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.
This week wraps up with little data of note for the Eurozone, although a run of significant data is expected in the US later in the afternoon.
Italy Final Inflation (0900 BST)
HICP should be confirmed at +8.5% y/y for Italy in June.
Eurozone Trade Balance (1000 BST)
The Eurozone trade deficit is anticipated to expand to EUR -35.0 bln in May, down from EUR -31.7 bln in April. In May 2021 the Euro area recorded a surplus of EUR 12.0 bln. Energy prices again will be the key culprit for the euro-era largest deficit.
US Retail Sales (1330 BST)
An improvement is expected in the US June retail data, with the advance print projected to reach +0.9% m/m, up from a -0.3% m/m contraction in May. Excluding auto sales, the increase is less stark, seen at +0.7% m/m from +0.5% m/m.
US Empire State Manufacturing Survey (1330 BST)
Kicking off the round of July surveys, these is an expected to be a 0.8 point step down to -2.0 in the New York manufacturing index.
US Industrial Production / Capacity Utilisation (1415 BST)
Industrial production in the US is seen all but stalling again in June, pencilled in at +0.1% m/m, a deceleration from the modest +0.2% m/m recorded in April. Capacity utilization is however likely to continue to rise to 80.8% (from 79.0%).
US Prelim Michigan Sentiment Index (1500 BST)
The closely watched US Michigan sentiment became infamous for pushing the 75bp hike decision at the last FOMC meeting. As such, markets will be paying close attention to the inflation expectations, whereby 1-year expectations should stay at +5.3%, however 5-10-year could edge up 0.1pp to +3.1%, highlighting that inflation expectations for the longer term are becoming more anchored.
This follows the June CPI report released on Wednesday, which saw inflation jump to +9.1% y/y and paves the path for a possible 100bp July hike by the Federal Reserve.
Today’s policymaker appearance schedule is also focused on the US, with appearances by Atlanta Fed's Raphael Bostic, St. Louis Fed's James Bullard and San Francisco Fed's Mary Daly due. The ECB’s President Lagarde and Fabio Panetta will be attending the G20 Central Bankers’ Meeting.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 15/07/2022 | 0200/1000 | *** |  | CN | Fixed-Asset Investment |
| 15/07/2022 | 0200/1000 | *** | | CN | Retail Sales |
| 15/07/2022 | 0200/1000 | *** | | CN | Industrial Output |
| 15/07/2022 | 0200/1000 | ** | | CN | Surveyed Unemployment Rate |
| 15/07/2022 | 0200/1000 | *** | | CN | GDP |
| 15/07/2022 | 0800/1000 | ** |  | IT | Italy Final HICP |
| 15/07/2022 | 0900/1100 | * |  | EU | Trade Balance |
| 15/07/2022 | - | | EU | ECB Lagarde & Panetta at G20 CB Meeting | |
| 15/07/2022 | 1230/0830 | *** |  | US | Retail Sales |
| 15/07/2022 | 1230/0830 | ** | | US | Import/Export Price Index |
| 15/07/2022 | 1230/0830 | ** | | US | Empire State Manufacturing Survey |
| 15/07/2022 | 1245/0845 | | US | Atlanta Fed's Raphael Bostic | |
| 15/07/2022 | 1300/0900 | * |  | CA | Home Sales – CREA (Canadian real estate association) |
| 15/07/2022 | 1300/0900 | | US | St. Louis Fed's James Bullard | |
| 15/07/2022 | 1315/0915 | *** | | US | Industrial Production |
| 15/07/2022 | 1400/1000 | *** | | US | University of Michigan Sentiment Index (p) |
| 15/07/2022 | 1400/1000 | * | | US | Business Inventories |
| 15/07/2022 | 1430/1030 | | US | San Francisco Fed's Mary Daly |
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.