Weaker-than-expected retail and factory data prompts the Chinese central bank to slash the key lending rate as its zero-Covid strategy continues to impact the country’s economy. The S&P 500 posts its fourth consecutive winning week ahead of a slew of U.S. retail earnings. However, Richmond Federal Reserve President Thomas Barkin tells CNBC that demand is softening. In energy news, Saudi Aramco hits a record $48.4bn profit in the second quarter.

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