August 12, 2020 -Biz in 60

US consumer prices rise more than expected in July US inflation increased more than expected in July, driven by rising car and apparel costs. The consumer price index picked-up 0-point-6 percent from the previous month, taking the annual inflation rate to 1.6%. The rise in inflation is expected to continue in the coming months as the Federal Reserve pumps more money into the economy. Eurozone factory output up 9.1% in June Growth in the eurozone's industrial output slowed to 9-point-1 percent in June, after accelerating by 12-point-3 percent in the previous month. Analysts had expected manufacturing to grow by 10-percent. Demand for energy and non-durable goods remains sluggish.. while investments by factories into machinery has picked-up pace, rising more than 20-percent in June. Tencent reports 37% rise in Q2 net profit to $4.7B China's Tencent has reported a 37-percent jump in second-quarter net profit to 4-point-7 billion dollars. Online gaming boosted overall revenue, with demand soaring as coronavirus lockdowns forced people to stay at home. The report comes after US President Donald Trump signed an executive order last week that prohibits any transaction related to Tencent's popular messaging app, WeChat.