UK economy in focus

In the UK, the market will focus on the preliminary Gross Domestic Product (GDP) figure for the second quarter, which will offer an insight on the state of the economy. Of interest as well will be the minutes for the last Monetary Policy Committee meeting of the Bank of England, which will reveal the voting pattern behind the decision that kept interest rates unchanged.

The UK's economic release schedule, among other data, will also feature the retail sales figures for July, together with the public finances, public sector net borrowing and money supply figures, all for July.

In the Eurozone, August's Purchasing Managers Index (PMI) for the manufacturing and services sectors will be eagerly awaited for preliminary indications on the resilience of the region's economy. Details on the output in the construction industry and the industrial new orders, both for June, will be released. The ZEW survey, also due this week, will provide an update of the economic sentiment in August. Finally, June's trade balance and current account figures will complete the release calendar for this week.

In the US, the first indications of inflationary pressures via the release of the Producer Price Index (PPI) figures for July will be out this week. The state of the US housing market will be assessed through the housing starts and building permits data for July and the number of mortgage applications in early August. Of further interest in the US will be the initial jobless and continuing claims figures, providing more insight on the country's labour market.

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