Highlights
In Germany, the ifo business climate index is forecast at 88.0 for July after it
fell an unexpectedly steep 3.0 points to 88.5 in June from 91.5 in May, which was the second decline since last October and the lowest reading since November.
Among US data, the Case-Shiller home price index for the adjusted 20-city monthly rate is forecast to rise 0.8 percent in May after April's 0.9 percent increase. Yet the unadjusted annual rate is expected to remain in contraction at minus 2.5 percent versus contraction in April of minus 1.7 percent. Case-Shiller price indexes have beaten expectations the last three months in a row.
The Conference Board's confidence index is expected to rebound further in July, to a consensus 111.8 after surging to 109.7 in June, the highest level since January 2022, from 102.5 in May. The Conference Board said last month that the expectations gauge continued to signal consumers anticipating a recession at some point over the next six to 12 months.
The Richmond Fed's manufacturing index is forecast at minus 8 in July, indicating contraction for a seventh straight month, after rising to minus 7 in June from minus 15 in May.
Australia's inflation appears to be moderating, reflecting tighter credit conditions. Consumer prices in June are expected to ease slightly to a year-over-year 5.5 percent versus 5.6 percent in May, which compared with expectations for 6.1 percent and was down from 6.8 percent in April. The quarter-to-quarter rate is seen at 1.0 percent in April-June versus 1.4 percent in January-March; the second-quarter year-over-year rate is seen at 6.2 percent versus the first quarter's 7.0 percent.
At its latest meeting on July 4, the Reserve Bank of Australia left its main policy rate, the cash rate, unchanged at 4.10 percent, as largely expected, after unexpectedly raising the rate by 25 basis points last month. But the bank indicated that its battle against stubbornly high inflation is not yet over as Australia's consumer inflation remains well above the bank's medium-term inflation target of between 2 and 3 percent.
fell an unexpectedly steep 3.0 points to 88.5 in June from 91.5 in May, which was the second decline since last October and the lowest reading since November.
Among US data, the Case-Shiller home price index for the adjusted 20-city monthly rate is forecast to rise 0.8 percent in May after April's 0.9 percent increase. Yet the unadjusted annual rate is expected to remain in contraction at minus 2.5 percent versus contraction in April of minus 1.7 percent. Case-Shiller price indexes have beaten expectations the last three months in a row.
The Conference Board's confidence index is expected to rebound further in July, to a consensus 111.8 after surging to 109.7 in June, the highest level since January 2022, from 102.5 in May. The Conference Board said last month that the expectations gauge continued to signal consumers anticipating a recession at some point over the next six to 12 months.
The Richmond Fed's manufacturing index is forecast at minus 8 in July, indicating contraction for a seventh straight month, after rising to minus 7 in June from minus 15 in May.
Australia's inflation appears to be moderating, reflecting tighter credit conditions. Consumer prices in June are expected to ease slightly to a year-over-year 5.5 percent versus 5.6 percent in May, which compared with expectations for 6.1 percent and was down from 6.8 percent in April. The quarter-to-quarter rate is seen at 1.0 percent in April-June versus 1.4 percent in January-March; the second-quarter year-over-year rate is seen at 6.2 percent versus the first quarter's 7.0 percent.
At its latest meeting on July 4, the Reserve Bank of Australia left its main policy rate, the cash rate, unchanged at 4.10 percent, as largely expected, after unexpectedly raising the rate by 25 basis points last month. But the bank indicated that its battle against stubbornly high inflation is not yet over as Australia's consumer inflation remains well above the bank's medium-term inflation target of between 2 and 3 percent.
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.
