US retail sales fell more than expected in July, reflecting that consumer spending is steadily shifting to the service industry, and as the inflation rate rises, consumers may become more price sensitive. The US Department of Commerce announced on Tuesday that overall retail sales fell 1.1% last month, and the previous month’s data was revised upwards to an increase of 0.7%. Economists surveyed by Bloomberg estimated a median drop of 0.3%. Retail sales excluding automobiles fell 0.4%.

The output value of the US manufacturing industry recorded the largest increase in four months in July and rebounded to above the level before the epidemic, indicating that manufacturers are working hard to solve the problems of supply chain chaos and supply shortages. Data released on Tuesday showed that manufacturing output in July increased by 1.4% month-on-month; it was revised down by 0.3% in June. The overall industrial output value, which includes mining and utilities, increased by 0.9% in July.

Due to high prices and costs, and continued supply shortages, the US residential builders confidence index fell to a 13-month low in August. According to data released by the National Association of Home Builders (NAHB)/Wells Fargo Bank on Tuesday, the index measuring the confidence of builders fell for the third consecutive month, falling from 80 in July to 75, the biggest drop since April 2020. Economists surveyed by Bloomberg expected the median to be flat at 80.

The liquidity of the world's largest bond market is deteriorating, and traders remain highly vigilant, waiting to find clues about the Fed's debt reduction at the Jackson Hole annual meeting next week. According to data from JPMorgan Chase, a market depth indicator has fallen to its lowest level in more than five months. The 10-year Treasury bond yield hovered around 1.25%, higher than the six-month low of 1.13% hit on August 4. Although the July non-agricultural employment report was stronger than expected, although it has brought a certain boost to the yield, the economic growth concerns brought about by the surge in new crown cases have also put pressure on the yield.

U.S. Treasury Secretary Janet Yellen called the Biden administration’s dual-track legislative action to simultaneously promote major expenditures for infrastructure and social projects as "the most important economic project in modern history" and refuted that these bills would cause "overinvestment." The argument.

In the face of money laundering and tax evasion investigations by US regulators, Binance, the world's largest cryptocurrency exchange, is aggressively recruiting compliance teams. Binance CEO Changpeng Zhao stated that his top priority is to recruit people with compliance and regulatory experience. The company also seeks to meet with U.S. officials regularly.

“Global Times” reported that Huawei’s rotating chairman Guo Ping wrote in the company’s online community Xinsheng community that Huawei will never give up overseas markets and mobile phone business, and will never become a company with only the Chinese market. According to reports, Guo Ping told new employees on Tuesday that the policies of individual countries do not affect the entire presence of Huawei in the world.

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