Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Producer prices cool fast, but consumers aren't feeling it yet

US headline CPI rose 0.1% in July to a 3.4% annual rate while core held at 2.5%, but producer prices came in flat and posted an 80-basis-point drop to 4.7% annual, one of the sharpest PPI decelerations in years and a signal the Fed has to reconcile before September.

🇺🇸 Producer prices cool fast, but consumers aren't feeling it yet
US headline CPI rose 0.1% in July to a 3.4% annual rate while core held at 2.5%, but producer prices came in flat and posted an 80-basis-point drop to 4.7% annual, one of the sharpest PPI decelerations in years and a signal the Fed has to reconcile before September.
Macro Soup

🇪🇺 Euro area factories stopped shrinking, but the ECB isn't celebrating

European industrial production was flat in June, beating a forecast −0.1% contraction, but the ECB has stayed silent since its July 23 hold at 2.25%. The structural drags from Chinese demand, the EV transition, and US tariffs haven't gone anywhere.

🇪🇺 Euro area factories stopped shrinking, but the ECB isn't celebrating
European industrial production was flat in June, beating a forecast −0.1% contraction, but the ECB has stayed silent since its July 23 hold at 2.25%. The structural drags from Chinese demand, the EV transition, and US tariffs haven't gone anywhere.
Macro Soup

🇬🇧 UK GDP beat forecast, but the strength is sitting in the wrong place

UK GDP rose 0.4% quarter-on-quarter in Q2, beating consensus. But a volatile 1.7% jump in business investment did most of the work, while manufacturing fell and the trade deficit widened to £23.01bn, according to the UK's national statistics office.

🇬🇧 UK GDP beat forecast, but the strength is sitting in the wrong place
UK GDP rose 0.4% quarter-on-quarter in Q2, beating consensus. But a volatile 1.7% jump in business investment did most of the work, while manufacturing fell and the trade deficit widened to £23.01bn, according to the UK's national statistics office.
Macro Soup

🌏 India's trade gap widens because of gold, not weak exports

India's July trade deficit widened to $31.98bn as gold-driven imports outpaced a nearly 10% rise in exports. South Africa's gold output surged even as broader mining stayed weak, and Brazil's retail sales beat forecasts, cooling the case for near-term rate cuts.

🌏 India's trade gap widens because of gold, not weak exports
India's July trade deficit widened to $31.98bn as gold-driven imports outpaced a nearly 10% rise in exports. South Africa's gold output surged even as broader mining stayed weak, and Brazil's retail sales beat forecasts, cooling the case for near-term rate cuts.
Macro Soup

🇨🇳 China's reflation looks like a supply trick, not a demand fix

China's CPI cooled to 0.5% year-on-year in July, missing the 0.8% forecast. Producer prices fell 3.5%, a second straight monthly decline that raises doubts about whether Beijing's supply-side price push is fading.

🇨🇳 China's reflation looks like a supply trick, not a demand fix
China's CPI cooled to 0.5% year-on-year in July, missing the 0.8% forecast. Producer prices fell 3.5%, a second straight monthly decline that raises doubts about whether Beijing's supply-side price push is fading.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.