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Weekly keys: What is happening this week?
The German ZEW Economic Sentiment Index and the preliminary second-quarter GDP data for the United Kingdom will be the highlights of the week in Europe. As we mentioned earlier, last week’s BoE meeting forecast shrinkage of 9.5%, so the implicit recovery that the British institution points to for the next six months of the year is very positive. This week will also see the release of the manufacturing production data, with an estimated growth of around 10%.
On Tuesday we’ll see the producer price index, expected to climb 0.3% after losing two tenths in June. This will be followed on Wednesday by the core inflation data, i.e. excluding food and energy, which we expect to remain stable at last month’s figure of 0.2%. The week will end with retails sales, which should be starting to stabilise after the tremendous volatility of the last four months.