On the data front in Europe, British consumer confidence remained at a record low in July as soaring inflation and rising interest rates continued to weigh on morale, according to a monthly index from market research firm GfK. The index held at -41 in July, matching June's 48-year low and remaining below the levels that have previously been seen before recessions.
British retail sales fell 0.1% in June, official figures showed Friday, while May's 0.5% monthly decline was revised down from 0.5% to 0.8%. The French finance ministry said Thursday that French economic growth will slow sharply next year as geopolitical risks mount, delaying progress on the public sector budget deficit. The ministry now sees growth in the euro zone's second-largest economy slowing from 2.5% in 2022 to 1.4% in 2023.
Italy's political uncertainty shows no sign of abating, with a snap national election now scheduled for September 25 afterData releases on Friday will include July's initial flash PMI readings for the euro zone and the U.K., while the Central Bank of Russia will announce its latest interest rate decision as Moscow continues to recalibrate its economy in the face of international sanctions.
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