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World stocks kick off August at 7-wk high, U.S. futures on back foot By Reuters

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*GLOBAL STOCKS RISE TO 7-WEEK HIGHS TO START AUGUST AS MARKETS WEIGH RECESSION RISKS -

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"The US is not in a 'proper recession' - yet," Gilles Moec, Group Chief Economist at AXA Investment Managers, said in a note. China's official measure of factory activity contracted in July as fresh virus flare-ups weighed on demand, and the Caixin PMI also missed forecasts.added 0.7%.

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