He says the European Central Bank has outlined its need to not import deflation, and highlighted the fact that it is focused on the euro. He therefore thinks Mario Draghi's comments on Thursday could potentially be bullish for the market. Meanwhile the Federal Reserve has to weigh up the recent events in China and the global economy and compare it to what is happening in its domestic economy.
Stephen thinks September is probably too early for a rate hike, but that we will see some movement before the end of the year.