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Global services PMI for July, including IHS Markit and ISM US
surveys
UK GDP, German industrial updates
Japan GDP, China inflation and trade
Special reports on European growth forecasts and global
manufacturing
With central bankers around the world focusing on the extent to
which global economic conditions might necessitate further
stimulus, services PMIs will provide an important steer at the
start of the third quarter.
While the global factory downturn hit the
fiercest since 2012 in July, according to PMI numbers, a key
question for policymaking is whether services growth will have
helped support economies, as had been seen in June. The overall
pace of global economic growth remained
stuck at a three-year low in June, adding to policymakers'
worries.
The Fed responded to the deteriorating economic environment with
the first cut to US interest rates for a decade in July, and
forthcoming services PMI and ISM data could provide useful steers
as to whether weak US growth will have persisted into the third
quarter, provoking further cuts later in the year.
No change in policy was meanwhile seen at the Bank of England in
July, but any signs of a possible UK recession could add to rate
cut calls and put further downward pressure on sterling. Official
GDP data look likely to show stagnation at best in the second
quarter. Services PMI data for July will meanwhile provide an
important steer on third quarter UK GDP.
In the eurozone, final services PMI data are updated alongside
key industrial production and trade data for Germany. Germany lies
at the heart of the region's recent slowdown and has drawn
particular attention at the ECB as it prepares for more
stimulus.
While the Bank of England and ECB have recently revised down
their outlooks for growth, our first special report looks at how
consensus forecasts for Europe still look overly optimistic.
In Asia, central bank meetings in Australia, New Zealand, India,
Thailand and the Philippines will be watched for more stimulus,
while Japan's GDP update will be of particular interest as the
country gears up for a sales tax hike. China and Taiwan inflation
and trade data will also be scrutinised alongside services PMIs for
the region's largest economies.
Download the report for the full content which
includes:
Global overview
Key diary events
US week ahead
Europe week ahead
Asia Pacific week ahead
Special Reports
Europe: European growth expectations remain too optimistic
Global: Worldwide manufacturing downturn deepens at start of
third quarter
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.
