New U.S. economic releases due out this week will cover retail sales, industrial production, housing starts & building permits, consumer sentiment, and the Conference Board’s index of leading economic indicators.
The consensus forecasts are for a 0.2% increase in industrial production in June, modest increases in housing starts and building permits, but a flat reading (0.0%) on leading economic indicators. Overseas, the Financial Times reports “Finance ministers and central bankers of the G7 meet in Chantilly, outside Paris, on Wednesday. The US-China trade war and global economic slowdown are likely to top the agenda, but the host nation wants the theme of this gathering to be making capitalism fairer. France is proposing more financing for Africa and has urged the G7 to accelerate its transition to low-carbon economies in order to combat climate change. More contentiously, for big companies, Paris is demanding a global minimum corporation tax, a crackdown on tax havens, and stricter regulation of international IT groups such as Facebook and Google.” Have a great week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights!