Highlights
This week, the European Central Bank is expected to stand pat on Thursday after lowering key interest rates by 25 basis points in June, its first rate cut since September 2019. The Governing Council noted last month that while underlying inflation had eased, price pressures remained strong and that inflation was likely to stay above target well into next year.
After a disappointing May report, Canadian CPI data for June due Tuesday (consensus 2.8 percent versus 2.9 percent in May and 2.7 percent in April) is key to measuring whether inflation pressures are easing enough for the Bank of Canada to conduct a second rate cut next week after lowering rates in June for the first time since March 2020, although the bank is expected to wait until September.
On Monday, German retail sales volumes are expected to fall 0.5 percent on the month in May on top of April's unexpectedly steep 1.2 percent downturn.
Eurozone industrial production in May is expected to fall a monthly 1.0 percent after slipping 0.1 percent in April. A meaningful recovery for production has been elusive.
The New York Fed's Empire State manufacturing index is expected to extend its long contraction in July, matching June's minus 6.0, which compared with expectations for minus 10.5. New orders improved in June but were in slight contraction.
Canadian manufacturing sales in May are expected to rise 0.2 percent on the month, following a 1.1 percent gain in April and 1.8 percent fall in March.
Ahead of its July 24 policy decision, the Bank of Canada will release its quarterly business outlook survey. In the April poll, the key sentiment index continued improving to minus 2.42 in the first quarter from minus 3.09 in the prior quarter, when it marked its first rise in eight quarters, but demand remained weak, leading price pressures and labour conditions to ease.
Federal Reserve Chairman Jerome Powell will participate in an interview hosted by the Economic Club of Washington at noon EDT (1600 GMT).
San Francisco Federal Reserve Bank President Mary Daly will participate in a session titled"The Bull, the Bear, and the Banker" before the Fortune Brainstorm Tech 2024 at 4:35 p.m. EDT (2035 GMT).
After a disappointing May report, Canadian CPI data for June due Tuesday (consensus 2.8 percent versus 2.9 percent in May and 2.7 percent in April) is key to measuring whether inflation pressures are easing enough for the Bank of Canada to conduct a second rate cut next week after lowering rates in June for the first time since March 2020, although the bank is expected to wait until September.
On Monday, German retail sales volumes are expected to fall 0.5 percent on the month in May on top of April's unexpectedly steep 1.2 percent downturn.
Eurozone industrial production in May is expected to fall a monthly 1.0 percent after slipping 0.1 percent in April. A meaningful recovery for production has been elusive.
The New York Fed's Empire State manufacturing index is expected to extend its long contraction in July, matching June's minus 6.0, which compared with expectations for minus 10.5. New orders improved in June but were in slight contraction.
Canadian manufacturing sales in May are expected to rise 0.2 percent on the month, following a 1.1 percent gain in April and 1.8 percent fall in March.
Ahead of its July 24 policy decision, the Bank of Canada will release its quarterly business outlook survey. In the April poll, the key sentiment index continued improving to minus 2.42 in the first quarter from minus 3.09 in the prior quarter, when it marked its first rise in eight quarters, but demand remained weak, leading price pressures and labour conditions to ease.
Federal Reserve Chairman Jerome Powell will participate in an interview hosted by the Economic Club of Washington at noon EDT (1600 GMT).
San Francisco Federal Reserve Bank President Mary Daly will participate in a session titled"The Bull, the Bear, and the Banker" before the Fortune Brainstorm Tech 2024 at 4:35 p.m. EDT (2035 GMT).
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.
