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A shopper checks her shopping list in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall

US consumers still spending, supporting economy hopes

Hang Seng extends slump as China outlook darkens

SYDNEY, July 19 (Reuters) – Stock markets were mixed on Wednesday with growth concerns dragging down China while elsewhere futures rose after British inflation came in surprisingly soft for once and U.S. data stoked hopes the world’s biggest economy can avoid recession.

**British Inflation Dip Boosts Market Sentiment**

In a positive development for the UK economy, British inflation rates fell below expectations in June. Headline British CPI dropped to 7.9% year-on-year, compared to the projected 8.2%. Core inflation also declined from a three-decade peak of 7.1% to 6.9%. These figures led to a 0.6% drop in the value of Sterling against the dollar to $1.2962, but resulted in a 0.5% rise in FTSE futures. Investors took this as a sign of potential economic stability, which is crucial in helping the US avoid a recession.

**China’s Growth Concerns Weigh on Asian Markets**

Meanwhile, concerns over China’s economic growth continue to impact stock markets in the region. The MSCI’s broadest index of Asia-Pacific shares outside of Japan dropped by 0.6%, largely due to a 1.2% slump in the Hang Seng. Yet, Japan’s Nikkei managed to rise by 0.9% and reach a two-week peak.

**Optimism Surrounds US Economy Despite Slightly Underwhelming Retail Sales Data**

Although US retail sales data came in slightly below expectations, core sales, which exclude food, fuel, and building materials, increased by a solid 0.6% in June. This positive outcome led economists to revise upward their gross domestic product (GDP) forecasts and strengthened hopes of a soft landing for the US economy. Tapas Strickland, head of market economics at National Australia Bank in Sydney, noted that “core inflation is coming down and there’s momentum from the consumer.” The Atlanta Fed’s influential GDP Now tracker predicts that the US economy will grow at an annualized rate of 2.4% in the second quarter, slightly higher than its previous forecast of 2.3%.

**Artificial Intelligence Features Fuel Market Enthusiasm**

In other positive news, strong results from big US banks, coupled with Microsoft’s announcement of charges for artificial intelligence (AI) features in its office software, boosted market sentiment. Microsoft’s shares surged by 4%, adding $100 billion in market value. This move is seen as a significant step in monetizing the potential of AI. The excitement around AI’s impact on various industries, including legal services, highlights the potential benefits of using AI legalese decoder.

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