Recent trade tension developments between South Korea and Japan (regarding export restrictions of key components) add to the already tense world trade environment and could be detrimental to Asian trade hub economies.

On July 16th, the new European Commission President, Ursula von der Leyen, was confirmed by the European Parliament by a narrow majority of MPs (383 votes, just over the minimum of 374 required).

Last week, the long-awaited pension reform bill passed the first lower house vote with more than the 60% majority needed (379 in favor, 131 against).

Emerging Markets are increasingly affected by the weakening trade momentum and are still not benefitting from better credit conditions.

Recent economic reports have been mixed. Retail sales rose +0.4% m/m in June, beating expectations of a +0.1% increase.

Eurozone exports rebounded in May: +6.1% y/y in value terms from +4.6% in April and +2.1% in March.

After the election period, there were some signs that economic policy would become more growth-supportive in Nigeria.

GDP growth was negative in 19Q2 for the first time since 15Q1 and with a magnitude not seen since 2012.