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Key Events In The Coming Week

Submitted by Tyler Durden on 07/27/2015 09:57 -0400

As noted in the overnight wrap, we kicked off this morning in Germany where the German IFO survey was modestly better than expected helping push the EUR higher, while Euro area money supply data showed a blistering 5.0% increase in M3, if modestly weaker than consensus.

After a quiet week last week in the US, durable and capital goods orders for June (which beat on the headline but CapEx shipment data was far worse than expected) starts a busier week for data while the Dallas Fed manufacturing activity index is also expected.

On Tuesday we have the advanced Q2 GDP reading for the UK is the highlight in the morning session before we get the S&P/Case Shiller house price index, flash composite and services PMI, consumer confidence and Richmond Fed manufacturing index readings out of the US in the afternoon. Tuesday of course also marks the start of the two-day FOMC meeting which will clearly be a big focus.

We start in Asia on Wednesday with Japan retail sales and China consumer sentiment data. In Europe we get German and French consumer confidence data before we turn over to the UK again with consumer credit and mortgage approvals. The focus on Wednesday in the US will be the conclusion of the FOMC meeting although there is no associated post-meeting statement scheduled from Fed Chair Yellen. However will the statement give any small hints as to whether September is a realistic lift-off point? US pending home sales for June is also due Wednesday.

Thursday starts in Japan again where we get industrial production data before we move to Europe where German CPI and unemployment data for July are due along with Euro area consumer and investor confidence. It’s busy again in the US with the much anticipated Q2 GDP reading (Bloomberg consensus currently at 2.5%) which includes the latest annual revisions so it will attract a lot of attention. Meanwhile personal consumption, core PCE and initial jobless claims are also due. We end the week with another bumper day for data in Japan, highlighted by the June CPI print while employment data and housing starts are also expected.

On Friday we get CPI prints for the Euro area and Italy as well as French PPI and UK consumer confidence. It’s a busy end to the week in the US with the Q2 employment cost index, ISM Milwaukee, Chicago PMI and University of Michigan consumer sentiment reading. Away from the data, the other main focus will be on results season where 168 S&P 500 companies are due to report with the highlights including Berkshire Hathaway, Exxon Mobil, Facebook, Proctor & Gamble and Pfizer. Over in Europe 192 Stoxx 600 companies are to report including Royal Dutch Shell and a number of the European banks.

And this is how the week looks in table format: