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Key data points for the week of July 27-31 will include the release of Second Quarter Advance GDP on Friday, a slew of housing data and a series of Treasury auctions.

Monday July 27:

  • U.S.: Census Bureau new home sale data for June will be released at 10 am with Forecasts predicting a modest improvement over May’s 342, 000. The Treasury will be auctioning 20 year TIPS at 1PM.
  • Europe:  German August Gfk Consumer Confidence and July CPI data will be released on Monday, as will Eurozone June M3 figures.
  • Asia: Hong Kong Trade Balance data for June will be released on Monday with forecasts indicating an expansion of last month’s 11 billion HKD deficit.

Tuesday July 28:

  • U.S. Case-Shiller home Prices for May will be release on Tuesday morning, as will ICSC retail chain store sales index and Redbook weekly data. Conference Board consumer confidence figures for July and ABC Consumer Comfort data will be released in the afternoon. The Treasury will be auctioning 2 year notes at 2PM. 
  • Europe: June PPI data for France and Consumer Confidence data for Italy will be released on Tuesday.
  • Asia: Japanese Retail Sales and South Korean Current Account figures for June will be released on Tuesday.

Wednesday July 29:

  • U.S.: Mortgage application figures will be released on Wednesday morning as will Census Bureau Durable Goods and Shipments data for June. Weekly EIA Oil Stocks will be announced at 10:35 am and the Treasury will hold a 5 year note auction at 1pm.
  • Europe: BOE June consumer credit, Mortgage and Mortgage approval figures will be released on Tuesday as will M4, while Business confidence data will be released in Italy.
  • Asia: Japan’s June industrial Production, Shipments and Trade balance data will arrive on Wednesday evening. 

 Thursday July 30:

  • U.S.: Weekly Initial Claims data will be released on Thursday –recall that the prior week’s increase which followed three consecutive declines.  EIA gas stocks will also be released on Thursday morning and the Treasury will hold a 7 year note auction at 1pm.
  • Europe: UK Nationwide House Prices and Gfk Consumer Confidence for July will be released on Thursday, as will German Unemployment figures and European Commission Confidence measures for July.
  • Asia: July CPI and PMI data will be released in Japan on Thursday but, with the LDP in a struggle for survival in the coming election, all eyes will be focused on June employment and personal income data also slated for release. Although the LDP has ruled Japan for almost the entire period since it was founded in 1955, the current economic stagnation has set the stage for a sweeping victory for the opposition Democratic Party.

Friday July 31:

  • U.S.: Q2 GDP advance data will be released by the BEA on Friday at 8:30.
  • Europe: July CPI data for the Eurozone and Italy will be released on Friday, as will Italian CPI and unemployment.  Swedish Q2 GDP will be announced on Friday, with consensus estimates anticipating a further decline from Q1’s measure of -6.5% Y/Y.
  • Asia: Thailand trade and production data for June will be released on Friday.