U.S. consumer sentiment unexpectedly deteriorates in August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0. U.S. A decline in consumer sentiments means that more consumers are expecting that their economic prospects may deteriorate in the foreseeable future or the economic conditions in general are likely to deteriorate.

US business inventories rise in line with estimates in June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

UK GDP Rises More Than Expected

Meanwhile, the UK economy expanded more than expected in the second quarter but the overall growth softened as the US frontloading had propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported.

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Source : HDFC Securities Prime Research