We were beaten 4-3 by Tottenham Hotspur in pre-season on Saturday, and you can watch full highlights of the encounter here.
In a topsy-turvy affair, it was Victoria Pelova who gave us the lead early on, only for Bethany England to pull one back.
Alessia Russo forced a Charli Grant own goal to restore our lead, but Spurs then came from 2-1 down to lead 3-2 courtesy of strikes from England and Matilda Vinberg.
We reduced the arrears courtesy of Caitlin Foord, but Eveliina Summanen put the away side 4-3 up with a free-kick late on.
Press play on the video above to see how the action unfolded.
Copyright 2025 The Arsenal Football Club Limited. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source.
ANKARA, TURKIYE – APRIL 03: In this photo illustration the logos of Open AI are being displayed on both computer and smart phone screen in Ankara, Turkiye on April 03, 2025. (Photo by Betul Abali/Anadolu via Getty Images) | Image Credits:Betul Abali / Anadolu / Getty Images
In a new blog post, OpenAI warns against “unauthorized opportunities to gain exposure to OpenAI through a variety of means,” including special purpose vehicles, known as SPVs.
“We urge you to be careful if you are contacted by a firm that purports to have access to OpenAI, including through the sale of an SPV interest with exposure to OpenAI equity,” the company writes. The blog post acknowledges that “not every offer of OpenAI equity […] is problematic” but says firms may be “attempting to circumvent our transfer restrictions.”
“If so, the sale will not be recognized and carry no economic value to you,” OpenAI says.
Investors have increasingly used SPVs (which pool money for one-off investments) as a way to buy into hot AI startups, prompting other VCs to criticize them as a vehicle for “tourist chumps.”
Business Insider reports that OpenAI isn’t the only major AI company looking to crack down on SPVs, with Anthropic reportedly telling Menlo Ventures it must use its own capital, not an SPV, to invest in an upcoming round.
Taliban’s first conquest of Afghanistan came in 1996 when, as a military movement, Taliban stormed Kabul, the capital. The conquest resulted in the first Taliban rule of Afghanistan which lasted for almost 5 years from 1996-2001. After the US military intervention in Afghanistan in the wake of the 9/11 attacks, the Taliban were removed from power. They had no political role to play in Afghanistan until their return to power in August 2021. It is in this gap of almost 20 years that the world treated the Taliban only as a militant organisation and a rogue military outfit that had no role to play in Afghan politics.
Did the world miss the opportunity to engage with the Taliban? Wouldn’t the world be different if the Taliban were politically engaged during that period? Could such a world assist in transition of the Taliban from a military movement to a political force?
Ultimately, the US chose to directly engage with the Taliban movement and created the circumstances for the Taliban’s return to power in August 2021. The lost opportunity of dealing with the Taliban for 20 years may be considered a big mistake. After being removed from power in 2001, the Taliban were willing to surrender, yet they were deprived of this opportunity and with it the opportunity to become part of any political process in Afghanistan. The political consequence of this mistake was that the movement returned to power in 2021, with no political experience in the last 20 years that they were left out of Afghan politics. Today, the Taliban are considered a political force, but only a force that the world is struggling to deal with, as it is considered a repressive regime that rules over 40 million Afghans in a strategically vital area of Eurasia. No wonder Russia has recognised the Taliban government, and China is engaged with both the Taliban and Pakistan to work out a trilateral engagement.
Taliban’s re-conquest of Afghanistan came at a time when Iran and Pakistan, with whom it shares a long border, were experiencing turmoil at home. Iran fought a short war of 12 days imposed by the US and its ally Israel. Pakistan, on the other hand, faced military aggression by India and fought a short war of four days. Pakistan also faced an upsurge in terrorist attacks, deepening economic troubles, rising inflation and growing dependence on IMF loans. Yet, both Pakistan and Iran enjoy a great degree of influence in Afghan politics, and play a vital role in providing access to a landlocked Afghanistan to the outside world. Iran is also facing financial pain as it bears the brunt of international sanctions.
