Chinese economic growth cools in Q2 at 7.9 per cent, however, retail sales and manufacturing still outperform forecasts for the quarter. U.S. Federal Reserve Chairman Jerome Powell insists to Congress that inflation remains transitory but that the central bank is ready to act should this change significantly. U.S. banks continue to beat earnings expectations with Bank of America, Citi and Wells Fargo in the spotlight but low rate concerns and inflation weigh on shares. In autos, Daimler has offset soaring semi-conductor costs by hiking prices. It has beaten estimates with a Q2 profit margin just short of €5.5bn. And Brussels unveils sweeping new plans to cut back emissions by more than 50 per cent by the end of the 2020s.