Highlights
The European and North American data calendars are thin on Monday.
Japan's economy is expected to post a third straight quarterly growth in the April-June quarter, with the pace of increase accelerating to 0.9 percent on quarter (an annualized rate of 3.3 percent) from 0.7 percent (2.7 percent) in January-March.
Solid net exports -- led by recovering auto exports, strong inbound spending and falling energy import costs -- are estimated to have pushed up the real GDP by 0.8 percentage point while domestic demand is seen nearly flat, making a negative 0.1-point contribution. Private consumption is forecast to have fizzled to just a 0.1 percent rise after a 0.5 percent increase in the first quarter. Capex also appeared to have lost some steam, slowing to a 0.6 percent rise from a 1.4 percent climb. Private inventories are expected to trim overall growth by 0.3 point after adding an unexpectedly high 0.4 point.
In Australia, wage growth in the three months to June is expected to show increasing pressure for a 10th straight quarter, rising 1.0 percent on the quarter and 3.8 percent on the year. These would compare with first-quarter rates of 0.8 and 3.7 percent.
Among key Chinese data, fixed asset investment in July is expected to rise 3.8 percent. This would match 3.8 percent growth in June against expectations at the time for 3.5 percent and against 4.0 percent growth in May.
Year-over-year growth in industrial production is expected to slow slightly to 4.3 percent in July versus growth of 4.4 percent in June, which was higher than expected.
After rising 3.1 percent in June, retail sales in July are expected to rise 4.2 percent on the year. Last year's lockdowns have been greatly distorting sales comparisons. The Chinese economy has been struggling to recover from the pandemic slump.
Japan's economy is expected to post a third straight quarterly growth in the April-June quarter, with the pace of increase accelerating to 0.9 percent on quarter (an annualized rate of 3.3 percent) from 0.7 percent (2.7 percent) in January-March.
Solid net exports -- led by recovering auto exports, strong inbound spending and falling energy import costs -- are estimated to have pushed up the real GDP by 0.8 percentage point while domestic demand is seen nearly flat, making a negative 0.1-point contribution. Private consumption is forecast to have fizzled to just a 0.1 percent rise after a 0.5 percent increase in the first quarter. Capex also appeared to have lost some steam, slowing to a 0.6 percent rise from a 1.4 percent climb. Private inventories are expected to trim overall growth by 0.3 point after adding an unexpectedly high 0.4 point.
In Australia, wage growth in the three months to June is expected to show increasing pressure for a 10th straight quarter, rising 1.0 percent on the quarter and 3.8 percent on the year. These would compare with first-quarter rates of 0.8 and 3.7 percent.
Among key Chinese data, fixed asset investment in July is expected to rise 3.8 percent. This would match 3.8 percent growth in June against expectations at the time for 3.5 percent and against 4.0 percent growth in May.
Year-over-year growth in industrial production is expected to slow slightly to 4.3 percent in July versus growth of 4.4 percent in June, which was higher than expected.
After rising 3.1 percent in June, retail sales in July are expected to rise 4.2 percent on the year. Last year's lockdowns have been greatly distorting sales comparisons. The Chinese economy has been struggling to recover from the pandemic slump.
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.
