UK and US GDP in focus next week

Next week starts off very quietly, with no tier one data on Monday.

On Tuesday, Germany sees the release of detailed GDP numbers, import prices figures and the latest Ifo Business Climate Index.

The US published house price data, consumer confidence numbers and the Markit flash US Services PMI.

On Wednesday, the UK releases the CBI reported sales data.

The US sees the publication of building permit and durable goods numbers. New orders for durable goods rose 3.4% in June, following two months of decline. While this was a welcome relief, business survey data signal that the US goods-producing sector is struggling against various headwinds.

On Thursday focus will mainly be on preliminary GDP data out of the US as well as initial jobless claims figures and pending home sales. Healthy second quarter GDP data and robust US labor market suggest that the US is ready for a first rise in interest rates in September, if the economy remains robust.

On Friday, a slew of data will be released out of Japan, which include household spending, inflation, unemployment and retail sales data.

Economic sentiment numbers are issued by the European Commission for the Eurozone.

In Germany and Spain, retail sales and preliminary inflation figures are out.

Meanwhile, Canada, France and Greece see the publication of producer price numbers.

In the UK, the second estimate of second quarter GDP data is issued. Initial numbers showed that the UK economy grew by 0.7% in line with analysts’ expectations and survey data and far stronger than the 0.4% increase seen in the first quarter. Big revisions for the second quarter are therefore unlikely. However, there remains the fear that economic growth could slow again in Q3, with business survey data for July pointing to a slowdown.

Personal income data and the Reuters/Michigan Consumer Sentiment Index are issued in the US.

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