International Market Updates

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The annualized US GDP contraction in Q1 2014 was due mainly to temporary factors, the advance estimate for annualized Q2 2014 US growth came well .....

Executive Summary


  • The annualized US GDP contraction in Q1 2014 was due mainly to temporary factors, the advance estimate for annualized Q2 2014 US growth came well above the market expectation.

  • Stronger economic activity was broad based, and included consumer spending, government expenditure, residential and nonresidential business investment, a narrower trade deficit, and higher inventories.

  • Eurozone inflation has fallen to its lowest level since the height of the financial crisis, sliding further into what the European Central Bank (ECB) has described as a ‘danger zone’.

  • The U.K. economy grew during the second quarter, in line with estimates. The most current labor data showed the U.K. unemployment rate edging lower in June.

  • The Bank of Japan downgraded its GDP forecast for 2014.

  • China’s economy grew in the second quarter and in line with the government’s target for annual GDP growth.

  • Leaders of the BRICS emerging nations signed a deal this week to create a US$100bn development bank, aimed at funding developing nation’s infrastructure projects.

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International Market Updates

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