In Germany, no revisions are expected to the provisional July CPI data, leaving a 0.3 percent monthly increase in consumer prices and a 2.3 percent annual inflation rate, the latter up from June's final 2.2 percent.

In Italy, too, no revisions are expected to the provisional July CPI data, leaving a 0.5 percent monthly increase in consumer prices and a 1.3 percent annual inflation rate, the latter up from June's final 0.8 percent.

Switzerland's SECO consumer climate is expected to be little changed at minus 36.0 in July, improving only slightly from minus 36.6 in June.

Canada's jobs data is expected to show the unemployment rose further to 6.5 percent in July after rising to an above-forecast 6.4 percent in June from 6.2 percent in May, up 1.3 percentage points since April 2023. Employment in July is expected to rise 15,000 versus June's flat 1,400 decline. The year-on-year increase in average hourly wages is expected to slow to around 5.0 percent in July after accelerating to 5.4 percent in June from 5.1 percent in May.

These figures would support the Bank of Canada's second consecutive 25 basis point rate cut in July and set the stage for more cuts this year.

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.

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.