Yesterday's data from the US was mixed. Reuters reports:
The Philadelphia Federal Reserve Bank's business activity index jumped to 18.5 this month from 6.0 in July, double the median forecast in a Reuters survey for 9.0. A reading above zero indicates growth in regional manufacturing.
At the same time, the U.S. index of Leading Indicators declined 0.1 percent in July to 138.1 after inching up 0.1 percent a month earlier, according to the Conference Board, amid signs of a stalling housing market...
Data earlier from the Labor Department showed that the number of workers seeking first-time jobless aid fell by 10,000 last week to a seasonally adjusted 312,000, signaling a relatively stable job market.
Meanwhile, there were more signs of cooling in Europe.
In the UK, retail sales fell in July. From Reuters:
The Office for National Statistics said on Thursday that sales volumes fell by 0.3 percent last month, confounding expectations of a 0.2 percent gain. June's initially reported 0.9 percent gain was also revised lower, to 0.7 percent.
In the euro zone, inflation and industrial production both fell. From FT:
Annual inflation last month fell to 2.4 per cent, from 2.5 per cent in June, according to Eurostat, the European Union’s statistical unit. An earlier flash estimate had shown no change between the two months... Thursday’s data showed the core rate accelerating to 1.6 per cent in July, from 1.5 per cent in June.
... Eurozone industrial production figures yesterday remained consistent with strong growth, slipping by just 0.1 per cent in June after a 1.8 per cent rise the previous month.