In July, inflation in the US ended at 3.2%. This result is slightly lower than the expected 3.3%, but at the same time, higher than the 3.0% we saw in June. Core inflation, which excludes food and energy prices, rose 4.7% year-on-year, down slightly from the 4.8% we saw in June. The latest inflation figures show that the Federal Reserve's monetary policy has worked, but that we have not yet reached the desired level. Mary Daly from the US central bank (Fed) emphasizes that there is still work to be done to reach the inflation target of 2%.
The major Swiss bank UBS, which earlier this year took over competitor Credit Suisse, is in the process of removing the Credit Suisse brand. Credit Suisse's US headquarters are having their signs replaced, as will other key Credit Suisse office buildings. Although Credit Suisse's old headquarters in New York still reads "Credit Suisse AG, a UBS-Group company," UBS wants to remove any reference to Credit Suisse and its 167-year history. Similar changes may occur for Credit Suisse's London head office. UBS's CEO, Sergio Ermotti, has stated that Credit Suisse and UBS will not operate as separate brands.
The price of gas in Europe rose sharply on Thursday on the back of a warning of a strike at two important Australian gas plants. The price of gas rose by as much as 40%, which is the highest level since early summer 2023. Even minor news strongly affects the fragile gas market, according to Jens Nærvig Pedersen, chief analyst at Danske Bank, who closely follows the energy market. He points out that even though it is only an announced strike so far, there is still concern and it is too early to say whether the gas crisis will flare up again.