Highlights
German manufacturers' orders have jumped 7.0 and 6.2 percent on the month in the last two reports but are not expected to extend the gain to July, where forecasters are calling for a 4.0 percent decline.
The UK construction purchasing managers' index is seen slipping a point to 50.7 in August form 51.7 in July.
Eurozone retail sales volumes in July are expected to fall 0.2 percent on the month that would follow a disappointingly soft 0.3 percent decline in June. Monthly volumes have risen only once since January.
In the US, a deficit of $68.0 billion is expected in July for total goods and services trade, which would compare with a $65.5 billion deficit in June. Advance data on the goods side of July's report showed a $2.4 billion widening in the deficit.
In the US PMI report, no change at the mid-month's 51.0, the slowest pace since February, is the call for the PMI service's August final.
Business activity in the US service sector is forecast to be in positive territory for an eighth straight month in August, with the Institute for Supply Management (ISM) index seen little changed at 52.4 after falling 1.2 percentage points to 52.7 in July, when business activity, new orders and employment slipped after surging in June.
In Canada, July's trade balance is seen in deficit of C$4.3 versus June's deficit of C$3.732 billion and May's deficit of C$2.68 billion.
The Bank of Canada is expected to leave its policy interest rate at a 22-year high 5.0% after raising it by 25 basis points each in June and July in the wake of weak second quarter GDP data, but the outlook remains uncertain as to whether the bank is done with credit tightening launched 18 months ago. The bank has risen its target for overnight lending rates by a total of 475 basis points since March 2022, jacking up the key rate through 10 increases from its record low of 0.25%. The bank only paused twice, in March and April this year, during the current tightening cycle aimed at bringing inflation back to the 2% target.
Boston Federal Reserve Bank President Susan Collins will speak on the economy and policymaking and participate in a question-and-answer session before the New England Council at 8:30 a.m. EDT (1230 GMT).
In Australia, consensus for goods and services trade in July is a surplus of A$10.0 billion versus June's surplus of A$11.321 billion.
China's trade surplus for August is expected to narrow to US$77.0 billion versus July's greater-than-expected US$80.6 billion that nevertheless showed a 14.5 percent rate of annual export contraction. The pace of decline in exports is forecast to slow to 9.9 percent in August.
The UK construction purchasing managers' index is seen slipping a point to 50.7 in August form 51.7 in July.
Eurozone retail sales volumes in July are expected to fall 0.2 percent on the month that would follow a disappointingly soft 0.3 percent decline in June. Monthly volumes have risen only once since January.
In the US, a deficit of $68.0 billion is expected in July for total goods and services trade, which would compare with a $65.5 billion deficit in June. Advance data on the goods side of July's report showed a $2.4 billion widening in the deficit.
In the US PMI report, no change at the mid-month's 51.0, the slowest pace since February, is the call for the PMI service's August final.
Business activity in the US service sector is forecast to be in positive territory for an eighth straight month in August, with the Institute for Supply Management (ISM) index seen little changed at 52.4 after falling 1.2 percentage points to 52.7 in July, when business activity, new orders and employment slipped after surging in June.
In Canada, July's trade balance is seen in deficit of C$4.3 versus June's deficit of C$3.732 billion and May's deficit of C$2.68 billion.
The Bank of Canada is expected to leave its policy interest rate at a 22-year high 5.0% after raising it by 25 basis points each in June and July in the wake of weak second quarter GDP data, but the outlook remains uncertain as to whether the bank is done with credit tightening launched 18 months ago. The bank has risen its target for overnight lending rates by a total of 475 basis points since March 2022, jacking up the key rate through 10 increases from its record low of 0.25%. The bank only paused twice, in March and April this year, during the current tightening cycle aimed at bringing inflation back to the 2% target.
Boston Federal Reserve Bank President Susan Collins will speak on the economy and policymaking and participate in a question-and-answer session before the New England Council at 8:30 a.m. EDT (1230 GMT).
In Australia, consensus for goods and services trade in July is a surplus of A$10.0 billion versus June's surplus of A$11.321 billion.
China's trade surplus for August is expected to narrow to US$77.0 billion versus July's greater-than-expected US$80.6 billion that nevertheless showed a 14.5 percent rate of annual export contraction. The pace of decline in exports is forecast to slow to 9.9 percent in August.
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.
