The week begins with the summit between US President Donald Trump and Russian President Vladimir Putin in Finland, and the easing of sanctions is expected to be discussed. The summit was preceded by calls for its cancellation after the accusation of 12 Russians to interfere in the US presidential election.
Also, today's markets will watch the announcement of about 60 companies in the S&P 500 index, and are expected to see strong results, despite the demonstration of trade tensions over the second quarter of 2018.
Below are highlights of the most important economic events and data for this week:
Monday
China's Gross Domestic Product (GDP) - China's gross domestic product (GDP) showed growth of 6.7% in the second quarter of 2018, following a growth of 6.8% in the first quarter of the year.
New Zealand Inflation Data - New Zealand inflation data is due to release late today, and the CPI is expected to grow by 0.5% QoQ in the second quarter of 2018 and by 1.6% YoY.
Tuesday
RBA Meeting Minutes - The Reserve Bank of Australia will release on Tuesday morning the results of the meeting held earlier this month at which interest rates were kept unchanged at 1.50% for the 21st consecutive meeting.
British Employment data - British labor market is moving ahead, but wages are still rising at an insufficient pace, unemployment rate is expected to stabilize at 4.2%, while average hourly income is expected to rise by 2.5% during the three months to May, which is still below inflation.
Mark Carney's testimony - Mark Carney, governor of the Bank of England, is due to testify along with Jon Cunliffe, the deputy governor before the Treasury Committee on the Financial Stability Report.
Wednesday
Jerome Powell's testimony - Federal Reserve Chairman Jerome Powell is due to give his semiannual testimony on monetary policy before the congress.
British inflation data - Inflation figures recently dropped, contributing to a decision not to raise interest rates. The CPI rose by 2.4% in May and is expected to rise by 2.6% in June.
Thursday
Australian employment data - Australia's economy posted disappointing employment growth in May with just 12,000 jobs, and the economy is expected to add 16.6 thousand jobs In June and unemployment will stabilize at 5.4%.
Friday
Canadian inflation data - Inflation growth is expected to accelerate and the Canadian consumer price index will rise by 2.5% in June on an annualized basis.
