The Business News Week Ahead

Policy announcements from the Bank of Japan followed by the Federal Reserve and then the Bank of England will merely be highlights in an unusually eventful week for the economic calendar. The most potentially market-moving of the economic data will be core PCE inflation out of the US on Tuesday where an unexpected strong increase could further cloud the debate at the FOMC which on Wednesday is widely expected to cut rates by 25 basis points. The CFLP manufacturing PMI will be posted on Wednesday and the Caixan PMI on Thursday both offering the first looks at July conditions in China and both, like similar reports in other countries, struggling at the 50 breakeven line. Final manufacturing PMIs for July will be posted for a host of countries on Thursday including Germany which has been struggling at the 45-point line. Japan will post its own run of data, these results will be for June and will include industrial production. The most market-moving of all economic reports will be on Friday with the US employment report where another month of very solid growth is the expectation.