New Loans Given by Chinese Banks Decline for the First Time in 20 Years in July

China’s new yuan loans declined in July for the first time in 20 years, reports said citing data from the People’s Bank of China on Wednesday. New yuan loans declined CNY 50 billion in July, while economists expected lending to fall to CNY 300 billion from CNY 2.24 trillion in June.

Earlier this week, the Ministry of Finance unveiled an interest subsidy policy on loans for both households and businesses. The decline in bank lending is an indicator of continued economic slowdown in China.

 U.S. Crude Oil Inventories Unexpectedly Rise By 3.0 Million Barrels

Crude oil inventories in the U.S. unexpectedly increased by the week ended August 8th, according to a report released by the Energy Information Administration on Wednesday. The EIA said crude oil inventories rose by 3.0 million last week after falling by 3.0 million barrels in the previous week. Economists had expected crude oil inventories to dip by 0.8 million barrels.

US Small Business confidence improved in July

Meanwhile U.S. Small Business Confidence Improves In July.  NFIB Small business optimism in the U.S. strengthened in July after eroding in the previous month as business expectations turned positive despite a rise in uncertainty, results of a monthly survey by the National Federation of Independent Businesses showed. The NFIB Small Business Optimism Index rose 1.7 points to 100.3 from 98.6 in June. The reading was slightly above the 52-year average of 98, the trade body said.

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 Source: HDFC Securities Prime Research