Weekly Global Financial News (July 28 -Aug 3)

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Argentina Declared in Default by S&P as Talks Fail, By Bloomberg, Published: Jul 31
http://bloom.bg/1n4sTmC
Argentina has officially defaulted on its debt for the second time in 13 years as government failed to pay interest on $13 billion of restructured bonds.

India’s demands block $1 trillion WTO deal on customs rules, By Reuters, Published: Jul 31
http://reut.rs/1u59dVn
The World Trade Organization failed to reach a deal to standardise customs rules in the face of India’s demands for concessions on agricultural stockpiling.
China PMIs jump to multi-month highs in July, add to view economy is steadying, By Bloomberg, Published: Aug 1
http://reut.rs/1v13iVH
China’s factories posted their strongest growth in the official Purchasing Managers’ Index (PMI) as new orders surged to multi-month highs. The survey showed a sign that the world’s second biggest economy is re-gaining momentum after a spate of stimulus measures to spur growth.

Russia has reserves to ride out sanctions – assuming no panic, By Reuters, Published: Aug 1
http://reut.rs/1ueGeid
Russia has enough reserves to withstand Western sanctions for at least two years, experts say. Despite the reserves of half a trillion dollars, concern is that it would melt quickly if more many investors move their money out of Russia.

China Central Bank Signals No Broad Monetary Easing, By Bloomberg, Published: Aug 3
http://bloom.bg/1oryp7K
The People’s Bank of China said that it will refrain from broader monetary easing to support growth, as existing money supply and credit are already relatively large. The central bank reiterated that it will explore resolving problems in more market-oriented ways.

Will Europe’s banking “big bang” loosen lending? By Reuters, Published: Aug 4
http://reut.rs/1pSWbqc
The European Central Bank will take charge of supervising banks after intensive scrutiny on euro zone’s banks. The biggest advance in European integration was made to restore confidence in the euro zone’s banks, battered by debt crisis, especially in stricken southern Europe.

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