5 world market themes for the week ahead
Joe Biden to step out of the U.S. presidential election race, mounting expectations of a September Fed rate cut, Q2 earnings, an ECB meeting and Britain's king unveiling the legislative programme of the new Labour Government.
Don't race off for that summer break just yet.
Here's what to expect in the week ahead for world markets from Ira Iosebashvili in New York, Yoruk Bahceli in Amsterdam, Li Gu in Shanghai, and William Schomberg and Amanda Cooper in London.
1. BUSY, BUSY
It's a big week in the United States with politics, retail sales, the Fed and bank earnings in focus.
Inflation and higher rates have tested the resilience of households as signs of a cooling economy and inflation bolster expectations for rate cuts to start in September. Tuesday's retail sales data could show whether slowing growth is reflected in the consumer sector.
Federal Reserve chief Jerome Powell speaks in Washington on Monday, while Goldman Sachs delivers its earnings results on July 15, followed by Bank of America and Morgan Stanley the next day.
And markets have one eye on the looming U.S. presidential election with Biden facing doubts about his re-election chances. His rival, former president Donald Trump, will be officially nominated at the four-day Republican National Convention, starting Monday.
2. NOTHING TO SEE?
The ECB is all but certain to keep rates steady on Thursday, a month after its first rate cut in five years. Attention is on whether policymakers say more about further rate cuts.
Euro zone inflation eased for the
