Week from the 15th to the 19th of July

Most Outstanding Points of the Week

  • U.S. Retail Sales: Retail sales were flat in June, defying expectations of a 0.4% decline. Excluding autos, sales rose 0.4%, beating forecasts.
  • IMF: The IMF has adjusted upward the U.S. growth forecast to 2.6%, highlighting, however, the continued risks of inflation and trade protectionism that could impact the global economy.
  • Mexico: IMF adjusts growth downward to 2.2% by 2024; Fitch maintains rating at “BBB-” with stable perspective, noting concerns about long-term growth and risks associated with Pemex.
  • United Kingdom: Inflation in the United Kingdom stood at 2% annually in June, exceeding expectations. This data reduces the likelihood of a rate cut at the Bank of England’s next meeting in August.
  • China: China’s economic growth in the second quarter was 4.7%, below expectations of 5.1%, reflecting a slowdown compared to the previous quarter.

Next week’s important events:

07-26: First estimate of U.S. 2Q24 GDP to be released

07-26: U.S. Personal Consumer Expenditure (PCE) inflation to be released

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