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European Economics Preview: Eurozone Industrial Output Data Due
Industrial production from Eurozone and monthly bulletin from the European Central Bank are the major reports due on Thursday.
At 1.30 am ET, the French statistical office Insee is slated to release annual inflation data for June. Annual inflation is seen falling to 1.9 percent in June from 2 percent in May. EU harmonized inflation is forecast to fall to 2.2 percent from 2.3 percent.
At 2.00 am ET, Destatis is scheduled to publish German wholesale price data for June. Wholesale prices were down 1.7 percent year-on-year in May.
Dutch retail trade and trade balance figures are due at 3.30 am ET. In the meantime, Sweden's average consumer price data is also due.
Half an hour later, the European Central Bank is set to issue monthly bulletin. The bank last week lowered its main refi rate by 25 basis points to 0.75 percent.
At 5.00 am ET, Eurostat is scheduled to release industrial output for May. On a monthly basis, Eurozone output is expected to remain flat after falling 1.1 percent in April. Annually, production is forecast to fall 3.2 percent.
In the meantime, results of Italy's debt auction are due. The government aims to raise about EUR 7.5 billion from 12-month BOT auction.
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BoJ: Economic Activity Picking Up Moderately
The Bank of Japan on Friday said that the economic activity has started to pick up moderately amid firm domestic demand.
The central bank, in its monthly report, noted that public investment as well as business fixed investment continued to increase. Private consumption also continued to increase moderately due to the effects of measures to stimulate demand for automobiles.
According to BoJ, housing investment has generally been rising. Exports have shown signs of a pick-up. Production also started to increase moderately albeit with some fluctuations. "Under these circumstances, business sentiment has been improving moderately particularly in domestic demand-oriented sectors," the central bank said.
As for the outlook, Japan's economy is expected to return to a moderate recovery path as domestic demand remains firm and overseas economies emerge from the deceleration phase.
"Overseas economies have shown some, albeit moderate, improvement, but on the whole still have not emerged from a deceleration phase," the bank noted. At the same time, there remains a high degree of uncertainty about the global economy. Particular attention should be given to developments in global financial markets associated with the European debt problem, BoJ said.
The year-on-year rate of change in the CPI is expected to remain at around zero for the time being. The BoJ has set a 1 percent target for inflation this year.
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Wen Warns China's Economic Woes May Continue For Some Time
China's economic recovery is yet to gain momentum and the economic strains may continue for some more time, Premier Wen Jiabao has warned, the official Xinhua news agency reported on Sunday.
The country's economic recovery is not yet stable and economic hardships may continue for a period of time, he said during an inspection tour in southwest Sichuan province over the weekend.
The Chinese economy expanded 7.6 percent in the second quarter, marking the weakest growth rate since the first quarter of 2009.
In the second half of the year, the government will increase efforts to fine-tune its policies and make policies more targeted and effective, Wen said.
A meeting of the State Council this week is widely expected to churn out policies for the second half. Wen have been calling for further fine-tuning of the country's policies to stabilize growth after indicators continued to point to weaker economic performance ahead.
The State Council had earlier warned the economy is currently facing "increasing downward pressure."
The Premier noted that the economy is running at a slower, but more stable pace. The economic growth rate is still within the government target range set early this year and the stabilization policies taken by the government are working, he added.
China's economic fundamentals remain sound and the country still enjoys huge growth potential, Wen said.
However, concerns remain over the economy's ability to sustain its growth momentum. On July 5, the People's Bank of China unexpectedly reduced the interest rate for a second time in less than a month. The bank has cut the reserve requirement rate three times since November last year.
The Asian Development Bank last week cut China's growth forecast for 2012 to 8.2 percent from 8.5 percent citing a fall in exports, industrial output and investment. The lender also lowered the 2013 growth projection to 8.5 percent from 8.7 percent.
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Japan's Azumi: Speculation Driving Yen Gains
Japan's Finance Minister Jun Azumi said Tuesday that speculative moves are pushing up yen and the currency gains do not reflect the country's economic fundamentals.
Speculative moves mainly influenced by weak outlook for the U.S. economy is driving the currency higher, Azumi was quoted as saying. He said the government is closely watching the developments.
Rapid appreciation of yen could hurt the economy and therefore, the Ministry will take decisive measures, if needed, he added.
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European Economic Preview: BoE Minutes, U.K. Claimant Count Due
The minutes of Bank of England's monetary policy meeting and U.K. claimant count figures are due on Wednesday.
At 3.00 am ET, Czech producer price data is due. Economists forecast producer price inflation to remain at 1.7 percent in June.
At 4.30 am ET, the Bank of England is scheduled to release the minutes of the Monetary Policy Committee meeting held on July 4 and 5. The central bank raised its quantitative easing by GBP 50 billion to GBP 375 billion and retained its record low 0.50 percent interest rate at its July meeting.
In the meantime, the Office for National Statistics is set to publish U.K. claimant count data for June. The number of people claiming jobseeker's allowance is forecast to increase by 5,000. The jobless rate for three months to May is seen at 8.2 percent.
Switzerland's ZEW investor confidence survey results and Italy's current account reports are due at 5.00 am ET.
Germany plans to sell zero percent Federal Treasury notes maturing on June 2014. The results of the auction are due at 5.30 am ET.
At 8.00 am ET, Poland's industrial output and producer prices are due. Industrial production is expected to grow 4.1 percent annually, following a 4.6 percent rise in May. Producer price inflation is seen slowing to 4.7 percent from 5 percent a month ago.
