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New recession warning: The rich aren’t spending
Author: MarguerWSNS
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New recession warning: The rich aren’t spending
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US Job Data in the Limelight
The non-manufacturing ISM surprisingly dropped -3.5 points to 53.9 in July while the final Markit service sector PMI was revised +0.5 point higher to 54.7. Looking into the details of the ISM report, the employment index dropped -2.2 points to 53.6 while new orders index was down -5.4 points to 55.1. Separately, factory orders grew +3% m/m in June, compared with consensus of +2.8% and a -0.3% drop a month ago.
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US Job Data in the Limelight -
Crude Hammered by Record High OPEC Production, Iran Nuclear Deal
Although the deadline was extended by a day, hopes that a deal between Iran and the Western powers would be reached soon have weighed on crude oil prices. According to the State Department spokeswoman Marie Harf, “we’ve made enough progress in the last days to merit staying until Wednesday. There are several difficult issues still remaining”.
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Crude Hammered by Record High OPEC Production, Iran Nuclear Deal