Economy

Top 5 Things to Know in the Market on Friday

Here are the top five things you need to know in financial markets on Friday, July 22:

  1. U.K. Business Activity Plummets to Seven-Year Low Post-Brexit
    In July, the British economy showed signs of a potential recession in the third quarter, following the country’s decision to leave the European Union. Data released indicated a significant drop in business activity, prompting Markit chief economist Chris Williamson to suggest that the Bank of England may need to intervene.

  2. Eurozone Business Growth at Its Lowest Since Early 2015, With U.S. Data Ahead
    The eurozone experienced its weakest growth rate since early 2015, influenced by Brexit uncertainties. A preliminary report from Markit for the U.S. is set to be released on Friday, providing key insights into American business conditions.

  3. G20 Finance Ministers and Central Bankers Gather in China
    Finance ministers and central bank leaders are convening in Chengdu, China, for the G20 meetings over the weekend. Attention is expected to be focused on the U.K.’s new Chancellor of the Exchequer, Philip Hammond, as he addresses questions surrounding the country’s approach to exiting the EU.

  4. Global Stocks Follow Wall Street Lower
    Global stock markets declined on Friday after disappointing earnings reports in the U.S. interrupted Wall Street’s record performance. Market participants were also processing the European Central Bank’s decision to maintain its current monetary policies alongside the recent PMI data. U.S. futures indicated a modestly higher opening, with major indices showing slight gains early in the trading session.

  5. Oil Prices Mixed Amid Ongoing Supply Glut Concerns
    Oil prices showed mixed signals as reports indicated that U.S. inventories remain at record highs, while Iraq continues to increase its output. Investors are awaiting data from Baker Hughes to assess the ongoing recovery in U.S. drilling activity. Recent reports showed an increase in the number of active oil rigs in the U.S., raising concerns about a potential rebound in domestic production which could exacerbate the supply glut. Oil prices slipped slightly, reflecting these ongoing worries, while another benchmark showed minor gains.

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