- China's Retail Sales (YoY) increased by 2.0% in June, falling short of the expected 3.3% and below May's 3.7%. Meanwhile, the country's Industrial Production for the same period showed a growth rate of 5.3% year-over-year, surpassing estimates of 5.0%, albeit slightly lower than May's 5.6%.
- The US Core Producer Price Index (PPI) rose 3.0% year-over-year in June, exceeding the expected 2.5% and the previous reading of 2.6%. Moreover, the preliminary Michigan Consumer Sentiment Index fell short of expectations in July, registering at 66.0 compared to the forecasted 68.5 and the previous 68.2.
- On Friday, China’s Trade Balance data for June, showed a trade surplus of $99.05 billion, widening from the previous figure of $82.62 billion. China Exports (YoY) rose 8.6% vs. 8.0% expected and prior 7.6% reading. Meanwhile, Imports (YoY) declined by 2.3% compared to the previous rise of 2.8%.
- Federal Reserve Bank of Chicago President Austan Goolsbee said on Thursday that the US economy appears to be on track to achieve 2% inflation. This suggests Goolsbee is gaining confidence that the time for cutting interest rates may soon be approaching. He also stated "My view is, this is what the path to 2% looks like," according to Reuters.
- On Thursday, the data showed that the US Core Consumer Price Index (CPI), which excludes volatile food and energy prices, rose by 3.3% year-over-year in June, compared to May's increase of 3.4% and the same expectation. Meanwhile, the core CPI increased by 0.1% month-over-month, against the expected and prior reading of 0.2%.
- Federal Reserve Chairman Jerome Powell highlighted the urgent need to monitor the deteriorating labor market on Wednesday. Additionally, Powell expressed confidence in the downward trend of inflation, following his earlier remarks that emphasized the necessity of further data to strengthen confidence in the inflation outlook.
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