Weekly economic outlook June 29 - July 3

Weekly economic outlook June 29 - July 3

29 June 2015, 16:53
1 120

The starting week will bring more worries in the market, as Greece and its creditors failed to break down the impasse. Greece's Prime Minister Alexis Tsipras announced on Saturday a referendum on July 5 to leave the Greek people decide if they will accept the EU new bailout terms and the austerity measures for more funds or not. After the European Central Bank stopped providing extra emergency funding for Greek banks, Prime Minister Alexis Tsipras announced capital controls in a televised address on Sunday night to prevent banks from collapsing under the weight of mass withdrawals.

Let us see now what to expect in the starting week.

Monday, June 29

In the euro zone, Germany and Spain already released preliminary data on consumer inflation.

The U.S. published a report on pending home sales.

Tuesday, June 30

Greece needs to repay €1.55 billion to IMF and the European Commission rejected the Greek PM request for an extension on the expiring rescue deal, setting the country to default on its debt payment to IMF on Tuesday, June 30.

In eurozone as a whole, the preliminary inflation rate and the unemployment rate for June will be out. 

Germany is to issue data on retail sales and the change in the number of people employed.

In the UK, the final GDP and the Total Business Investment for the first quarter will be released.

In Australia, the RBA Governor Glenn Stevens will have a public speech. 

The U.S. is to release data on consumer confidence, the Purchasing Managers’ index for June and the Case-Shiller Home Price Indices for April.

The Canada’s GDP will also be released.

Wednesday, July 1

In Europe, June’s Markit Manufacturing PMIs will be released for Germany, UK, France, Italy, Greece and Eurozone as a whole along with the BoE Financial Stability Report.

The U.S. is to release a report on ADP nonfarm payrolls and later in the day the Institute of Supply Management is to release data on manufacturing activity.

It is a bank holiday in Canada.

Thursday, July 2

ECB will publish the Monetary Policy Meeting Accounts.

The U.S. is to release the closely watched nonfarm payrolls report, and data on wage growth one day early, ahead of the Independence Day holiday. U.S. data on initial jobless claims and factory orders is also due for release.

Friday, July 3

In Europe, the Markit Services and Composite PMIs for Germany, UK, France, Italy, and eurozone as a whole for June will be out.

Eurozone’s Retail Sales for May are also to be released on Friday.

U.S. markets will be closed ahead of the Independence Day on July 4.

Share it with friends: