US S&P Global Composite PMI Flash (Jul) 53.6 vs. Exp. 52.3 (Prev. 51.9)

"The ‘flash’ PMI survey data is broadly consistent with GDP growing at an annualised 2.0% against a 1.2%pace signalled for the second quarter." July saw a concerning intensification of supply chain delays and accompanying renewed upturn in price pressures, constraining growth and subduing demand. Events over recent days in the Middle East will have only further exacerbated these supply chain and price worries and raised downside risks to the near-term outlook for the economy, hinting that July’s upturn may not be the start of an improving trend.”