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The first glimpses of worldwide economic growth and inflation
trends at the start of the third quarter will be revealed by flash
PMI surveys for July, and the European Central Bank and Bank
Indonesia will also hold monetary policy meetings in what's going
to be a busy week of economic data releases.
Given this point, the urgency to step up the inoculation
progress had certainly been noted, though it remains to be seen if
the widening divergence, such as that evident between the developed
and emerging world, may show signs of reversal. This will be
closely watched in the July iteration of PMI surveys.
Record price index readings in PMI surveys have meanwhile
provided a prescient insight into recent upside inflation
surprises, so the costs and selling prices gauges, as well as
capacity constraint indicators such as supplier lead-times, should
also be worth watching.
Central bank meetings continue to unfold, with the ECB holding
their first meeting following the tweak to their inflation target.
No surprises are expected, though note that forward guidance is set
to be revisited.
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.
