Highlights
In Switzerland, the already tame consumer inflation rate, compared to other economies, is expected to ease further to 1.8 percent in June from 2.2 percent in May and 2.6 percent in April.
The focus for this week is on the US jobs data for June due on Friday to assess how tight the labor market is.
The US stock and bond markets are open on Monday but they will close early. The Independence Day holiday is observed on Tuesday.
Among US data, the final manufacturing PMI for June is expected to come in at 46.3, unchanged from the mid-month flash to indicate significant contraction.
The ISM manufacturing index is forecast to show activity was in contraction for the eighth consecutive month in June, with the sector index compiled by the Institute for Supply Management seen rising slightly to 47.3 after falling 0.2 percentage point to 46.9 in May and rising 0.8 point to 47.1 in April. Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, told reporters last month that some firms were concerned about a possible recession in 2024 but that he was sticking to his recent outlook that surveyed manufacturing firms were operating in a 47 to 51 range in the index.
US construction spending for May is expected to rise a further 0.5 percent following April's strong 1.2 percent increase that saw a rise in residential spending for the first time since May last year.
In South Korea, consumer prices are forecast to rise 2.9 percent on the year in June, slowing further from 3.3 percent in May and 3.7 percent in April.
At its latest meeting on May 25, the Bank of Korea left its main policy rate unchanged at 3.50 percent in line with the consensus forecast, leaving the cumulative amount of rate increases made since late 2021 at 275 basis points, with the policy rate at its highest level since 2008. At the time, the bank projected that consumer inflation would decline significantly in June and July due to the increasing base effect of global oil prices, and then rise slightly to fluctuate at around 3 percent until the year-end.
The focus for this week is on the US jobs data for June due on Friday to assess how tight the labor market is.
The US stock and bond markets are open on Monday but they will close early. The Independence Day holiday is observed on Tuesday.
Among US data, the final manufacturing PMI for June is expected to come in at 46.3, unchanged from the mid-month flash to indicate significant contraction.
The ISM manufacturing index is forecast to show activity was in contraction for the eighth consecutive month in June, with the sector index compiled by the Institute for Supply Management seen rising slightly to 47.3 after falling 0.2 percentage point to 46.9 in May and rising 0.8 point to 47.1 in April. Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, told reporters last month that some firms were concerned about a possible recession in 2024 but that he was sticking to his recent outlook that surveyed manufacturing firms were operating in a 47 to 51 range in the index.
US construction spending for May is expected to rise a further 0.5 percent following April's strong 1.2 percent increase that saw a rise in residential spending for the first time since May last year.
In South Korea, consumer prices are forecast to rise 2.9 percent on the year in June, slowing further from 3.3 percent in May and 3.7 percent in April.
At its latest meeting on May 25, the Bank of Korea left its main policy rate unchanged at 3.50 percent in line with the consensus forecast, leaving the cumulative amount of rate increases made since late 2021 at 275 basis points, with the policy rate at its highest level since 2008. At the time, the bank projected that consumer inflation would decline significantly in June and July due to the increasing base effect of global oil prices, and then rise slightly to fluctuate at around 3 percent until the year-end.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
