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UK inflation slows due to lower energy prices, WeWork's credit rating downgraded, growing concerns about China's real estate sector and missed payments by Country Garden. Analysis of the challenges faced by China's real estate market and the government's response.
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- UK inflation dropped in July due to lower energy costs, but core inflation remains a concern.
- Fitch downgraded WeWork's rating further into junk territory, raising concerns about China's real estate sector stability.
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UK Inflation Drops, but Core Inflation Remains a Concern
UK inflation dropped from 7.9% in June to 6.8% in July due to lower gas and electricity costs. However, core inflation, which excludes volatile energy and food prices, remains a concern. The country still has a hot labor market, leading to wage increases and companies raising prices to cover higher labor costs. This inflationary impulse hasn't been broken yet, and the economy may need to weaken to address it. The Bank of England may need to keep rates higher for longer to combat inflation and avoid a policy error.
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