Highlights
Italian industrial production is expected to edge up 0.2 percent on the month in May for the first rise in three months after showing unexpectedly weak results in the previous two months, slumping 1.0 percent in April and falling 0.5 percent in April.
US wholesale Inventories are forecast to rise 0.6 percent on the month in May after an upwardly revised 0.6 percent increase in April.
Federal Reserve Chairman Jerome Powell will deliver semi-annual monetary policy testimony before the House Financial Services Committee at 10 a.m. EDT (1400 GMT), following his testimony at the Senate Banking Committee on Tuesday, when he said it will not be appropriate to cut interest rates until Fed policymakers have gained greater confidence that inflation is moving sustainably toward the bank's 2 percent target.
Chicago Federal Reserve Bank President Austan Goolsbee and Federal Reserve Board Governor Michelle Bowman will give opening remarks before the hybrid event"FedListens: Exploring Challenges Facing the Childcare Industry, Working Parents, and Employers" at 2:30 p.m. EDT (1830 GMT).
Federal Reserve Board Governor Lisa Cook will speak on"Global Inflation and Monetary Policy Challenges" before the 2024 Australian Conference of Economists at 7:30 p.m. EDT (2330 GMT).
Japanese core machinery orders, the key leading indicator of business investment in equipment, are forecast to show a modest 0.7 percent rebound on the month in May amid constant demand for computers from many industries, after posting their first drop in three months in April, down 2.9% in payback for sharp gains made earlier.
Core machinery orders, which track the private sector and exclude volatile orders from electric utilities and for ships, are expected to jump 7.1 percent on the year in May for a third straight increase after a 0.7 percent rise in April. The Bank of Japan's quarterly Tankan survey for June showed firms revised up their capital investment plans for fiscal 2024 that began in April.
The Bank of Korea is also expected to leave its policy rate at a restrictive level of 3.50 percent for a 12th consecutive meeting. It last raised the Base Rate by 25 basis points to the current level in January 2023. The annual consumer rate continued moderating to 2.4 percent in June from 2.7 percent in May but it is still above the bank's 2 percent target. In its policy statement in May, the bank warned that upside risks to inflation have increased due to an improvement in economic growth and heightened volatility of the exchange rate. Markets expect the BoK to lower the key rate by 50 basis points in the fourth quarter.
US wholesale Inventories are forecast to rise 0.6 percent on the month in May after an upwardly revised 0.6 percent increase in April.
Federal Reserve Chairman Jerome Powell will deliver semi-annual monetary policy testimony before the House Financial Services Committee at 10 a.m. EDT (1400 GMT), following his testimony at the Senate Banking Committee on Tuesday, when he said it will not be appropriate to cut interest rates until Fed policymakers have gained greater confidence that inflation is moving sustainably toward the bank's 2 percent target.
Chicago Federal Reserve Bank President Austan Goolsbee and Federal Reserve Board Governor Michelle Bowman will give opening remarks before the hybrid event"FedListens: Exploring Challenges Facing the Childcare Industry, Working Parents, and Employers" at 2:30 p.m. EDT (1830 GMT).
Federal Reserve Board Governor Lisa Cook will speak on"Global Inflation and Monetary Policy Challenges" before the 2024 Australian Conference of Economists at 7:30 p.m. EDT (2330 GMT).
Japanese core machinery orders, the key leading indicator of business investment in equipment, are forecast to show a modest 0.7 percent rebound on the month in May amid constant demand for computers from many industries, after posting their first drop in three months in April, down 2.9% in payback for sharp gains made earlier.
Core machinery orders, which track the private sector and exclude volatile orders from electric utilities and for ships, are expected to jump 7.1 percent on the year in May for a third straight increase after a 0.7 percent rise in April. The Bank of Japan's quarterly Tankan survey for June showed firms revised up their capital investment plans for fiscal 2024 that began in April.
The Bank of Korea is also expected to leave its policy rate at a restrictive level of 3.50 percent for a 12th consecutive meeting. It last raised the Base Rate by 25 basis points to the current level in January 2023. The annual consumer rate continued moderating to 2.4 percent in June from 2.7 percent in May but it is still above the bank's 2 percent target. In its policy statement in May, the bank warned that upside risks to inflation have increased due to an improvement in economic growth and heightened volatility of the exchange rate. Markets expect the BoK to lower the key rate by 50 basis points in the fourth quarter.
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.
