Quick Overview

• U.S. jobless claims were up 14,000 last week to 315,000, more than expected.
  

• The U.S. economy’s service sector growth, the biggest part of the economy, declined in July reducing expectations that the Federal Reserve will raise interest rates next week.
  

• The European Central Bank increased its rate from 2.75% to 3.00%, as expected.
  

• The Bank of England surprisingly increased its lending rate from 4.50% to 4.75.
  

• An index of European service activity dropped from 60.7 to 57.9 in July.