The highlight of what is a fairly sparse week for data next week is the July CPI report in the US on Friday. As it stands, the current market consensus is for a +0.2% mom headline and core reading, with the latter likely to be enough to keep the annual rate at +2.3% yoy. That consensus reading is the 33rd month in a row that the forecast is +0.2% mom. So far this year we’ve had four in-line readings, one beat and one miss. Aside from the CPI data we’ll also get the July PPI report in the US on Thursday, along with the July monthly budget statement on Friday.
The main focus for data in Europe next week is likely to lie with some of the hard data releases. In Germany we’ll get June factory orders data on Monday followed by June trade and industrial production data on Tuesday. In France we’ll also get June industrial production on Friday, while the highlight in the UK will also come on Friday with the preliminary Q2 GDP release (+0.4% qoq expected), and June trade and industrial production data.
Away from the data it’s a fairly quiet week for central bank speak with only Richmond Fed President Thomas Barkin due to speak on Wednesday in Virginia. Barkin is a voter on the FOMC this year and is generally seen as centrist in his views.
Meanwhile earnings will start to slow down a bit next week with just 44 S&P 500 companies due to report. Walt Disney (Tuesday) and CVS Health (Wednesday) are the highlights in the US while outside of that we have HSBC, SoftBank and UniCredit on Monday, Glencore on Wednesday, Merck and Adidas on Thursday and Gazprom on Friday.
Other things to note next week include the first phase of the restoration of US economic sanctions on Iran taking effect from Monday. Central Bank meetings are also due in Australia and Argentina on Tuesday, Thailand and New Zealand on Wednesday, and Peru on Friday. The consensus is for policy to stay on hold at all meetings.
Monday: It’s a quiet start to the week for data on Monday. In Europe, we get June factory orders and the July construction PMI for Germany along with July new car registrations for the UK and the August Sentix investor confidence survey reading for the Eurozone. There is nothing of note in the US, while in China the Q2 current account balance reading will be out at some stage. It’s worth noting that the first phase of the restoration of US economic sanctions on Iran are also scheduled to take effect from Monday. HSBC, SoftBank and UniCredit are all due to release earnings.
Tuesday: The overnight data on Tuesday includes the July BRC like-for-like sales reading in the UK and June household spending and labor earnings data in Japan. In Europe we’ll get the June trade balance, current account balance and industrial production data for Germany along with the June trade balance and current account balance data for France. House price data for the UK for July will also be out. In the US the June JOLTS job openings and consumer credit data are due out. China’s July foreign reserves data is also scheduled to be released at some stage. Walt Disney will also release earnings.
Thursday: The early focus on Thursday will be China’s July PPI and CPI prints. With nothing of note in Europe, attention will turn to the US where we get the July PPI report along with final June wholesale inventories data and the latest weekly initial jobless claims data. Merck and Adidas will also report earnings.
Friday: It’s a busy end to the week for data on Friday. The main highlight is likely to be the July CPI report in the US in the afternoon. Prior to that we get the preliminary Q2 GDP reports in Japan and the UK. June industrial production data is also due out in France and the UK as well as June trade data in the latter. In the evening we’ll also get the July monthly budget statement in the US. Japan Post and Gazprom will report earnings.