Johannesburg Office
Block 16 B
Willowbrook Office Park
Van Hoof Street, Ruimsig
Johannesburg, 1724
Willowbrook Office Park
Van Hoof Street, Ruimsig
Johannesburg, 1724
Official data Wednesday showed UK inflation rising at an annual pace of 10.1% in July, as soaring food and energy prices saw inflation hit double digits for the first time in 40 years.
The July U.S. inflation report provided some market respite, after consumer price inflation (CPI) fell from 9.1% y/y to 8.5% y/y in July while the month-on-month print showed consumer prices were unchanged from June.
Global equity markets were mixed this week, as a stronger-than-expected U.S. jobs report revived concerns that the Federal Reserve will need to maintain its aggressive pace of interest rate hikes to stem inflation.
U.S. stocks rallied over the week despite another significant 75-basis-point rate hike from the Federal Reserve (Fed) and news that the U.S. economy contracted for a second straight quarter.
The European Central Bank (“ECB”), the central bank of the 19 nations that share the euro currency, raised its benchmark rate by 50 basis points on Thursday, traders had expected a smaller hike of 25 basis points.
U.S. inflation accelerated in June, ahead of expectations.
World stocks ended the week lower as rate hike guidance from the European Central Bank and the release of hotter-than-expected U.S. consumer price index (CPI) data for May took its toll on financial markets.
All three major U.S. indices closed the week higher, with each rising higher than 6% to close their best week since November 2020.
Cape Town Office
Unit C, 4th Floor
Hill House
43 Somerset Road, Green Point
Cape Town, 8005
Hill House
43 Somerset Road, Green Point
Cape Town, 8005