Key data releases this week include: NAHB housing market index (Tue), housing starts (Wed), ECB policy meeting (Thu), BOJ policy meeting (Thu), and leading economic indicators (Fri).
Haver
July 14, 2017
The Consumer Price Index continued to underperform market expectations in June. The headline index was unchanged from May (+1.6% y/y) against a market expectation (from the Action Economics Forecast Survey) of a 0.1% m/m increase. The core index edged up 0.1% m/m (1.7% y/y) in May but market expectations were for a 0.2% m/m rise in June.
Haver
July 14, 2017
Consumer spending has discernibly weakened during the last two months. Total retail sales and spending at restaurants fell 0.2% during June (+3.2% y/y) following a 0.1% May dip, revised from -0.3%. A 0.1% increase had been expected in the Action Economics Forecast Survey.
Bloomberg
July 17, 2017
The European Central Bank is expected to leave interest rates unchanged when it meets this week, and instead focus on mitigating markets' reaction to upcoming tightening, economists in a Bloomberg survey say. "At the July meeting, the ECB could send a signal that it wouldn't stand back if financial conditions tightened too much," says Nick Kounis, an ABN AMRO economist.
Institutional Investor online
July 12, 2017
FT Adviser
Wednesday, July 12, 2017
July 12, 2017
Politico Pro
The European market for investment-grade corporate bonds would hit a "breaking point" if investors withdrew just 1.3% of the market's total assets, the Bank of England said in a report. At that point, hedge funds would stop providing the liquidity needed for bond trading and fund managers would start hoarding cash to cover redemptions, the report said.
Bloomberg
July 16, 2017
Barron's
Sunday, July 16, 2017
China's GDP rose 6.9% in the second quarter, exceeding most forecasts, driven by stronger domestic spending and accelerating manufacturing activity. Retail sales posted an 11% year-on-year gain in June and industrial output picked up 7.6%.
Bloomberg
July 12, 2017
China's new loans and aggregate financing are growing faster than expected, even as the government shrinks money supply to help deleverage the economy. People's Bank of China spokeswoman Ruan Jianhong says a more efficient use of credit is at the heart of the success.
Barron’s
July 17, 2017
It has been more than a year since there has been so much as a 5% pullback in the S&P 500. It’s only the sixth time since 1950 that the S&P has gone 12 months without a 5% dip, and it’s the longest period without such a shallow decline since 1995.
Barron’s
July 17, 2017
Second quarter earnings for the S&P 500 are expected to climb 6% on a year over year basis. EPS growth is projected to accelerate in the third and fourth quarter by 8.2% and 12.5%, respectively.
Business Insider
July 15, 2017
Financial Times
Friday, July 14, 2017
Markets are pricing a 48.8% chance the Federal Reserve will increase interest rates again this year as retail and inflation data disappoint. The central bank appears to be moving toward a downgrade in economic-growth forecasts, with the Federal Reserve Banks of New York and Atlanta paving the road.

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