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.
Tuesday’s key focus will be US data due this afternoon. The Fed kicks off its 2-day policy meeting.
Spain PPI (0800 BST)
Spanish factory gate inflation was +43.6% y/y in May, which was the second month of easing PPI since the March high of +47.0% y/y. As energy price pressures begin to alleviate, a further tick downwards is on the cards today. Preceding this data by one hour is Swedish PPI, likely to ease from +24.4% y/y.
UK CBI Distributive Trends Survey (1100 BST)
Following yesterday’s CBI industrial trends survey slump, today’s focus will be on the retail survey. A July slowdown is expected as consumer demand softens amidst higher costs of living concerns. This follows the weak retail sales print from Friday, where only food sales linked to the Jubilee weekend saw positive growth.
US Consumer Confidence / Richmond Fed Manufacturing / New Home Sales (1500 BST)
Then US Conference Board consumer confidence survey should record a third consecutive slide in July, anticipated to fall 1.8 points to 96.9. Inflationary concerns remain the driving factor. This echoes the surprise plunge in the services PMI seen on Friday, underscoring fears of economic downturn as new orders drop across sectors.
The Richmond Fed Manufacturing Survey is also due, anticipated to slip by six points to -17.
US new home sales are projected to slow to around 660k in June, down approx. 36k from the surprise May rebound. As mortgage rates near 6%, the market is set to cool in upcoming months.
A 75bp hike is all but confirmed for Wednesday’s Fed rate decision. In light of US data hinting at recessionary risks, the Fed will likely see a continuation of frontloaded hiking as necessary before reaching the terminal rate around the end of the year.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 26/07/2022 | 0600/0800 | ** |  | SE | PPI |
| 26/07/2022 | 0700/0900 | ** |  | ES | PPI |
| 26/07/2022 | 1000/1100 | ** |  | UK | CBI Distributive Trades |
| 26/07/2022 | 1230/0830 | ** |  | US | Philadelphia Fed Nonmanufacturing Index |
| 26/07/2022 | 1255/0855 | ** | | US | Redbook Retail Sales Index |
| 26/07/2022 | 1300/0900 | ** | | US | S&P Case-Shiller Home Price Index |
| 26/07/2022 | 1300/0900 | ** | | US | FHFA Home Price Index |
| 26/07/2022 | 1400/1000 | *** | | US | New Home Sales |
| 26/07/2022 | 1400/1000 | *** | | US | Conference Board Consumer Confidence |
| 26/07/2022 | 1400/1000 | ** | | US | Richmond Fed Survey |
| 26/07/2022 | 1700/1300 | * | | US | US Treasury Auction Result for 5 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.