International Markets Update

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• American employers took on more workers than forecast in May as the world’s largest economy weathered the impact of higher taxes and fede.....

Executive Summary

• American employers took on more workers than forecast in May as the world’s largest economy weathered the impact of higher taxes and federal spending cuts. Growth in the world’s largest economy was less than originally estimated in the first quarter as an increase in the U.S. payroll tax took a bigger bite out of consumer spending than previously calculated. Confidence among U.S. consumers climbed in June to the highest level in more than five years, an indication spending will probably accelerate after cooling this quarter. • The European Central Bank left its main rate at 0.5% following a reduction of 25bps the month before, and also signaled reluctance to continue with fresh stimulus. The European Private sector was still seen contracting albeit at a slower pace. In Japan there has been continued volatility in equity markets. • The World Bank cut its global growth forecast for the year to 2.2%, previously estimated at 2.4%, due to slower than expected growth in Emerging Markets. • Manufacturing activity in the Asian giant also saw declines, falling to a nine-month low, as a result of weaker demand. • The Indian economy experienced similar woes as their Chinese counterparts.

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International Markets Update

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