Economic diary for weekending 1st August
There was a slight surprise in the Bank of England minutes, as we saw the voting come in at 7 to 2 for the rate to be left unchanged. The surprise was more in the fact that one member had voted for an increase. Personally I think this would be extremely damaging for the UK economy as I have written in last months newsletter.
UK retail sales were disappointing, although if you had been out shopping and noticed the empty shops with sales on, you would have expected the figures to be towards the weak side. This figure was in effect what the BoE would rather see, as it shows that increasing interest rates would possibly only harm the economy.
The US had reason to be a tad more cheerful with Core Durable Orders and New Home Sales both posting positive surprises.
Diary
The forthcoming week starts slowly and builds to a crescendo as we approach Thursday and Friday, with some key reports being released in the UK and US. The biggest report is the US employment figures due on Friday. We will be watching Wednesday’s independent report released by ADP for some guidance.
Monday 28th July
- No results due
Tuesday 29th July
- 09:30 UK Mortgage approvals
- 09:30 UK Net Lending to individuals
- 11:00 UK CBI Distributive Trades Realized
- 14:00 US S&P/CS House Price Index
- 15:00 US Consumer Confidence
Wednesday 30th July
- 13:15 US ADP Non-farm Employment change
- 15:35 US Crude Oil Inventories
Thursday 31st July
- 00:01 UK Consumer Confidence (GfK)
- 07:00 UK Nationwide House Prices
- 13:30 US GDP Advanced
- 13:30 US Unemployment claims
Friday 1st August
- 09:30 UK Manufacturing PMI
- 13:30 US Non-farm Employment figures
- 15:00 US ISM Manufacturing Index
- 15:00 US Construction spending
- 15:00 US ISM Manufacturng Prices
Best wishes
