Economic week ahead: China, US and lots in between
This week began with manufacturing data from China and will end with jobs figures from the United States. Analysts expect no policy changes from the European Central Bank (ECB). In between, the European Central Bank, Bank of England, Reserve Bank of Australia and Bank of Uganda will all announce policy decisions.
America's data week will begin with the Institute for Supply Management (ISM)'s release of its June manufacturing index on Monday. The ISM's non-manufacturing report will follow on Wednesday.
First, it provides information on the state of recovery in the world's largest economy. In an environment where markets are addicted to central bank assistance, "good" jobs news may not be well-received as stronger jobs numbers could bring forward the "tapering" of the central bank's asset purchase programme.
The median forecast of economists surveyed by Dow Jones is that America's nonfarm payrolls grew by 155 000 in June, down from 175 000 positions in May. The country's unemployment rate probably fell to 7.5% in June from 7.6% in May.
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