Thus, both the big neighbours of Afghanistan have problems of their own. And if the big neighbours have problems then it is a challenging proposition for the Taliban to rebuild its image to be recognised not as a military movement but a political force. Add to this the apprehension of both Pakistan and Iran that Afghanistan may export unrest, refugees and militancy across the borders, and this makes matters of good governance by the Taliban even more challenging.
The US leads the global consensus on the diplomatic isolation of the Taliban, which raises important questions on the role of external powers in the recognition of the Taliban as a political force. Russia and China lead the external powers that are contributing to the erosion of this global consensus. When the world treats the Taliban as a militant resistance and insurgent group with a religious ideology that has created a repressive regime, it misses a point that the Taliban today enjoy political power in Afghanistan, and they have come to power after engaging in a prolonged conflict against the US-led coalition forces. Not just as a de facto ruling authority, but a movement that enjoys a good degree of support from the people of Afghanistan. If the US could treat the Taliban as a political force, engaging it in a political process that led to the Doha Agreement in 2020, then it could surely consider helping the Taliban in transitioning from a militarised insurgency to a political governing body. This will help the Taliban in reshaping the internal dynamics and rebuilding Afghanistan, and may positively influence all external stakeholders to recalibrate their geopolitical calculations about the future of Afghanistan.
Pakistan has a complex relationship with the Taliban, featuring strategic patronage and periods of engagement and disengagement. Pakistan facilitated the Doha peace process as its security, regional alliances and internal stability are all linked with a stable Afghanistan, which only a legitimate and credible political authority in Afghanistan can create. Pakistan is thus inclined to diplomatically support the Taliban’s political ascendency. Pakistan’s great diplomatic challenge is to convince the outside world to stop looking at the Taliban government as a product of radical Islamist insurgency based on religious extremism, tribal conservatism and external sponsorship, but as a political entity capable of good governance, statecraft and diplomacy. The Doha Agreement stands out as a watershed moment of this recognition and has laid the groundwork for re-determining assumptions about the political capacity of the Taliban and treating them as a political force.
Pakistan’s military establishment has historically pursued the policy of ‘strategic depth’ in Afghanistan. But the time for such strategic preference is over. Today, Pakistan’s policy adjustments are more in line with supporting the creation of a regional bloc headed by China, in which Afghanistan is likely to play a crucial role. In the case of Pakistan, the pursuit of strategic depth in Afghanistan can be interpreted through Prof Mearsheimer’s theory of offensive realism. The theory helps in understanding the security dilemma Pakistan faces and how it attempts to enhance its security by supporting the Taliban regime in Afghanistan, and how, in return, it has increased the internal security issues of Pakistan due to the resurgence of TTP. The realist theoretical framework helps best to understand the evolving nature of Pakistan’s Taliban policy.
The current Taliban government has assumed all state functions, and unlike their first tenure, they now face the responsibility of state-building. The major driver of Pakistan’s current relationship with the Taliban is the latter’s inaction against TTP. Pakistan resorted to cross-border airstrikes in April 2022 against the TTP sanctuaries in Afghanistan, and Pakistan’s assertive posture is also indicative in the form of enhanced border control, border fortifications and implementation of its policy of return of Afghan refugees. To bring about a change in Afghan state behaviour, Pakistan needs regional support of not only China, CARs and Iran but also Russia, the first country to formally recognise the Taliban government.
Comedian Matt Rife has spoken out in defense of actress Sydney Sweeney, following online backlash surrounding her recent American Eagle jeans ad campaign.
Rife, 29, posted on X, responding to mounting criticism directed at the Euphoria star, writing: “I keep seeing people mad at Sydney Sweeney for noooothing. She’s learning that the internet is full of absolute garbage losers who will twist anything you say into a c***y misinterpretation. People are awful.”
-X.
