In the Euro Area, the composite PMI index should increase due to a rebound in service sector sentiment. In Japan, trade surplus is likely to expand further as imports slowdown faster than exports. In the United Kingdom, partial data suggest that the economy continued to shrink in Q2 but at a slower pace than in preceding quarters. In Canada, the key event is the Bank of Canada monthly meeting but we don’t expect any changes to the current monetary policy. In Switzerland, trade surplus is likely to fall on the back of deteriorating export growth. Finally, in Australia, second quarter annual inflation may decrease below the Reserve Bank of Australia’s 2%-3% inflation target.