Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
Another 1.2 million Americans filled for unemployment benefits last week; reversing updrift in previous weeks. Number of continuing benefit recipients declined more than expected. Labor market looks soft as some businesses have reopened, while others have been shut down again
Strong rebound in German manufacturing orders in June - up 28% from May. Biggest jump was in investment goods. Domestic and euro-area orders outpaced orders from rest of world. Recovery is not only important for production, but also points to more European investments activity
Another strong increase in US ISM manufacturing. Renewed lockdowns have hurt the service sector, but manufacturing and construction seems likely to add further to employment in July. New domestic orders strong, while export orders not so much #macrobond
While GDP-numbers were abysmal in the euro area in Q2, car registrations highlight why recovery will look particularly strong in Q3. Auto sales in France and Spain were about the same as last year in July, but in France double the average in Q2, and in Spain triple Q2 #macrobond
China's Caixin manufacturing PMI increased in July to the highest level in more than 9 years. Domestic and export orders picked up speed, although export orders remain weak. China's economy has been boosted by government stimulus, while global outlook is more frail #macrobond
