#KnowGreater Weekly Market Recap (July 29, 2024)
#KnowGreater: Stay Ahead with OnePlatform Asset Management's Weekly Financial Insights. Here are key market news and updates for the coming week:
Recent News Recap
?? U.S. GDP Growth Surpasses Expectations The U.S. economy grew at a 2.8% annualized rate in the second quarter of 2024, exceeding economists' forecasts of 2.1%.?This growth, reported on July 25, was driven by robust consumer spending and business investment, despite ongoing concerns about inflation and interest rates.
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What to Watch This Week
?? Federal Reserve Policy Meeting
The Federal Open Market Committee (FOMC) will hold its policy meeting on July 30-31, 2024. While no rate change is expected, markets will closely watch Chair Powell's comments for hints about future policy direction.
?? Bank of England Interest Rate Decision On August 1, the Bank of England will announce its interest rate decision. With UK inflation remaining high, markets are closely watching to see if the BoE will continue its tightening cycle or pause in response to signs of economic slowdown.
?? Major Tech Earnings Reports
Several tech giants, including Apple, Amazon, and Meta, are scheduled to report their Q2 earnings this week. These results will offer valuable insights into consumer spending trends and the overall health of the tech sector amid global economic uncertainties.
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References
U.S. economy grew at a 2.8% pace in the second quarter, much more than expected
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