The Philly Fed’s August dip confirms persistent US manufacturing weakness and sends a disinflationary impulse. The index fell to -0.3 from 15.9 in July, with shipments, employment, and new orders all declining, the latter…

 Flash August PMIs show tentative global momentum yet growth remains weak. The composite PMI improved in both the US (55.4 vs. 55.1) and euro area (51.1 vs. 50.9), with manufacturing moving into expansion for the first time in 18…

 The Riksbank held at 2.0% as core inflation remains above target, though easing pressures are building. July headline inflation had slightly cooled, but core remains above both the bank’s forecast and the 1-3% target band. Inflation…

 FOMC minutes showed broad support to hold in July, but the committee remains divided between proactive doves and reactive hawks. “Almost all members” favored leaving the funds rate unchanged, though two dissented for an…

 Hot July inflation does not alter the weakening UK backdrop, keeping Gilts attractive and GBP vulnerable. Headline CPI rose 0.1% m/m, lifting y/y inflation to 3.8% from 3.6%, while core ticked up to 3.8% from 3.7%. Services…

 US housing data remain weak, reinforcing a fragile growth backdrop and the need for equity downside protection. July housing starts rose 5.2% m/m (annualized), but building permits fell 2.8% following a small June decline. The…

 July’s softer Canadian inflation, set against lingering macro weakness, reinforces the case for more BoC easing than markets are currently pricing. Headline CPI slowed to 1.7% y/y from 1.9%, below expectations, driven by lower…

 July data confirm China’s weak growth, with no near-term shift toward meaningful stimulus. New home prices fell 0.31% m/m, retail sales slowed to 3.7% y/y from 4.8%, and industrial production eased. Flooding in July disrupted…