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Inflation and labor market data were in focus in the U.S. this week that was relatively less heavy for economics news flow. Preliminary estimates for the second quarter GDP gained attention in Europe. The central bank decision from Australia and a rating upgrade for India amid the tariff threats, made headlines in Asia.

Central bank decisions, foreign trade data and industrial orders figures were among the highlights this week that saw relations between the U.S. and India hit a new low after President Donald Trump announced a 50 percent tariff on exports from the latter in retaliation for buying Russian oil. That is among the highest slapped on countries exporting to the U.S. In other main news, the Bank of England rate decision this week drew attention as policymakers went for a rare second vote.

Central bank decisions, foreign trade data and industrial orders figures were among the highlights this week that saw relations between the U.S. and India hit a new low after President Donald Trump announced a 50 percent tariff on exports from the latter in retaliation for buying Russian oil. That is among the highest slapped on countries exporting to the U.S. In other main news, the Bank of England rate decision this week drew attention as policymakers went for a rare second vote.

Housing market data and jobless claims figures were the highlights this week in the U.S. In Europe, the European Central Bank was in focus as the policy decision announcement was due. Further, survey data threw light on the trends in the manufacturing and services sectors in the euro area. The Chinese central bank was in news in the Asia for the latest interest rate decision.