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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 23, 2017
Wal-Mart to enter voice-shopping market via Google platform

Wal-Mart Stores Inc (N:WMT) is teaming up with Alphabet Inc’s (O:GOOGL) Google to enter the nascent voice-shopping market, currently dominated by Amazon.com Inc (O:AMZN), adding another front to Wal-Mart’s battle with the online megastore.

Google, which makes the Android software used to run most of the world’s smartphones, will offer hundreds of thousands of Walmart items on its voice-controlled Google Assistant platform from late September, Walmart’s head of e-commerce, Marc Lore, wrote in a blog post on Wednesday.

Lore, who joined the world’s largest retailer after it bought his e-commerce company Jet.com, said Wal-Mart would offer a wider selection than any retailer on the platform.

By Richa Naidu

Source: http://bit.ly/2xrnJ1j

Euro zone business growth maintains solid pace in August

Euro zone manufacturing businesses clocked their best month of growth in six-and-a-half years in August, offsetting the weakest services growth in seven months and keeping overall activity on steady path, a survey of private companies showed on Wednesday.

IHS Markit’s Flash Eurozone Composite Purchasing Managers’ Index, considered a good guide to economic growth, edged up in August to 55.8 from 55.7 in July, slightly above the Reuters poll median estimate of 55.5. Anything above 50 is expansionary.

Manufacturing activity grew at the fastest pace since April 2011, based on the strongest new export orders performance since February of that year. The euro zone manufacturing PMI rose to 57.4 from 56.6, beating the Reuters poll median forecast of 56.3, driven in by performance in Germany.

By Shrutee Sarkar

Source: http://bit.ly/2vdxKyj

ECB faces gaps in understanding new realities: Draghi

Unconventional monetary policy is a success, but gaps in understanding the relatively new tools remain, European Central Bank President Mario Draghi said on Wednesday, cautioning against hasty policy responses to the new reality.

Emphasizing the need for rigorous research, Draghi said central banks need to carefully weigh their policy steps, giving up their defense of obsolete approaches while acknowledging gaps in their knowledge of how new policies work.

Draghi’s comments come as the ECB is confronted by an economy where robust growth is accompanied by anemic inflation. It is a combination that has raised questions about the validity of older doctrines on inflation, its relationship to employment, and central banks’ ability to affect price growth.

Source: http://bit.ly/2g4kLwn