Scoreboard: Argentina anxiety

Stock markets on both sides of the Atlantic fell sharply as Argentina’s default and tensions in Russia weighed on sentiment.

In US economic data, the Employment Cost Index, the broadest measure of labour costs, rose 0.7 per cent in the June quarter -- the largest gain in six years. Labour costs were up 2 per cent on a year ago. The ISM Chicago business index fell from 62.6 to 52.6 in July -- a one year low. US jobless claims rose by 23,000 to 302,000 last week.

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