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.
🇺🇸 The Fed is turning hawkish just as the economy is cooling
The Chicago Fed's National Activity Index slipped to −0.08 in July, a below-trend reading, just as Minneapolis Fed's Kashkari turned hawkish and Kevin Warsh drew fresh scrutiny as a possible Powell successor ahead of Jackson Hole.
🇪🇺 Eurozone PMIs hit a nine-month high, but Germany's GDP says otherwise
Eurozone composite PMI hit a nine-month high of 52.1 in August. German Q2 GDP growth slowed to 0.2% quarter-on-quarter, widening the gap between survey optimism and hard data ahead of the European Central Bank's September meeting.
🇬🇧 UK's PMI beat hides a fading consumer
UK flash PMI rose to 52.5 in August, a four-month high, but retail sales volumes fell 0.5% on the month: a softening consumer beneath firming business surveys.
🌏 Mexico's inflation hit a six-year low, and Banxico is in no hurry to celebrate
Mexico's headline consumer prices rose 3.12% year-on-year in July, a six-year low, yet Banxico held its policy rate at 6.50% and pushed its inflation target out to late 2027. Brazil's central bank cut its benchmark Selic rate to 14.00% despite inflation expectations at 5.0%.
🇨🇳 China's growth stocks take the hit as investors wait on Beijing's next move
China's growth stocks led Monday's selloff, with Shenzhen's ChiNext benchmark down 3.21% against a 0.59% dip in the Shanghai Composite. Investors are positioning ahead of this week's National People's Congress Standing Committee session for signs of fresh stimulus.
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.
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