In the week ahead, markets will be closely watching US data on durable goods orders, jobless claims and consumer confidence for signs that the economic recovery is on track. A European Union economic summit will also be in focus as concerns over the economic outlook for the euro zone linger.
Monday, June 24
The Ifo institute is to release a report on German business climate.
Tuesday, June 25
The UK is to publish industry data on mortgage approvals, a leading indicator of demand in the housing sector. Meanwhile, Bank of England policymakers are to testify on inflation and the economic outlook before the parliamentary treasury committee. In the euro zone, Italy is to hold an auction of 10-year government bonds. The US is to publish official data on durable goods orders, a leading indicator of production, as well as closely watched reports on consumer confidence and new home sales.
Wednesday, June 26
Germany is to release the Gfk report on consumer climate, a leading indicator of consumer spending. The BoE is to release its financial stability report, while the UK is to release private sector data on retail sales. The US is to release revised data on first quarter economic growth as well as government data on crude oil stockpiles.
Thursday, June 27
New Zealand is to release official data on the trade balance, the difference in value between imports and exports, as well as data on business confidence. In the euro zone, European Union leaders are to hold the first day of a two day economic summit. Germany is to release official data on the change in the number of people unemployed, a leading economic indicator. The UK is to publish official data on the current account and revised data on first quarter economic growth. The US is to release the weekly government report on initial jobless claims along with data on personal income and expenditure, which is to be followed by private sector data on pending home sales.
Friday, June 28
Japan is to release a series of economic data, including reports on household spending, inflation, retail sales and preliminary data on industrial production. Australia is to publish government data on private sector credit. In the euro zone, EU leaders are to hold the second day of a two day economic summit in Brussels. Germany is to release preliminary data on consumer price inflation, which accounts for a majority of overall inflation, while France is to produce data on consumer spending. Switzerland is to publish its KOF economic barometer. Later in the day, Canada is to publish its monthly report on gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health. The US is to round up the week with a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.