Sweeney recently appeared in a new denim campaign for American Eagle, with the tagline, “Sydney Sweeney Has Great Jeans.” The ad, which plays on the word “genes,” sparked controversy on social media, with some critics accusing it of promoting far-right ideologies or eugenics. In one ad, Sweeney discusses how genetics shape traits like hair color and eye color, saying, “My genes are blue.” Another scene shows her in a plunging denim jumpsuit before telling the camera, “Hey, eyes up here.”
While some labeled the campaign as “Nazi propaganda,” others criticized the backlash itself as “unhinged.” American Eagle responded with a statement defending the actress, saying: “‘Sydney Sweeney Has Great Jeans’ is and always was about the jeans. Her jeans. Her story.” The company added that 70% of the response to the campaign has been positive.
Sweeney has also been at the center of recent controversy for a soap collaboration with Dr. Squatch, which promoted limited-edition bars allegedly made with her own bathwater. She addressed the criticism in an interview with The Wall Street Journal, saying, “It was mainly the girls making comments about it, which I thought was really interesting.” She acknowledged that she’s strategic when it comes to her more provocative brand deals.
Amid the ad controversies, public records revealed that Sweeney is a registered Republican voter in Florida. Her latest film, Americana, premiered on August 15 but underperformed at the box office. Director Tony Tost defended the project, noting that films often gain appreciation over time beyond their initial reception.
Rife, who has faced controversy himself, most recently over an E.l.f. Cosmetics ad and past offensive jokes, expressed solidarity with Sweeney in navigating public scrutiny.
LUANDA (Angola) – Angola beat Cameroon 74-73, qualifying for the FIBA AfroBasket Final for the first time since 2015.
When it seemed all but over, Angola made a comeback to secure their fifth consecutive victory in the 2025 AfroBasket.
It was Cameroon’s second loss in six games.
Selton Miguel led all players in scoring, finishing with 17 points off the bench.
Yves Missi set a new AfroBasket record for the most blocked shots in a game after swatting seven of Angola’s shots. However, turning the ball over later in the fourth quarter didn’t help Cameroon’s cause.
Angola will take on Mali in Sunday’s final, while Cameroon will play Senegal in the third-place game.
TURNING POINT: With one minute left on the shot clock and Cameroon leading by two (71-69), Aboubacar Gakou stole the ball from Williams Narace. He then found Childe Dundao wide open, and Dundao hit the game-
changing three-pointer.
The hosts were leading for the first time since the first half when Miguel converted one of his two free throws, extending their advantage to 73-71.
Yves Missi then tied the contest at 73-73 by converting two free throws of his own. Gakou established the final score by converting one of his three free throws.
HERO: Angola’s tenacity and team effort was pivotal in the win. They trailed for most of the game, but feeling the game slipping away of their controlled they adjusted defensively, forced Cameroon to turn the ball over in critical moments of the game, and hard-fought win came next.
Childe Dundao and Bruno Fernando, two U18 AfroBasket champions, rescued Angola from what appeared to be Angola’s first loss in the tournament.
Dundao and Fernando combined for 26 points for Angola, carrying the team on both ends of the floor.
STATS DON’T LIE: Cameroon shot themselves in the foot by turning the ball over five times in the final quarter, giving Angola a chance to win.
The difference between the two teams was evident in how their benches impacted the game, with Angola’s outscoring Cameroon’s 34–21. Samir Gbetkom scored 13 points off the bench for Cameroon.
BOTTOM LINE: Over the years, the Cameroon vs. Angola matchup has become a classic of African basketball, with both teams putting on thrilling performances.
Of their previous four meetings, only one had a winning margin of more than ten points (2007 AfroBasket Final), and Saturday’s matchup entered the history books as one to remember due to the uncertainty that lasted until the very end.
Cameroon dominated most of the game. At times, it seemed as if they had the game in the bag. However, Angola made sure to protect their home court, even without playing their best game.
WHAT THEY SAID: “I feel blessed there has been a lot ups and downs and back to back games. We have a team filled with competitors. On any night, they can beat any team. I guess tonight was my night. We are at home and we have to do it for the people. It’s not about us. It’s for the people.” – Angolan shooting guard Selton Miguel.
