Japan's exports fell in July for the first time in nearly 2-1/2 years, driven by weak demand for light oil and chip-making equipment and raising concerns about a global recession as the demand in key markets such as China weakens.
UK factory output has fallen sharply to its lowest level in nearly three years, indicating that Bank of England interest rate increases are slowing the economy, according to the latest manufacturing snapshot from the CBI.
Profits at China's industrial firms fell 6.7% in July, marking the seventh consecutive month of decline, as weak demand continues to hinder the country's post-pandemic recovery.
Chinese electric vehicle maker Nio reports an increased loss of $835.1 million in Q2 2023 as deliveries decline due to a transition to a new vehicle platform and a slowdown in China's economy.
German exports fell 0.9% in July, less than expected, due to global demand weakness and supply-chain friction.
Japanese household spending experienced its largest decline in almost 2-1/2 years due to rising prices; however, the impact of volatility in certain areas suggests that the outlook may not be as dire as the headline figures indicate.
U.S. manufactured goods orders experienced a significant 2.1% decline in July, the first drop in four months, due in part to higher interest rates impacting business equipment spending.
German industrial orders fell more than expected in July, declining by 11.7% on a seasonally and calendar adjusted basis, due to a large order in the aerospace sector the previous month, indicating weakness in the global economy and high energy costs.
China's imports and exports experienced a monthly decline in August, with exports falling by 8.8% and imports falling by 7.3%, indicating ongoing challenges despite some slight improvement.
Japan's economy grew less than expected in Q2 and wages fell in July, raising doubts about the country's recovery and the effectiveness of the central bank's projections for domestic demand.
Japanese real wages continued to decline for the 16th consecutive month in July, posing a challenge for the Bank of Japan's efforts to stimulate inflation and economic growth.
Big Japanese manufacturers and the services sector in Japan are experiencing a decline in confidence, with concerns of a slowdown in China's economy affecting global and domestic growth, according to a Reuters poll. The weak sentiment in the business sector raises doubts about the ability of exports to drive economic recovery amid weak domestic demand. Many companies cited high input costs and weak demand as contributing factors, along with geopolitical risks and tensions between the US and China.
Japan's core machinery orders fell more than expected in July, reflecting manufacturers' reluctance to invest due to sluggish global growth and weakness in China, signaling challenges for the country's economy.
Japan's exports to China declined for the ninth consecutive month in August, dropping 11%, due to weak demand and the suspension of seafood imports following the Fukushima Daiichi nuclear plant incident.
Asia-Pacific markets fell as the Bank of Japan kept rates unchanged and noted a "moderate recovery" in the economy, while Japan's private sector activity expanded at its slowest pace since February and the country's August inflation rate remained above the BOJ's target for the 17th straight month.
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