This week, we will also have the release of trade data for June with trade deficit perhaps falling to the lowest level since 1999. In addition, a CPI report is likely to show that inflation may have declined in July because of lower energy prices. In the Euro Area, the ongoing contraction in GDP probably continued in Q2 but at a much slower pace than in the previous two quarters. In Japan, the Bank of Japan will meet to decide on rates but we don’t expect any changes in the current monetary policy. In the United Kingdom, unemployment rate may have hit 7.8% in July. Yet, in a positive note, UK trade deficit probably narrowed in June. In Australia, a survey is likely to show that business and consumer confidence improved further in July. Finally, it will be a busy week for China. We expect some pick up in exports and substantial increase in industrial production. Also, consumer deflation likely continued in July.