Economy update
A spate of mixed Chinese economic data is probably somewhat negative on balance. Its economy expanded by a forecast-beating 5.2% in 2Q. Industrial output was up 6.8% in June from the previous year but retail sales only grew by 4.8%, down from 6.4% in May. US 2Q banks’ earning will be released later today and inflation figure is expected to show an increase of 2.6% in headline CPI and 3% in the core figure. Global shares are slightly higher this morning and bitcoin scaled its previous record high.
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