• The United States economy grows 1.4% in the first quarter
• Japan services activity contracts after 21 months of expansion
• Energy prices up 1.1% in June as crude oil edges up
  

The impact of elevated interest rates in the United States, the United Kingdom and eurozone is now clearly visible. Latest data shows inflation easing or remaining steady in all major global economies except Japan. A pick-up in inflation this year led to the Bank of Japan terminating its historical negative interest rate policy. 

The pace of manufacturing activity expansion also seems to be losing some momentum in the UK and the eurozone.