The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
Ascend in China's services sector declines in July
In July, China's services sector expanded at a moderately slower pace because new business surge eased, as a private business survey revealed on Thursday, paying attention to potential softening in a major part of the world's number two economy.
The findings happened to be in line with Monday’s official estimate of the non-manufacturing sector that also showed that surge in the services sector decreased, contributing to views that the Chinese economy could slow moderately in the nearer months after a strong start to the year.
In July, the Caixin/Markit services purchasing managers' index went down to 51.5 from June’s reading of 51.6.
While the sag was marginal, the outcome matched April’s level that appeared to be the lowest result since May 2016.
New business kept expanding at a decent clip, although at a modestly slower tempo. The rate of surge in new work inched down to a 16-month minimum.
As for employment in the services industry, it improved moderately because companies kept adding employees notwithstanding a slower pace.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
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