MARKET DAILY

Market 08/01: Fear of Recession Returns After Economic Data

Manufacturing sector unexpectedly declines after 3 consecutive months of recovery. Initial jobless claims highest in 1 year.

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Today's key highlights:

  • ISM Manufacturing PMI hits 3-quarter low

  • Construction spending declines month-over-month for first time in 2 years

  • Initial jobless claims hit 12-month high

  • Wage inflation continues to decline

  • Bank of England cuts interest rates, raises inflation and growth forecasts

  • Unemployment rate in Europe unexpectedly rises again

  • META earnings report: 3.27 billion daily users

  • Market: Strong sell-off amid recession fears

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