The global economy has been experiencing a mixed bag of fortunes, with some countries showing resilience while others struggle. In the United States, the economy grew faster than expected in the second quarter, according to new estimates from the Federal Reserve. However, Fed official Waller has hinted that the central bank could cut interest rates even further if the economy weakens significantly. Meanwhile, Japan’s factory output and retail sales have fallen short of expectations, raising concerns about the country’s economic health. In Europe, the EU has moved to slash industrial tariffs on US goods in an effort to protect its carmakers from the ongoing trade tensions. South Korea, too, is planning to issue record bond sales to finance its budget, while Nippon Steel is working towards reaching its 100-million ton capacity target.

In other news, Dell has reported tighter profit margins on AI servers, while Caterpillar has revised upward its estimate of tariff costs to as much as $1.8 billion. In the geopolitical sphere, there are no signs of a meeting between Russian President Putin and Ukrainian President Zelensky, according to German Chancellor Angela Merkel. Brazil has initiated a formal process to assess potential retaliation against US tariffs, while China’s economy continues to face challenges despite the government’s efforts to stabilize it.