Mid-Week Wrap: 17 July 2024
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Market Mood
The European Central Bank is unlikely to cut interest rates in July due to persistent inflation in the service sector driven by high wage growth, though hints about future cuts in September and December will be watched. The Bank of England has held rates steady despite positive inflation news, with future cuts dependent on upcoming labor market and inflation data. In the US, data on industrial production, retail sales, and housing will shed light on economic growth, influencing the FOMC's policy decisions for 2024. In Asia, China's GDP is expected to show a slowdown, and Japan's inflation data will be examined for potential rate hikes due to yen weakness.