The first trading day of a new quarter is usually a slow news day. Not this one. Factories from Ohio to Osaka all reported their June health checks within hours of each other, oil notched its worst quarterly fall since 2020, and the new head of the US Federal Reserve — America's central bank, which sets interest rates for the world's largest economy — chose his words with the care of a man who knew every syllable would move markets. Out of that noise came a Daily Business Index of 52.5, barely moved from yesterday's 52.7. A quiet number, but not a quiet day.