Markets appeared to be more upbeat this week rebounding after a poor performance last week, as investors looked towards key inflation data and the European central bank interest rate decision.

This week has been relatively quiet on the economic data front, with U.S. markets in particular observing a shorter trading week due to Monday’s Labor Day holiday.

On Wednesday, tech giant Nvidia reported better than expected earnings.

Eurozone inflation rose to 2.6% in July, a modest increase from 2.5% in June. Core inflation, which strips out volatile food and energy prices, remained steady at 2.9%.

This morning, UK inflation came in for July at 2.2%, just above the Bank of England’s 2% target.

China’s services sector saw a rebound in July, with employment growing at its fastest rate in nearly a year, according to a survey released Monday by Caixin.

Eurozone GDP for the second quarter of 2024 has increased by 0.3% in comparison to the previous quarter and surpassed economists’ expectations of a 0.2% rise.

On Monday, US markets opened on a high note, following President Joe Biden’s announcement on Sunday that he would be withdrawing from the US presidential race.

This morning, UK inflation came in for the month of June unchanged.

Despite the UK hitting the Bank of England’s 2% inflation target in May, retail sales data indicated a drop in purchases last month of 0.2% year-on-year in comparison to the 4.9% growth in June 2023.