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The week ahead: 04/07/22

After the Independence Day holiday in the US on Monday, we have a very light earnings schedule including supermarket Sainsbury’s and sugar producer Süedzucker. Other potential highlights are eurozone retail sales data on Wednesday, the Halifax UK house price index on Thursday and the US nonfarm payrolls on Friday.

Monday 4 July

It’s a quiet start to the week as US markets are closed for the Independence Day holiday. In Australia we’ve got building approvals for May, while in Germany the May trade balance is announced. In April German exports rose by 4.4% on March and imports by 3.1%, the balance for the month standing at +€3.5 billion.

Tuesday 5 July

Early on Tuesday the RBA makes its latest decision on Australian interest rates. Look out for services PMI data for Japan, China, France, Germany, the eurozone and the UK throughout the morning, plus US factory orders in the afternoon. UK retailer Sainsbury’s will also be making its first-quarter trading statement. The supermarket has recently faced pressure from shareholders to extend its pay commitments to subcontracted staff.

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Wednesday 6 July

We’ll get an update on consumer activity in Europe on Wednesday with the latest eurozone retail sales data. Keep an eye out too for Germany factory orders, and German and UK construction PMI figures. In the US we’ll have the June services PMI and the ISM’s non-manufacturing PMI report, and the May JOLTs report on the labour market.

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Thursday 7 July

German sugar producer Südzucker reports its first-quarter results on Thursday, after preliminary figures last month showed group revenue rising to €2.25 billion from €1.75 billion in the quarter. Other highlights include the Australian trade balance, the Halifax survey of UK house prices, German industrial production and, in the US, the ADP nonfarm employment change for June and the latest trade balance.

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Friday 8 July

All eyes will be on the US nonfarm payrolls data, due on Friday at 1.30pm (UK time). In May the US economy added 390,000 jobs, beating expectations. Other data includes Japanese household spending and current account for May, while early on Saturday morning we’ll see Chinese CPI and PPI data for June.

Published: 4 July 2022

You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is a macro summary of scheduled news announcements and is not investment advice, independent research or an investment recommendation. The information provided is believed to be accurate at the date the information is produced.

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