The monthly retail sales report for Europe is on track to weaken for July, which will raise the pressure on the European Central Bank to unveil a new phase of monetary stimulus with the bank’s monthly announcement tomorrow. Meanwhile, two US economic reports scheduled today – weekly chain store sales and monthly factory orders – will probably bring more good macro news for the world’s biggest economy. EU: Retail Sales (09:00 GMT) Disappointing economic news for Europe continues to pile up this week via rising deflation risk. Year-over-year producer prices slid deeper into the red through July vs. the previous update. ... (full story)