Britain is likely to have a new government when next week’s macroeconomic data is released, giving a retrospective view of the previous administration’s last few months in charge.
It's a pretty quiet week in terms of the volume of releases, but Thursday is the big data for UK and US data, with a monthly UK GDP estimate (zero growth is forecast, though the three-month average is expected to remain at 0.7%) along with trade, services, industrial production and construction data from the ONS.
Across the Atlantic, the US consumer price index will be the big focus for markets, which are expecting the headline CPI rate for June to be up 3.1% on a year ago, down from 3.3%, with core CPI up 3.5%, picking up from 3.4% in May.
A softening of inflation could lend support to a potential interest rate cut from the Federal Reserve later in 2024.
Monday 8 July
Economic announcements: Consumer Credit (US)
Tuesday 9 July
Economic announcements: BRC Sales Monitor (UK)
Wednesday 10 July
Economic announcements: MBA Mortgage Applications (US), Wholesales Inventories (US), Crude Oil Inventories (US)
Thursday 11 July
Economic announcements: RICS Housing Market Survey (UK), Balance of Trade (UK), Gross Domestic Product (UK), Index of Services (UK), Industrial Production (UK), Manufacturing Production (UK) Consumer Price Index (US), Continuing Claims (US), Initial Jobless Claims (US)
Friday 12 July
Economic announcements: Producer Price Index (US) U. of Michigan Confidence (Prelim) (US)