The Week Ahead
U.S. economic indicators due out this week are expected to show continued improvement in industrial production (consensus +4.6%), housing starts (consensus 1,190K), building permits (consensus 1,300K), and consumer sentiment (consensus 79.3).
- However, retail sales are projected to have cooled from 17.7% growth in May to 5.3% growth in June and a 0.5% uptick in the consumer price index is the consensus forecast.
- Overseas, China will be reporting on trade, industrial production, retail sales, and GDP. The consensus forecast is that Chinese GDP rebounded from a 6.8% contraction in the first quarter to 2.3% growth in the second.
- On the monetary policy front, the European Central Bank, Bank of Japan, and Bank of Canada will all issue policy statements this week, while the Federal Reserve releases its Beige Book on Wednesday.
- Other meetings to watch this week include the G20 meetings in Saudi Arabia and a virtual OPEC+ meeting on Wednesday.
- Last but not least, on the corporate front major U.S. banks are reporting quarterly results this week, with the Financial Times reporting “Citigroup, JPMorgan and Wells Fargo report on Tuesday, Goldman Sachs on Wednesday, Morgan Stanley and Bank of America on Thursday.”
- Please be safe and have a great week!
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