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Economic Slowdown in China Raising Concerns Despite Resilient US Economy

  • China's second quarter GDP growth was slower than expected at 6.3% annual pace, reflecting weak exports, consumer spending, and property market.
  • US banks reported higher profits in second quarter from rising interest rates, but outlook for sector remains cautious.
  • Inflation shows signs of cooling with UK CPI dropping to 7.9% in June, but central banks expected to continue raising rates.
  • Major US tech stocks like Tesla and Netflix declined after disappointing earnings results and outlook.
  • Analysts debate whether US can achieve "soft landing" as economic data remains relatively strong while risks persist.
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