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Monday kicks off with Germany and Belgian sentiment surveys, with the US Dallas manufacturing survey in the afternoon. The Fed is due to meet Tuesday/Wednesday, with financial markets gearing for another 75bp hike.
Germany IFO Survey (0900 BST)
Friday saw the release of July flash PMIs where both services and manufacturing fell below market expectations into contractionary territory. The IFO survey should echo the PMI reports which saw demand falling, new orders down and outlooks grim.
The July business climate indicator is anticipated to weaken by 1.8 points to 90.5, whilst the current assessment index should moderate by 1.1 points to 98.2. The IFO expectations index is seen continuing to spiral downwards to 83.0, dipping 2.8 points from June.
The June report saw gas supply concerns heavily weighing on manufacturing confidence, which is likely to have worsened growth outlooks again substantially in July. Also of interest will be details regarding the service sector, which saw a summertime boost in optimism last month.
UK CBI Industrial Trends (1100 BST)
A slowdown is on the cards again for the CBI industrial trends report. Total orders are anticipated to weaken by 6 points to a reading of 12 in July reflecting new order declines highlighted in the flash PMI report. Focus will also be on selling prices and price expectations going forward, which could see further easing in July.
Belgium BNB Business Sentiment (1400 BST)
Belgian business confidence remains elevated compared to 2020 levels, although the July reading is seen dipping further into negative territory from -1.8 recorded in June. Eurozone economic outlooks continue to appear unstable due to ongoing repercussions from the Ukraine war and the inflation squeeze.
US Dallas Fed Manufacturing Survey (1530 BST)
As PMIs continue to drive the market, the Dallas Fed Manufacturing Survey will be closely watched following Friday’s S&P Global PMI which saw a modest slowing of growth in manufacturing and a surprise dive into contraction for services. The Dallas index is anticipated to weaken by a further 4.3 points to -22.0.
This would be the lowest reading since May 2020 for the somewhat volatile index. New orders are likely to lead the decline as growth outlooks cloud over and demand is scaled back.
There are no policymaker appearances of note on today’s schedule.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 25/07/2022 | 0800/1000 | *** |  | DE | IFO Business Climate Index |
| 25/07/2022 | 1000/1100 | ** |  | UK | CBI Industrial Trends |
| 25/07/2022 | 1300/1500 | ** |  | BE | BNB Business Sentiment |
| 25/07/2022 | 1430/1030 | ** |  | US | Dallas Fed manufacturing survey |
| 25/07/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 25/07/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 25/07/2022 | 1700/1300 | * | | US | US Treasury Auction Result for 2 Year Note |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.