Americas

In the US, July inflation data will take centre stage, with investors expecting the CPI to rise 0.1%, following a 0.4% decline in June, while the core index is seen increasing 0.2% after being flat in the previous month. On an annual basis, inflation is expected to slow for a second consecutive month, to 3.4% for the headline rate and 2.5% for the core measure, suggesting price pressures from the Iran fallout are receding for now. The PPI is also expected to rise 0.1%, rebounding from a 0.3% decline, while the core index is seen increasing 0.2%, matching June’s pace. Retail sales will provide a further update on consumer spending and are expected to rise 0.2%, in line with June’s increase. Preliminary figures for the University of Michigan Consumer Sentiment Index are likely to show a modest deterioration in consumers’ assessment. Other key releases include existing home sales, which are expected to edge down to 4.07 million, and the NFIB Small Business Optimism Index, which is also forecast to decline slightly. Business inventories and the monthly budget statement are also due. Meanwhile, the earnings season is winding down, although Applied Materials and Cisco are scheduled to report quarterly results. Elsewhere, investors will also be watching inflation and retail sales data from Brazil, inflation figures from Argentina and industrial production data from Mexico.

Cleveland, US, Ohio

Europe

In the UK, the economy is expected to have expanded by 0.4% quarter-on-quarter in Q2 2026, easing from 0.6% growth in Q1. In June, UK GDP is forecast to have contracted by 0.1% month-on-month, marking the second decline in three months. Manufacturing output is also expected to have fallen for the first time in four months. Meanwhile, UK retail sales are forecast to have increased by 1.5% year-on-year on a like-for-like basis in July, slowing from a 1.7% rise in June, according to data from the British Retail Consortium. In the Euro Area, industrial production is expected to rebound, recording growth in four of the past five months. Other key releases will include the second estimate of Q2 GDP, employment and trade balance data. Elsewhere, Germany will publish wholesale prices while GDP figures are due from Switzerland and Russia, and industrial output data will be released in Turkey. Inflation data will also remain in focus, with final July figures due for the major European economies and preliminary estimates for several smaller countries. On the monetary policy front, the Norges Bank is set to announce its interest-rate decision, alongside the central banks of Romania and Serbia. On the corporate side, several companies are scheduled to report earnings, with Germany's E.ON and RWE among the most prominent.

London, UK

In China, attention will focus on July inflation data, with consumer prices expected to rise 0.8% year-on-year, easing from 1% in June, while annual producer price inflation is seen slowing to 3.8% from 4.1%. Investors will also monitor the latest monetary indicators, with new yuan loans expected to increase by CNY 45 billion, well below the CNY 1.61 trillion increase recorded in June. Current account figures are also due. In Japan, markets will scrutinize the BOJ’s Summary of Opinions from its July meeting, when the central bank kept its policy rate unchanged at 1%. A range of economic indicators is also due, including PPI, which is expected to rise at a faster 0.6%, the current-account surplus, which is expected to nearly halve, as well as bank lending, the Reuters Tankan survey and machine-tool orders. In India, investors will focus on inflation data, with consumer inflation expected to accelerate to 4.54%, while wholesale inflation is seen rising to 10.25%. In Australia, the Reserve Bank is widely expected to keep the cash rate unchanged at 4.35%, as inflation moderated in the second quarter. Investors will also assess business confidence and home-lending data. Elsewhere in the region, GDP figures are due from Singapore, Malaysia, Taiwan and Hong Kong, while unemployment data are expected from Malaysia and South Korea. On the corporate front, Tencent Holdings is set to report quarterly results.

Sydney, Australia