Highlights:

• US core consumer prices lifted in line with the Fed’s 2% inflation target, vindicating June’s rate hike.

• Slowing credit growth and infrastructure spending is pointing to softer Chinese growth for the June quarter.

• Australia’s labour market continues to tighten, but employment growth and hours worked have lost momentum and wage growth is subdued.

• US tariffs on US$34 billion worth of Chinese goods came into effect in early July, with China responding in kind with tariffs on key American exports.

• European political tensions are on the rise, with the UK’s Brexit plan resulting in ministerial resignations and Italy’s budget likely to delay deficit reduction.

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