It’s about time to shed the notion Alex Palou isn’t an oval ace, isn’t it?
Palou (photo, above) won the NTT P1 Award on Saturday for the Snap-on Milwaukee Mile 250 on the final attempt of the qualifying session, turning a two-lap average speed of 162.971 in the No. 10 DHL Chip Ganassi Racing Honda. Palou, who clinched his fourth NTT INDYCAR SERIES championship on Aug. 10 at Portland, earned his sixth pole this season.
SEE: Qualifying Results
“I knew I had a good car,” Palou said. “I just wanted to get everything out of it, so I just fired as much speed as I think it could handle and a little bit more, and it sticks. It feels amazing to get a pole here.”
Palou has produced a magical season so far that resulted in his third consecutive championship. He has won eight races, tied for the third-most in one season in INDYCAR SERIES history, including his first oval victory in the 109th Indianapolis 500 presented by Gainbridge in May.
This is Palou’s second oval NTT P1 Award this season, as he won from the pole in July in the second race of the Iowa Speedway doubleheader. This was his 12th career pole overall and third on an oval, as he captured the top spot for the 2023 Indianapolis 500.
Palou dramatically seized the pole from David Malukas, who was on the verge of winning his first career NTT P1 Award after turning an average of 162.256 in the No. 4 Clarience Technologies Chevrolet of A.J. Foyt Enterprises as the 18th car on the 1.015-mile oval in the 27-car field.
Still, Malukas (photo, above) will start on the front row for the race Sunday (2 p.m. ET, FOX, FOX One, FOX Sports app, INDYCAR Radio Network) after tying his career-best qualifying performance.
“Before he went out, I told the guys, ‘He looked fast in practice one; he’s going to be the one to beat,’” Malukas said. “As soon as I saw that first lap, saw him come out of (Turn) 4, I was like, ‘All right, that one looked pretty good.’
“We’re going to be starting on that front row here in Milwaukee. We can still do a lot from up there.”
The contrast in strategy between Palou and Malukas on their respective warmup laps was interesting and reflected the different choices made by the field as they prepared to take the green. Malukas warmed up at 159.264 mph, while Palou cruised past the flag stand at 151.187 on his warmup, saving wear on his Firestone Firehawk tires before stepping hard on the gas for his two-lap run.
Pato O’Ward qualified third at 162.078 in the No. 5 Arrow McLaren Chevrolet. He will be joined in the second row of the starting grid by 2024 Milwaukee race winner Scott McLaughlin, who qualified fourth at 161.758 mph in the No. 3 Sonsio Vehicle Protection Chevrolet of Team Penske.
Six-time series champion Scott Dixon qualified fifth at 160.951 in the No. 9 PNC Bank Chip Ganassi Racing Honda, but he will move back nine spots on the starting grid as a penalty for an unscheduled engine change beyond the season’s allotment.
Will Power qualified sixth at 160.819 in the No. 12 Verizon Team Penske Chevrolet. That run capped a strong day for Team Penske, for which Power earned the team’s first victory of the season Aug. 10 at Portland. Josef Newgarden qualified eighth at 160.330 in the No. 2 Snap-on Team Penske Chevrolet as the legendary team will try to earn its first oval victory of the season Sunday.
There was one incident involving contact and another near-miss during qualifying.
Felix Rosenqvist did a quarter-spin in the No. 60 SiriusXM Honda of Meyer Shank Racing w/Curb-Agajanian on his first qualifying lap, backing into the SAFER Barrier in Turn 4. The rear of the car suffered moderate damage. Rosenqvist was unhurt.
That incident occurred just minutes after Colton Herta slid his No. 26 Gainbridge Honda through Turn 2 and then did a half-spin to the left exiting that corner. But Herta showed incredible car control to walk the tightrope between throttle and wheel input to keep the car off the walls.
After making her RuPaul’s Drag Race debut this year on Season 17, Lexi Love is fighting to keep her own drag name amid a trademark infringement complaint.
