Americas
In the United States, June CPI report is expected to show consumer prices edged up 0.1% from May, following a flat reading while core CPI likely increased 0.2% month-over-month, the same as in May. Also, the producer prices are projected to rise 0.1%, rebounding from a 0.2% decline in May while the core one likely rose 0.2%, following a flat reading in May. In addition, Fed Chair Powell will deliver his semiannual testimony on monetary policy before Congress and other Fed officials are also scheduled to speak during the week. Preliminary figures for the Michigan consumer sentiment and the NFIB Business Optimism Index will also be in the spotlight. Finally, the earnings season will kick off with with results from major banks including JPMorgan, Citigroup, Wells Fargo and Bank of New York Mellon. PepsiCo is also set to report. Elsewhere in America, it will be interesting to follow inflation rate for Brazil, Mexico, Argentina, Chile and Colombia.

Europe
Investors will be closely monitoring the second round of France's parliamentary elections on Sunday. A hung parliament appears the most likely outcome as left and centrist groups form alliances to prevent Marine Le Pen's Rassemblement National from gaining power. On the data front, final inflation figures for Germany, France, and Spain will be released. Germany's trade surplus is expected to narrow to the smallest in seven months, while wholesale prices likely rose for the second consecutive month. In the United Kingdom, figures from the ONS are expected to show a 0.2% GDP growth in May, and manufacturing production is set to increase following a 1.4% drop, the largest since 2020. The UK's trade deficit in goods is anticipated to shrink from a 22-month high. Meanwhile, Russia's annual inflation rate is expected to rise to 8.6%, the highest since February 2023.

Asia and Australia
In China, the spotlight will be on the trade balance for June after earlier data for the period underscored that the world’s largest manufacturing sector has solely relied on foreign demand for sales. In the meantime, a small uptick in consumer inflation is expected, but new yuan loans are set to contract sharply. In the meantime, a fresh release from Japan is expected to show that machinery orders rebounded and the current account surplus widened in May. In India, investors’ forefront will be on June’s inflation print for hints on whether the RBA may deliver rate cuts this year. Elsewhere, interest rate decisions are awaited from monetary authorities in South Korea, Malaysia, and Israel, while Singapore will release its second-quarter GDP. In Australia, a busy week will be headlined by Westpac’s consumer confidence index for July and the NAB’s business confidence index for June, in addition to home credit data for May. In the meantime, the RNBZ is expected to hold its key rate at 5.5%.