This week's macroeconomic outlook: CPI (Eurozone), industrial production (USA), PPI (Czech Republic, Germany)

Investor focus will be on inflation in the Eurozone, industrial production in the United States and the producer price index to be reported in the Czech Republic and Germany.

Monday

Only the New York manufacturing index will be released during Monday, with the July index forecast at -3.5 b. In June, the index came in at +6.6 b.

Tuesday

On Tuesday, only macroeconomic indicators from the United States will be available. Preliminary retail sales for June will be released. It is expected to grow by 0.5% month-on-month, with increased car sales being the main factor behind the growth. In May, retail sales rose by 0.3% month-on-month.

Month-on-month industrial production for June will be reported at 15:15. The market expects a month-on-month stagnation. In May, the index recorded a month-on-month decline of 0.2%. According to Bloomberg, manufacturers are expecting a further cooling of demand and for this reason are cautious to increase their inventories.

On Tuesday, we will also see capacity utilization for June, business inventories, the NAHB housing market index, and net fixed capital inflows.

Wednesday

The Eurozone CPI will be in focus on Wednesday, with final readings for June being reported. The index is forecast to rise by 5.5% year-on-year, having risen by 6.1% in May. The core CPI is forecast to rise by 5.4% year-on-year. Energy, food and basic goods prices were expected to see a year-on-year decline, while price growth should continue in the services sector. Inflation will also be released in the UK.

In the Eurozone, we will also see construction output for May and new car registrations for June.

In the Czech Republic, the producer price index for June will be released, with a forecast 1.8% year-on-year increase, up from 3.6% in May.

In the US, construction starts, the number of new building permits issued and the change in crude oil inventories according to the EIA will be reported.

Thursday

The producer price index will be reported in Germany on Thursday. The index is forecast to be flat year-on-year. It rose 1.0% year-on-year in May.

In the euro area, the ECB current account payments and preliminary June consumer confidence readings will be reported.

In the US, new and continuing claims for unemployment benefits will be released. Compared to the previous week, no significant changes are expected.

In the US, we will also see the month-on-month change in existing home sales for June. According to forecasts, sales are expected to fall by 2.2% month-on-month. For July, the Philadelphia Fed manufacturing activity index will be available in the US, forecast at -10.0 b. In June, it reached -13.7 b.

Overseas, the leading indicators index for June will also be reported. The market expects a decline of 0.6%, having reached -0.7% in May.

Friday

During the day on Friday, the most important events will be retail sales in the UK.