The drag queen, whose legal name is Clair Barnes, recently responded after adult entertainment actress Selena Scola called out her, the show, Paramount+ and World of Wonder, requesting that they “immediately and permanently cease all use” of the Lexi Love name.
“I’ve had 3 venues pull out because she is sending them also cease and desist emails,” she told Deadline. “She made a post speaking negatively about my trials and tribulations I opened up about on the show; including my HIV.
Barnes continued, “My team reached out and have had no return communication from her and she just keeps reporting my accounts. I offered a licensing agreement, terms, anything and she is just continuing to attack online.”
Noting she’s used the name since 2009, Barnes said she’s “considering having a ‘Name Me’ or something before she ruins everything I have worked for and erase me off social media.”
The post comes after Scola wrote in her complaint on X that “by taking my name and using it without consent, you are erasing my two-decade legacy and identity—actions that directly contradict the values of consent, authenticity, and respect that LGBTQ+ and marginalized communities champion for.”
Although she shared a screenshot of a 2009 ruling that granted her rights to the LexiLove.com domain, that trademark was cancelled in March 2015, according to the United States Patent and Trademark Office (USPTO).
Scola’s new trademark was approved this January after she filed another application in February 2024, requesting the name for use with talent agency and management services for “performing artists being both human clients and digital talent in the nature of digital personas, virtual performers, and AI-driven talent.”
The RuPaul’s Drag Race Season 17 contestant using the name “Lexi Love” on Paramount+ / MTV / World of Wonder platforms is not me. Use of my name by RuPaul’s Drag Race, contestant Barnes, and affiliated… pic.twitter.com/EXOnv4EyaU
Barnes was announced as part of the RPDR Season 17 cast in December, with the season running from Jan. 3 to April 18 on MTV. “[Scola] was being tagged as me and two months after I was announced on TV she reinstated an old trademark she no longer had and is now attacking my social media, Cameo and streaming music,” she said.
Scola also wrote on X, taking aim at Barnes’ HIV status, transgender identity, adding: “These personal disclosures were made publicly by the contestant while using my name in commerce without consent.
“Such infringement causes significant brand confusion, damages my personal and professional reputation, and creates false associations with experiences and conditions that do not apply to me or my brand,” added Scola.
In addition to her adult entertainment work, Scola’s credits as Lexi Love include Prison Guard #2 in Director’s Cut (2016) and Kickball Player in Jexi (2019), as well as the voice of Prostitute #4 in Grand Theft Auto V (2013).
BERLIN (Germany) – Germany officially confirmed their 12-man roster for the upcoming FIBA EuroBasket 2025, headlined by the team’s captain and MVP of the FIBA Basketball World Cup 2023, Dennis Schroder.
Head coach Alex Mumbru – at his first tournament with Germany – finalized the squad following a second friendly against the Spanish national team as they secured back-to-back wins over the reigning European champions.
GERMANY’S ROSTER FOR FIBA EUROBASKET 2025
Isaac Bonga, Oscar Da Silva, Tristan Da Silva, Justus Hollatz, Leon Kratzer, Maodo Lo, Andreas Obst, Dennis Schroder, Daniel Theis, Johannes Thiemann, Johannes Voigtmann, Franz Wagner
Germany couldn’t begin their preparation campaign in a better way; winning the first three warm-up games ahead of FIBA EuroBasket 2025 against Slovenia (twice) and Türkiye, before losing to Serbia in Munich.
They concluded their friendly game scheduled with back-to-back encounters with Spain, winning in crazy fashion the first one in Madrid, which ended in overtime.
Who is playing at FIBA EuroBasket 2025?
Roster tracker: Who is playing at FIBA EuroBasket 2025?
Tracker: Preparation games for FIBA EuroBasket 2025
Germany have locked a participation at FIBA EuroBasket for the last three decades, as this will be their 26th appearance in Europe’s most anticipated national team competition.
Winning the title in 1993, they were runners-up in 2005 and made it onto the last step of the podium in 2022, in front of their home fans in Berlin. Is this the year of another continental success for Dennis Schroder, Franz Wagner, and co?
