Highlights:

• The US economy remains supported by robust consumer spending and jobs growth, but trade uncertainty is having a negative effect on business investment.

• Markets strongly expect the US Fed to lower interest rates at its September meeting as Powell stated the Fed would “act as appropriate to sustain this expansion.”

• The UK’s new prime minster Boris Johnson threatened to suspend parliament until 14 October if it does not agree to hold a general election.

• Chinese economic news has been on the soft side, with the impact of the trade war reflected in falling industrial production growth and a contraction in manufacturing.

• The Australian economy recorded its worst GDP result since the GFC, vindicating the RBA’s latest round of easing and setting expectations for further cuts.

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