Danske Bank analysts point out that in the UK, the labour market report for June is due out and will be a key economic release for the day. “The growth rates in wages and employment have been fairly high despite rather weak economic momentum. The question is whether this can continue or the labour market will start to show signs of moderation. We expect the Zew to decline further and hence continue to point to a gloomy outlook in the uncertain global environment and the escalation of trade war.
“In the US, CPI core is being released. “Overnight in China we get a batch of releases including industrial production, retail sales and fixed asset investments. In line with consensus, we expect the data still to paint a soft picture of the Chinese economy, but not a hard landing. Retail sales growth moved sharply higher but we expect it to have fallen back to around 8-8½% in July.
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