The reigning world champions will play the Group Phase in Tampere, alongside co-hosts Finland, Lithuania, Sweden, Montenegro, and Great Britain in Group B.
They will begin their campaign against Montenegro on August 27 at 15:30 CET.
Prince Harry ‘PR stunt’ against Prince William is shamed
Prince Harry is accused of upstaging his own brother, Prince William.
The Duke of Sussex pulled a PR stunt on the 80th anniversary of VE Day after laying down his own wreath at the Burma Memorial.
Speaking about Harry, Royal expert Robert Jobson tells The Sun: “It was obviously a PR stunt. Bottom line is, if you didn’t want it to be a PR stunt, just leave it there.”
“Somebody would see it. It would get passed to the press eventually.
“It was a little bit too slick. It was part of Operation Rebuild Harry.
“The King was there. It was incredibly emotional. You could see the tears in Camilla’s eyes.
He added: “It was obviously a PR stunt. Bottom line is, if you didn’t want it to be a PR stunt, just leave it there.
“Somebody would see it. It would get passed to the press eventually.
“It was a little bit too slick. It was part of Operation Rebuild Harry.
“The King was there. It was incredibly emotional. You could see the tears in Camilla’s eyes.
“It was the King’s day. The Prince and Princess of Wales absolutely should have been there,” the expert noted.
Jerome Powell arrives for a dinner during the Kansas City Federal Reserve’s Jackson Hole Economic Policy Symposium in Moran, Wyoming, on Aug. 21.
(Bloomberg) — A key US inflation gauge probably ticked higher last month, underscoring the challenge Federal Reserve Chair Jerome Powell and his colleagues face in balancing rising prices and mounting risks in a fragile job market.
Most Read from Bloomberg
A report Friday is forecast to show the personal consumption expenditures price index excluding food and energy — the Fed’s preferred measure of underlying inflation — rose 2.9% in July from a year ago. That would be fastest annual pace in five months. On a monthly basis, the so-called core measure is seen climbing 0.3% for a second month.
Speaking Friday at the Fed’s annual conference in Jackson Hole, Wyoming, Powell said there’s now a greater risk the job market could falter — although concerns over inflation persist. And while he said the effects of higher tariffs on prices are “now clearly visible,” it’s also reasonable to expect the impact will be short-lived.
Investors will monitor comments from Fed officials at public events in the coming week to gauge their appetite for a September rate cut. Governor Christopher Waller and regional Fed bank presidents John Williams, Lorie Logan and Tom Barkin are all scheduled to speak.
What Bloomberg Economics Says:
“We expect the hottest reading since February. And if economic activity is gaining steam, firms may be able to pass through more tariff costs to consumers. That raises the risk that the upcoming CPI and jobs reports for August may not necessarily support a rate cut in September.”
— Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins, economists. For full analysis, click here
Along with the July inflation data, Friday’s report is projected to show the biggest advance in household spending on goods and services since March. Economists will also look at the personal income data to gauge the ability of consumers to continue spending — a key driver of economic growth.
On Thursday, the US issues revised second-quarter gross domestic product data. The GDP report is forecast to show personal consumption picked up to a moderate pace after a sluggish start to 2025.
Further north, Canada’s second-quarter GDP figures on Friday could show the negative effects of the trade war with the US — just as Ottawa extends a tariff olive branch to President Donald Trump. Bloomberg Economics sees output falling amid a worsening trade balance and destocking of inventories. The median estimate is for a 0.7% decline.
Elsewhere, India also reports GDP for the second quarter, South Korea and the Philippines set interest rates, and Germany’s Ifo report will hint at how businesses in Europe’s largest economy are responding to trade turmoil.
Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.
Asia
It’s a big week for central banks and major data releases that will provide a first look at activity at the start of the year’s second half.
The Reserve Bank of Australia on Tuesday releases minutes from its August policy meeting, when officials cut interest rates for the third time in the current cycle. The Bank of Korea is set to hold rates at 2.5% on Thursday, while the Philippines is likely to cut its overnight borrowing rate by 25 basis points to the lowest level in three years.
