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Central bank meetings will be held in Canada,
Japan, New Zealand and South Korea in the coming week, which come
alongside important inflation updates in the US,
UK and the eurozone. We will also see early Q2 GDP
readings from China and Singapore, in addition to a barrage of June
data releases out of China and the US, notably including retail
sales and industrial production.
The week's central bank meetings are expected to bring few
surprises, but come at a time of rising uncertainty about renewed
COVID-19 lockdowns and the scope for inflation to prove less
'transitory' than might have been anticipated. Although
Asia-Pacific central banks such as the RBNZ and BOK have signalled
increasing inclinations to raise interest rates in the medium-term,
rising COVID-19 cases have led to renewed lockdown measures in many
countries and therefore bring a new element of uncertainty to the
global outlook. Sharp reductions in PMI survey gauges in many
economies, especially in Asia, meant that - although the global
economy continued to expand at a strong pace in June -
regional divergences have hit record highs and
supply shortages have reached unprecedented levels.
News of an ongoing supply shock brings the June inflation data
into the spotlight for many economies including the US, the UK and
the eurozone.
China's Q2 GDP reading will also be closely scrutinised for the
state of expansion in the second quarter, and in particular the
extent to which new COVID-19 outbreaks may have subdued growth.
Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.
