Economic Calendar: Indonesia, Turkey, South Africa and the EU to hike rates this week

Thursday is stacked with interest rate decisions from Japan, Indonesia, Turkey, South Africa and the EU. The central banks will put together a rather interesting combination of those hiking aggressively, only just starting to hike and not doing anything. 

US policymakers have entered a blackout period that prevents them from publicly speaking in the lead up to the Fed’s July interest rate decision.

Regional rundown

US: Not much on the economic data front. Investors will be paying close attention to quarterly earnings from names including Goldman Sachs, Johnson & Johnson, Netflix, Tesla and American Express.

EU: The ECB is expected to raise interest rates for the first time since 2011. Consensus expects a 25 bps hike, but a more supersized hike could be on the cards. Elsewhere, a scheduled maintenance for the Nord Stream 1 pipeline, which transports 55bn cubic metres a year of gas from Russia to Germany, is expected to exacerbate ongoing energy concerns

UK: Plenty of economic data this week. Economists expect another hot inflation reading on Wednesday, coming in at 9.2% in June, up from 9.1% in May

Russia: The Russian central bank is expected to cut interest rates by 50 bps to 9.0% on Friday, taking rates to below pre-invasion levels

Key economic events

Monday, July 18

• 8:45 am: New Zealand Inflation Rate Q2

Tuesday, July 19

• 11:30 am: RBA Meeting Minutes

• 4:00 pm: UK Unemployment Rate (May)

• 7:00 pm: Eurozone Inflation Rate (June)

• 10:30 pm: US Building Permits and Housing Starts (June)

Wednesday, July 20

• 4:00 pm: Germany Producer Price Index (June)

• 4:00 pm: UK Inflation Rate (June)

• 10:30 pm : Canada Inflation Rate (June)

Thursday, July 21

• 1:00 pm: Japan Interest Rate Decision

• 5:30 pm: Indonesia Interest Rate Decision

• 9:00 pm: Turkey Interest Rate Decision

• 10:15 pm: Eurozone Interest Rate Decision

• 11:00 pm: South Africa Interest Rate Decision

Friday, July 22

• 4:00 pm: UK Retail Sales

• 8:39 pm: Russia Interest Rate Decision