Highlights:

• Softer US inflation and PMI figures have dimmed the growth outlook, although further labour market tightening may avert a Fed rate cut for the time being.

• The trade situation remains the key issue for the global economy, with uncertainty affecting investment and bolstering the case for monetary easing.

• European manufacturing continues to decline, while a rise in German unemployment spelled further concern for the eurozone’s largest economy.

• China’s weakening manufacturing sector and an economy at risk of further trade disruption has hastened the authorities’ decision to deploy additional stimulus measures.

• The RBA cut the cash rate again at its July meeting to 1.00%, proving its willingness to combat weak inflation expectations and protect against downside risks.

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