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Government data is projected to show gross domestic product rose at an annualized 2.1% pace in the second quarter, fueled by consumers and business investment. A separate report is forecast to show a key inflation measure slowed in June amid lower gasoline prices that have since turned higher.

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Asia

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It’s another busy week for the Asia-Pacific region, with several important monetary policy decisions and trade releases.

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First up is a rate decision from Singapore’s central bank, a chance to dust of your protractors so you can check the slope of the currency band which is their policy tool. Pakistan’s central bank will also announce its policy rate.

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Friday morning brings a data dump from Japan, with industrial output, retail sales and jobless data for June as well as inflation in Tokyo for July.

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The latter figure is a leading indicator for the nation and should give some guidance about what the Bank of Japan will decide later the same day. Taiwan will also announce second-quarter GDP on Friday. 

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Earlier in the week Australia reports June consumer inflation, and on Thursday Reserve Bank of Australia Deputy Governor Sarah Hunter is scheduled to speak. That comes after June data showed the labor market still going strong, upping expectations for more rate hikes.

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It’s a big week for trade data, with South Korea releasing its July trade stats on Saturday. Before that comes June figures for Hong Kong, the Philippines, and Thailand. 

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Asian countries including South Korea have been reporting record export numbers almost every month due to the soaring AI trade, and July looks like it will be more of the same, with foreign shipments up more than 50% on year in the first 20 days of July.

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Europe, Middle East, Africa

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Officials in the euro zone will get an initial batch of data to help them gauge if they should deliver another rate hike. 

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GDP likely rebounded with a 0.2% increase in the second quarter, while inflation picked up to 2.9% in July, according to the median forecasts of economists. Those numbers are scheduled for Thursday and Friday, respectively.

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Belgium and Ireland kick off the release of growth data on Wednesday. Other national numbers the following day may show a 0.1% increase in Germany, a return to expansion in France, stagnation in Italy, and continued robust momentum in Spain.  

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The reports are likely to confirm the backdrop that European Central Bank President Christine Lagarde pointed to in her remarks on Thursday, with the economy showing “some improvement” and an inflation shock from the Iran war “yet to play out.”

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Germany’s Ifo survey may draw scrutiny too. Aside from pointing to the ongoing impact of the Iran conflict, the business index, due on Monday, may reveal if economic reforms unveiled in Berlin have buoyed sentiment at all. 

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Aside from further policy announcements from new Prime Minister Andy Burnham, the UK highlight is likely to be the Bank of England rate decision on Thursday. While no change is anticipated, a minority faction voting to hike borrowing costs is also likely.

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Some other monetary decisions are on the schedule around the region: 

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