Initial Guidance | 19 August 2015

● US housing starts near 8-year high in July
● Redbook: US retail sales higher in first half of August
● Oil’s bear market rolls on as Opec plans to keep pumping
● China’s equity market remains volatile after currency devaluation
● Eurozone current account in June rises for first time in 5 months
● Japan’s department-store spending in July rises for fourth straight month
● Japan’s trade deficit widens, exports slow in July