the same period in 2023. 

Important events for the netx week 

  • In the U.S.: July inflation data will be released on 08/14. 
  • In China: Various economic figures for July will be released on 08/15. 

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