Market movers ahead
- The latest Fed and ECB meeting minutes will be scrutinised for signs of the next steps in their monetary policy easing.
- China will be in focus on a potential restart of US-China trade talks and any comments on this.
- The euro area Q2 GDP flash report could be bad news for the market.
- US core inflation expected to remain unchanged.
- Nordic inflation numbers are likely to point in different directions (Sweden’s core drop, Norway’s core climb and Denmark’s headline remain broadly unchanged).
Weekly wrap-up
- Despite the trade ceasefire between the US and China, big obstacles remain in reaching a deal that satisfies both sides and we still expect a rocky path ahead.
- Christine Lagarde was surprisingly nominated as the next ECB president but this does not change our expectation of a sizeable easing package in September.
- Tensions between the US and Iran continue to build, posing a danger to Middle East stability.
- Macroeconomic numbers continue to paint a sombre picture of the global economy.
