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The Reserve Bank of Australia cut interest rates in July to a historic low of 1.00 per cent for the second month in a row after 33 consecutive months at 1.50%. The RBA Rate cut to reduce joblessness and to achieve more progress towards inflation target

Global manufacturing saw production fall for the first time since October 2012, new orders fell at the fastest pace for almost seven years. Business optimism slumped to a series-record low. Declines were registered in the euro area, China and Japan. Increases in the US and India.

Germany manufacturing PMI came in like most European PMIs, soft as the global trade war and Brexit drama weighed. 45.0 was a 4-month high, but still the manufacturing sector contracted for a sixth month in a row. Growth in consumer goods was the brightspot.

The UK manufacturing sector in June fell again after a much larger downturn than expected in May. We are seeing balancing after the March spike to 55.1 boosted by stock purchases ahead of Brexit hitting a G-7 record. UK exports were also at their lowest in almost 5 years.

Russian President Putin said that ahead of the OPEC+ meeting in Vienna that Russia and Saudi Arabia have agreed to extend the existing production cuts for another 6=9 months.  The U.S. is near record productions and exports. The cuts promised are at 1.2 bpd by OPEC and Non-OPEC.

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