In the United States, we project payrolls to shrink significantly and unemployment rate to increase. Also, consumer confidence is likely to fall further. On the upside, the flash estimate for the GDP could show growth close to trend due to firm trade. In the Euro Area and Switzerland, inflation rate is likely to remain stubbornly high despite the recent fall in the oil prices. In the United Kingdom, manufacturing PMI is expected to drop and mortgage approvals to deteriorate. In Japan, industrial production and cash salaries may fall in June and retail sales remain subdue. In Australia, retail sales are likely to show some growth but not enough to concern the Reserve Bank of Australia with the need to increase interest rates.