Other major releases include second-quarter GDP for India, where activity likely slowed to a 6.6% pace. China will report industrial profits for July after the prior month’s contraction.
Inflation figures from Japan — including July producer prices for services and Tokyo CPI — will show whether price growth may nudge the Bank of Japan toward cutting rates. Japan’s jobless rate likely stayed at 2.5%.
Trade and industrial production data across the region will provide a snapshot of conditions before higher US tariffs kicked in. It begins with Thailand’s trade activity on Monday, which is likely to show a slowdown from the breakneck pace of recent months. Singapore and Taiwan report industrial production on Tuesday.
Hong Kong releases July trade figures, which have been running hot lately in the major transshipment hub. Data Thursday is likely to show India’s industrial production increased in July.
Capping the week, South Korea releases industrial production, which is seen easing from June but accelerating on the year. Japan’s equivalent activity likely declined for the fourth time this year. The Philippines also reports trade figures on Friday.
Australia releases consumer prices for July, which are likely to show a pickup, while New Zealand has retail sales and business confidence reports on the agenda.
Europe, Middle East, Africa
Germany’s Ifo indicator will kick off the week with color on how businesses are reacting to Europe’s trade pact with the US. Despite many investors souring on the deal, which locked in tariffs of 15% on most goods, private-sector activity unexpectedly picked up in August as a three-year slump in manufacturing neared an end.
Ifo’s expectations index is expected to be a little weaker, with analysts predicting a pullback to 90.5 from 90.7.
An account of the European Central Bank’s July policy meeting is due on Thursday and will likely highlight the increasingly tricky path to another rate cut. In her first comments since the trade accord with President Donald Trump was reached, ECB chief Christine Lagarde said the levies were only a little worse than the base case, and far less damaging than the scenario that her economists had drawn up.
Barring major jolts to the economy, policymakers see little reason to lower borrowing costs when they meet in September, people familiar with the matter have told Bloomberg.
Friday brings inflation numbers from Germany, France and Spain, the first since tariffs rose. While fears of a persistent undershoot in consumer-price gains appear to have waned of late, the French reading is seen remaining below the ECB’s 2% target, at 0.9%. German and Spanish inflation is seen ticking up.
Beyond Europe, Nigeria publishes GDP on Monday and Egypt sets interest rates on Thursday, with analysts expecting a cut to 23% from 24%. The same day will also see Zambia report inflation. Consumer-price figures are due on Friday from Uganda and Kenya, while Angola will provide an update on its economy’s performance.
Latin America
Brazil posts mid-August inflation data and Tuesday’s month-on-month print may have declined. A negative monthly reading would push the annual rate down below 5% from mid-July’s 5.30% reading.
Messaging by Banco Central do Brasil has been consistent: wait until next year for any policy easing. Inflation in Brazil has been above target since late 2020 save for a single month in mid-2023. Analysts surveyed by BCB don’t see it back to target before 2029.
Attention then shifts to Mexico where Banco de Mexico on Friday will post its quarterly inflation report.
Mexico watchers will be keen for policymakers’ take on the much slower-than-expected bi-weekly inflation data and downwardly revised second-quarter output data. Unpredictable US tariff policies cloud the country’s outlook, posing both upside and downside risks for Latin America’s No. 2 economy.
In Brazil, the government reports a number of debt metrics, which remain a concern for investors in the lead up to 2026 elections. Moody’s Ratings in June said it’s “difficult” to see improvements before then.
From Chile, six separate data releases are on tap, highlighted by copper production and unemployment. Job growth has been stagnant as the jobless rate held at 8.9% in June.
Mexico, Colombia and Brazil all report July labor market data in the coming week, with the headline readings expected to be at or near record lows.
–With assistance from Robert Jameson, Laura Dhillon Kane, Monique Vanek, Mark Evans, Reade Pickert and Katia Dmitrieva.
