What you need to know before markets open
In Europe

  • A trade war could knock 3% off global GDP, the Bank of France study said.
  • The IMF warns of the Eurozone growth risks being serious and could lead to a hard landing.
  • No-deal Brexit would cost European Union 1.5% of GDP, according to the IMF.
  • German PPI is set to rise by 0.2% m/m in June while increasing 2.9% y/y.

In the UK

  • The UK retail sales slumped -0.5% m/m while core retail sales excluding motor fuel sales fell -0.6% m/m in June, further derailing the Bank of England from possibly hiking rates in August. For details read my Analysis here.
  • The UK public sector net borrowing complements data-heavy week for the UK on Friday with net borrowing expected to reach £3.6 billion in June.

In the US

  • The US weekly initial jobless claims rose 207K during the week ending July 14, the lowest level of claims since December 6, 1969.
  • Philadelphia Fed manufacturing survey accelerated to 25.7 in July, rising above expectations.
  • President Trump says he is “not thrilled” about US interest rate hikes.

In Canada

  • Canada is set to be in the spotlight on Friday with the release of two important macro indicators. Canada’s core inflation is set to rise by 1.4% y/y in June while retail sales are seen expanding by 0.5% over the month in May after auto sales are excluded. For details please read Yohay’s Preview here and check the details of how to trade it with USD/CAD here.

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