- The focus in the US session turns to Powell’s testimony before a Senate Committee
- The UK employment data were in line with expectations
- The New Zealand dollar is leading the charge today against the greenback
- Oil prices dropped more than 4% yesterday and are struggling to stabilize today
- Singapore trade data was weaker than expected in June; Argentina June CPI is expected to rise 3.6% m/m
- Many find the trajectory worrisome, but the multilateral system is holding under strain
- Rather than the end of the world as we know it, investors should be prepared for another batch of strong US economic data this week
- UK data are likely to be sufficiently strong to support the notion Carney and the MPC will deliver a rate hike next month
- China provided fresh insight into its economy; three reports from Japan will interest investors
- Within this recent EM bounce, Turkey stands out as an underperformer
- US President Trump was critical of UK Prime Minister’s approach to Brexit and threatens not to go forward with a bilateral deal.
- China’s trade surplus swells as producers try to beat the imposition of tariffs
- Global equities rally after US advance brought the S&P 500 near the 2800 cap in place since February’s swoon.
- A light economic calendar in North America features Powell’s prepared remarks for next week’s testimony and money center bank earnings.
- After yesterday’s slide equities stabilize
- Bond yields soften
- The dollar is firm, extending its gains against the yen to six-month highs
- Focus turns to US CPI, where we highlight the upside risk
- The US specified $200 bln of Chinese goods that will be subject to another tariff for its retaliation against the first round of tariffs ($34 bln of goods) for intellectual property rights violations.
- Stocks and commodities mostly move lower, while the dollar and bonds move higher.
- The Bank of Canada is widely expected to hike rates today.
- Malaysia’s new central banker left rates steady as most expected.
- The S&P 500 is poised to gap lower after gapping higher both Monday and Tuesday
- Disappointing industrial output data stopped sterling’s recovery from yesterday’s political drama
- The German ZEW survey continued to deteriorate
- US equity market rally, which saw the S&P 500 and the Dow Industrials post their biggest gains in a month has short coattails
- The Turkish lira has stabilized after yesterday’s thrashing
- Trade tensions simmer, while NATO provides the next forum to air tensions between the US and Europe
- US reports CPI, which is creeping closer to 3%
- The UK’s Brexit strategy turns and leads to David Davis (and team) resigning. Next battle: Parliament
- The Bank of Canada is likely to hike rates on July 11
- The global capital markets are trying to stabilize
- The Riksbank was more hawkish than the market expected
- The RBA left rates on hold as widely expected and emphasized the uncertain outlook.
- The US reports factory goods orders and finalizes the durable goods order report
- Trade issues are very much in the forefront of investors’ attention
- Korea June CPI rose 1.5% y/y; Turkey June CPI rose 15.39% y/y; Chile reports June trade
- US President Trump is intent on disrupting the post-WWII arrangement that prioritized and ideological conflict over economic rivalries
- The week is bookended by tariffs
- The flash PMI report for Europe steals the thunder of the final report
- Investor attention will increasingly turn to the earnings season
- The US employment report is probably still the single most important data release of the month