Key Global Events and Data Expected This Week (July 13 – July 17)

Global markets are anticipating a set of important economic data this week, led by inflation in the United States, along with retail sales, industrial production, import prices, consumer confidence, and the monthly report of OPEC.

Fed Chairman Kevin Warsh will also testify on the semi-annual monetary policy report before the House Financial Services Committee, then the Senate Banking Committee.

In the world's second-largest economy, attention is turning to China's second-quarter GDP data, along with new home prices, fixed asset investment, retail sales, industrial production, and the unemployment rate.

In Europe, the UK's monthly GDP data and the final reading of the euro area inflation rate for June are scheduled for release.

Report of expected events this week

Date

Country

Event

Expected reading

Previous reading

Notes

Monday

July 13

Organization of the Petroleum Exporting Countries, OPEC

Monthly Oil Market Report

China

Money supply M2

8.5%

8.6%

June reading – year-on-year

New loans

1.95 trillion

yuan

520 billion

yuan

June reading

United States

Monthly federal budget account

-132.8 billion

dollars

-292.6 billion

dollars

June budget balance

Tuesday

July 14

China

Trade balance

820 billion

yuan

724 billion

yuan

June reading

Japan

Industrial production

0.5%

0.5%

May revised reading – month-on-month

United Kingdom

Speech by Bank of England Governor Andrew Bailey

Testifies on the Financial Stability Report before the Treasury Committee in the House of Commons

Speech by Bank of England Governor Andrew Bailey

Gives speech at the annual dinner of Mansion House

Germany

Wholesale price index

0.2%

-0.6%

June reading – month-on-month

United States

Small business confidence index

95.6 points

95.3 points

June reading

Weekly change in ADP private sector jobs

Consumer price inflation rate

3.8%

4.2%

June reading

Core consumer price inflation rate

2.8%

2.9%

June reading

Testimony by Fed Chairman Kevin Warsh

Testifies on the semi-annual monetary policy report before the House of Representatives

Net foreign transactions in long-term Treasury securities

128.5 billion

dollars

103.1 billion

dollars

May reading

Wednesday, July 15

Japan

Core machinery orders

-4.2%

8.7%

May reading – month-on-month

China

New home prices

-0.2%

June reading – month-on-month

Fixed asset investment

-5%

-4.1%

First half of the year – year-on-year

Gross domestic product

4.5%

5%

Second quarter – year-on-year

Industrial production

4.6%

4.5%

June reading – year-on-year

Retail sales

-0.1%

-0.6%

June reading – year-on-year

Unemployment rate

5.1%

5.1%

June reading

Euro area

Industrial production

0.3%

0.1%

May reading – month-on-month

United States

Producer price index

0%

1.1%

June reading – month-on-month

Empire State manufacturing activity index

8.7 points

5.7 points

July reading

Testimony by Fed Chairman Kevin Warsh

Testifies on the semi-annual monetary policy report before the House of Representatives

Crude oil inventories

3 million barrels

Weekly data

Federal Open Market Committee expectations report

Known as the Beige Book, released about two weeks before monetary policy meetings

Thursday

July 16

United Kingdom

Gross domestic product

0.1%

-0.1%

May reading – month-on-month

Trade balance in goods

-22.8 billion

pounds

-26 billion

pounds

May reading

Industrial production

-0.1

May reading

Euro area

Trade balance

2.5 billion

dollars

1.3 billion

dollars

May reading

United States

Retail sales

0.3%

0.9%

June reading – month-on-month

Philadelphia Fed manufacturing activity index

12.1 points

10.3 points

July reading

Initial jobless claims

215,000

215,000

Weekly data

Business inventories

0.3%

0.5%

May reading – month-on-month

Homebuilder confidence index

35 points

35 points

July reading

Pending home sales

-0.3%

3.8%

June reading – month-on-month

Natural gas inventories

61 billion cubic feet

Weekly data

Friday, July 17

Euro area

Current account balance

17.1 billion

euros

15.7 billion

euros

May reading

Inflation rate

2.8%

2.8%

June final reading

United States

Building permits

1.4 million

1.41 million

June reading

Import price index

-0.4%

1.9%

June reading – month-on-month

Capacity utilization rate

76.2%

76.2%

June reading

Industrial production

0.2%

0.1%

June reading – month-on-month

University of Michigan consumer confidence index

51.4 points

49.5 points

July preliminary reading

Expected inflation rate over the next year

4.6%

July preliminary reading

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