(Note: All times HKT)
Global manufacturing figures, U.S. GDP growth, and another 11th hour Eurozone meeting take center stage this week while Japanese unemployment and the final phase of the Iran-UN nuclear talks run in the background.
Monday will be pretty light on serious economic data, though American home sales figures is scheduled to be published around 10 pm. Existing home sales for the month of May is expected to bump up a bit with month-on-month existing home sales change forecasted to show a slight increase. The Eurozone’s June flash consumer confidence data is also set to be released at the same time, with analysts expecting it to fall a little further.
Tuesday begins with the Euro-area leader’s emergency meeting in Brussels at 1 am, with most people expecting the Eurocrats to pull another rabbit out of the hat “just in the nick of time.” Around 9:30 am, Japan and China will kick-off the flash PMI barrage as both nations release their manufacturing PMI data for the month of June. Economists forecast a slight increase for both countries though China’s is still expected to come in below 50, the reading needed to indicate expansion in the region. German manufacturing and services PMI meanwhile will both come out around 3:30 pm, with analysts expecting a very slight uptick for both figures. Eurozone manufacturing and services PMI will follow shortly after, with both datapoints expected to show a slowdown in the region. And finally, U.S. manufacturing PMI will be released before 10 pm, with many expecting an uptick in June compared to the month before.
Wednesday meanwhile will see the Bank of Japan publish their monetary policy meeting minutes around 8 am, while U.S. final quarter-on-quarter GDP growth rate – expected to be revised to show a 0.2% contraction compared to an earlier 0.7% estimate – will be released around 8:30 pm.
Nothing particularly market-moving has been set for Thursday, though the Swiss National Bank’s chairman, Thomas J. Jordan, is expected to speak around 4 pm. With their surprise uncapping of the Swissie earlier this year, what he says may have the potential to rock the markets once again. Federal Reserve Governor Jerome H. Powell meanwhile, is also scheduled for a speech around 9:30 pm.
On Friday, Japan will be publishing their May household spending, unemployment rate, and year-on-year inflation figures at 7:30 am. Spending is expected to have gained a little, same with unemployment – unfortunately, though not by much – while inflation is expected to drop a tiny, tiny bit.
Photo credit: Lisa Bettany via Flickr