China's exports in July increased 18% on the rebound in orders from the U.S. and trade surplus soared above $100 billion for the first time. However, imports rose 2.3% on weaker demand rebound in domestic demand for energy and raw materials.
After a week of efforts in keeping the unity government together, Prime Minister Draghi offered his resignation again only after 17 months in office. Italy is most likely to head for a general election in September.
The European Central Bank hiked rates by 50 basis points, an increase for the first time since 2011. In an anticipatory move, the central bank released a new tool to fight peripheral bond market stress.
China's economy in June quarter grew 0.4% after months of lockdown halted activities in the world's second largest economy. Property sector woes are sparking a wave of mortgage boycotts.
Sri Lankan Prime Minister Wickremesinghe offered his resignation after thousands stormed the president's official residence. President Rajapaksa is flown to a secure location under military protection.
UK Prime Minister Boris Johnson was forced to resign after more ministers quit his cabinet and Conservative Party members rebelled against his leadership. The disgraced Johnson leaves behind a legacy of economic mismanagement and multiple scandals.
France plans to increase its stake in financially strapped EDF from 84% and fully nationalize the utility company. Utilities companies across Europe are racking up losses after price caps restrict passing of higher fuel costs to consumers.
The U.S. dollar extended the advance against world currencies as global recession worries grip world financial markets. The yen and the euro trade near two-decade lows and the British pound is set to test the levels not seen since 1985.
