On the U.S. economic calendar this week, we’ll get new releases on consumer price inflation, retail sales, housing starts & building permits, and consumer sentiment. We’ll also get key industrial production reports for the United States, China, and the euro zone this week.
The consensus forecast is that U.S. industrial production edged up just 0.1% in July following a flat (0.0%) reading in June, while core CPI was up around 0.2% last month. Other European reports to keep an eye on this week will cover German economic sentiment and consumer prices, along the flash GDP numbers for Germany and the euro zone. Suffice it to say the economic news out of Germany has been less than encouraging lately as industrial production continues to contract and the German yield curve approaches financial crisis territory. Investors will also be paying attention to new Chinese releases on fixed asset investment and retail sales. 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!