Afternoon Coffee: US Services Sector Picks Up, Consumer Confidence Falls

The US services sector picked up in July, with the flash PMI by Markit Economics hitting 55.2. This was more than the reading of 55 economists expected and up from the 54.8 seen in June.

US consumer confidence, however, dropped in July to the lowest level since September 2014. The Conference Board’s index came in at 90.9 for the month. In June, the index reached 99.8.

US Reps. Carolyn Maloney, D., N.Y., and Chris Smith, R., N.J., want companies operating globally and making more than $100 million to disclose the steps they are taking to prevent slavery or child labor in their supply chains. The 2 proposed legislation due to the growing concern of human trafficking in the supply chain.

BP reported a loss of profit totaling $5.8 billion in the second quarter, due to falling oil prices, a drop in production and the $18.7 billion agreement it made with the US government for the Deepwater Horizon rig disaster. In comparison, BP reported a profit of $3.4 billion in Q2 last year.

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