The Big Picture: What were the biggest stories from July?

US GDP fell for the second quarter in a row, contracting 0.9%. However, a recession is not declared in the US until the National Bureau of Economic Research announces one, utilising a range of factors including GDP, income and employment, although it does not publish any official guidance as to how this decision is reached. In the UK, the FCA's Consumer Duty rules will  see investment platforms become gatekeepers, with the companies required to take action if the funds offered on its platform are of "poor value" to consumers. And year-to-date, only Article 9 funds have recorded positi...