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Key Events In The Coming Week

Following last week's economic data tempest, capped with the disappointing US nonfarm payrolls, which has provided virtually no clarity on just what the "(Dow Jones) data-driven" Fed will do in a world in which not only is the US economy rolling over, but China is imploding, commodity deflation is raging, and global stock markets are propped up by a handful of stocks, the coming week will be far less exciting (which is just how the Hamptons crowd wants it).

Sure enough, it’s a fairly quiet start to the week in the European timezone this morning with just Euro area investor confidence and French business sentiment readings due. Over in the US meanwhile the labour market conditions index for July is sole release this afternoon.

Things pick up tomorrow as we start with the August ZEW survey readings for Germany and the Euro area. Italian CPI will also be due before we pass over to the US where we get the NFIB small business optimism survey, nonfarm productivity, unit labour costs and wholesale trade sales and inventories.

We start in Asia on Wednesday where we’ll get more important data out of China with retail sales, industrial production and fixed asset investment all due. Over in Japan meanwhile we’ll get PPI, industrial production and capacity utilization. UK employment indicators and Euro area industrial production are the highlights in Europe before we get JOLTS job openings and the Monthly Budget Statement in the US.

We’ve got a big day of data due on Thursday starting with the final CPI prints for Germany and France in the morning along with the ECB meeting minutes. US retail sales is the highlight across the pond on Thursday while initial jobless claims and the import price index are also expected. We close out the week on Friday in Europe with Q2 GDP for the Euro area and also for Germany and France. The final July CPI reading for the Euro area will also be closely watched. French employment indicators and UK construction output are also due.

It’s a busy end to the week in the US on Friday with PPI, industrial and manufacturing production, capacity utilization and the University of Michigan consumer sentiment reading. As well as the data as already mentioned the Fed’s Lockhart will be due to speak again (today) while earnings seasons draws to close with Cisco and Macy’s the notable highlights.

Or summarized courtesy of BofA: