US Inflation Eases Amid Global Economic Growth

The US economy saw some relief last week as inflation eased to 3.4% in July, meeting expectations after June's 3.5% reading. This slight decrease came despite a month-on-month decline of 0.6% in retail spending for July. The Consumer Sentiment Index also took a hit, falling from 55.2 in July to 51.0 in August.

Meanwhile, the UK economy showed some growth with preliminary GDP figures revealing a quarterly increase of 0.4% in Q2. This marks a recovery to pre-Iran War levels for UK equities. The Reserve Bank of Australia maintained its interest rates, but emphasized that it will take action if necessary to curb inflation.

Looking ahead, investors can expect the release of FOMC Meeting minutes on Wednesday and S&P Global flash PMIs on Friday. The Eurozone will also receive its PMI readings on Friday. In the UK, inflation and labour market data will be closely watched this week.