Economic calendar: UK data and companies’ earnings

Summary:
- British pound waits for the retail sales data release
- Polish industrial output expected to have declined significantly in June
- Microsoft (MSFT.US) and Morgan Stanley (MS.US) among companies reporting earnings today

9:00 am BST - Poland, Industrial output for June. Polish economy continues to thrive and barely shows any signs of a struggle amid uncertainty relating to the condition of the global economy. However, yesterday’s wage growth data showed a significant slowdown from 7.7% YoY to 5.3% YoY while markets expected a decline to 7% YoY. Industrial output for June is forecasted to come in at 2% YoY what would be a major drop from the previous 7.7% YoY.

9:30 am BST - UK, Retail sales for June. The UK data published so far this week has been good to say the least - wage growth accelerated and inflation slowed less than expected. Retail sales data is expected to show a 0.3% MoM decline but on the annual basis growth is expected to accelerate from 2.3% to 2.5%. Nevertheless, the British pound failed to rally on the back of this week’s data therefore today’s reading also may be overlooked by the market.

1:30 pm BST - US, Jobless claims and Philly Fed for June. Two semi-important readings from the United States will be released in the early afternoon today. Initial jobless claims are expected to show 216k against last week’s 209k and Philly Fed is forecasted to bounce from 0.3 pts to 5 pts. However, as this are clear second tier readings no major price reaction should occur on the market.

Central bankers’ speeches:

- 2:30 pm BST - Fed’s Bostic
- 7:15 pm BST - Fed’s Williams

Major US companies reporting earnings today:

- Microsoft (MSFT.US)
- Morgan Stanley (MS.US)
- Phillip Morris (PM.US)
- Union Pacfic (UNP.US)
- Unitedhealth Group (UNH.US)