Recent economic data has provided relief to concerns about a US economic slowdown. Retail sales rose 1% in July, surpassing expectations, while unemployment claims fell more than anticipated.
This positive news led to a surge in stocks, with the S&P 500 experiencing its best weekly return in nine months. Experts attribute the rebound in retail sales to strong spending and broad-based growth.
Market sentiment has shifted, with expectations of a 25 basis point interest rate cut by the Federal Reserve. However, economists suggest that gradual rate cuts would be sufficient, as there is no urgent need for significant economic stimulus.
In the UK, despite anti-immigration riots and struggling public services, the economy grew 0.6% in Q2. Inflation rose slightly to 2.2%, and the Bank of England is expected to cut rates.
However, growth is projected to slow down in the coming months.
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