The week that was…

In the week ending 31st July, what stole the financial headlines?

Following the EU’s announcement of further economic sanctions on Russia following its interference in neighbouring Ukraine, company leaders across Europe warned of the impact on their businesses. The sanctions, deemed the toughest taken against Russia since the end of the Cold War, target the country’s energy, financial and defence sectors. Meanwhile, having shrunk by 2.1% in the first three months of the year – owing much to abnormally poor weather conditions – the US economy grew by an annual rate of 4% in the second quarter of the year. The US Federal Reserve continues to ‘taper’ its asset-purchasing programme and is on track to have completed the process by the end of the year. Elsewhere, as Israel’s bombardment of Gaza continued last week, US Secretary of State John Kerry was heavily criticised by officials in Israel as he failed to broker a ceasefire between the Israelis and Palestinians. The nature of Israel’s offensive in Gaza, a reaction to attacks by Hamas, a Palestinian militant Islamist group, has drawn widespread condemnation from international observers.

Headline Hotlist & World/ Asset Returns Source: The BNY Mellon Investment Strategy and Solutions Group (“ISSG”) as at 01/08/14. ISSG is part of The Bank of New York Mellon.

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