Indonesia: Indonesia’s Q2 Economy Grew its Slowest since 2009
Indonesia’s economy unexpectedly failed to gain traction in the second quarter, growing at the slowest annual pace since the last three months of 2009. (Source: CNBC)
United Kingdom: BOE Underestimating Slack in U.K. Economy, Blanchflower Says
According to a former official David Blanchflower, the BOE is underestimating the slack of the British economy. In his paper, he says that policy makers are making arbitrary downward revisions to labor market slack. The Central Bank estimates slack to be between 1.0% and 1.5% of GDP. New forecasts are expected on 13 August. (Source: Bloomberg)
Argentina: Argentina Calls for Investigation into Holdout’s Investment
After Argentina’s default last week, the countries market watchdog started an investigation on suspicion of insider trading against several hedge funds. (Source: Spiegel Online, Language: German)
Russia: Russian Inflation Decelerates in July for First Time in Year
Russian inflation decelerated (from 7.8% in June to 7.4% in July) for the first time this year after the government capped regulated utility fees, while price growth remains above the central bank’s target for the 23rd month. (Source: Bloomberg).
China: China July Official Services PMI Dips to 6-month Low
Growth in China’s services sector slipped to a six-month low in July as growth in new orders stagnated, data showed, taking some of the shine off an industry that has been a bright spot in the Chinese economy this year (Source: Reuters).