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Macro Overview for the Week Ahead
Investors will focus on three types of events next week. First, the flash July PMI reports will be released. The preliminary estimates do a fairly good job anticipating the final readings and typically steal their thunder. The tighter financial conditions and the cost-of-living squeeze translate into weaker economic momentum. The US and eurozone June composite PMI had nearly converged at 52.3 and 52.0, respectively. The UK's composite PMI was at 53.7 and Japan's at 53.0. In Bloomberg's surveys, the median forecast sees a 45% chance the eurozone and UK are entering a recession in the next 12 months at 45%, and the US ... (full story)