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ADB Says Emerging Asia Needs Closer Ties To Offset Risks Of Economic Integration
Developing Asian economies need more co-operation to counter the risks emanating from economic and financial integration, the Asian Development Bank (ADB) said in a report on Thursday.
In its new report titled Asian Economic Integration Monitor, the lender said close integration speeds up the transmission of a crisis in one country to another as has been seen recently in Europe. In addition, greater integration may increase the income inequalities within countries even as it reduces the inequalities between countries.
With integration rising and set to continue in Asia, the region's governments need to cooperate more to offset these risks, the report said.
"Developing Asia's strong economic growth is in large part due to increased economic and financial ties within the region but greater integration can bring contagion and other risks and we must address those threats through closer cooperation," said Iwan Azis, Head of ADB's Office of Regional Economic Integration.
To offset the risks from greater integration, ADB proposed a number of measures to be implemented by Asian governments, including strengthening safety nets like the swap arrangements, building more transport links and improving its policy, regulatory and institutional frameworks.
Meanwhile, it noted that internationalizing the renminbi is likely to boost regional cooperation and integration, particularly in East and Southeast Asia.
The report said that the external environment for Asia has worsened given Europe's continuing sovereign debt and banking crisis, and the weak US economic recovery. Destabilizing capital flows and a larger-than expected slowdown in China are also major risks to the region's economic outlook.
ADB forecasts developing Asia to grow 6.6 percent in 2012 and 7.1 percent in 2013.
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European Economics Preview: U.K. Public Finance Data Due
Public finances from the U.K. and producer prices from Germany are the major reports due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, Germany's producer prices for June are due. Producer price annual inflation is seen easing to 1.8 percent in June from 2.1 percent in May. On a monthly basis, producer prices are expected to drop 0.2 percent.
France's leading index for May is due from the Conference Board at 4.00 am ET. The leading index fell 0.1 percent, while the coincident index remained flat in April.
At 4.30 am ET, the Office for National Statistics is set to publish U.K. public finances for June. Public sector net borrowing is seen at GBP 13.4 billion compared to GBP 17.9 billion in May.
Poland's net consumer prices for June are due at 8.00 am ET. Net annual inflation is expected to rise to 2.4 percent from 2.3 percent in May.
Later today, Eurozone finance ministers will meet in Brussels to discuss Spanish bank bailout. Ministers are expected to sign an agreement on the proposed financial assistance to recapitalize Spain's troubled banks.
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Japan Govt: To Work Decisively With BoJ To Address Deflation, Yen Appreciation
The Japanese government on Monday vowed to work "decisively" with the Bank of Japan to prevent the adverse impacts of yen appreciation and deflation on the economy.
"The government will also make an utmost effort to prevent the economy from falling into vicious cycle between yen appreciation and deflation," the government said in a monthly report published by the Cabinet Office.
"The government will decisively work together with the Bank of Japan toward the exit from deflation which is the biggest challenge of Japanese economy in the short term," the report said.
Prime Minister Yoshihiko Noda held talks with Bank of Japan Governor Masaaki Shirakawa in Tokyo earlier on Monday as the yen gained further ground against euro amid worries over Spanish banking sector despite Eurogroup's approval of the bailout deal last week.
The euro fell below JPY 95 in Asian trade on Monday to its weakest level since November 2000. Meanwhile, Finance Minister Jun Azumi reportedly said that he is watching the currency moves closely and will take decisive steps to counter excessive yen gains.
Toward defeating deflation, reforming the economic structure predisposed to deflation is essential along with appropriate macroeconomic policy management, the government said in the monthly report.
Accordingly, it will deploy a broad range of policy measures intensively by fiscal 2013 "to mobilize goods, people, and money." The government said it expects the central bank to continue powerful monetary easing until the economy exits deflation. The BoJ has set an inflation target of 1 percent.
According to the report, movements toward sound economic recovery in the Japanese economy are expected to take hold in the short-term due to reconstruction demand. However, there are widespread concerns about further slowdown of overseas economies and a high degree of uncertainty persists about the prospects of the Eurozone debt crisis.
The report noted that these circumstances, including negative effects that could stem from sharp fluctuations in the financial markets are downside risks to the Japanese economy. Constraints of electric power supply is another risk to the outlook, it said.
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European Economics Preview: U.K. GDP, German Ifo Business Confidence Due
Quarterly national accounts from the U.K. and business sentiment from Germany are the major reports due on Wednesday, headlining a busy day for the European economic news.
At 3.30 am ET, Statistics Netherlands is scheduled to release producer confidence survey data. The sentiment is expected to improve to -4.7 in July from -4.8 in June.
At 4.00 am ET, Germany's Ifo business confidence is due. Economists forecast business sentiment to fall to 104.5 from 105.3 in June. At the same time, current assessment and expectations are seen easing to 113 and 96.8, respectively.
The Office for National Statistics is set to publish first estimate for the first quarter U.K. GDP at 4.30 am ET. The economy is forecast to contract 0.2 percent sequentially after falling 0.3 percent in the prior quarter.
Germany is set to hold a long-term debt auction to raise EUR 3 billion. The results are due at 5.30 am ET.
At 6.00 am ET, the Confederation of British Industry is slated to release Industrial Trends survey results for July. The order book balance is seen at -10 percent, up from -11 percent in June.
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European Economics Preview: Germany's GfK Consumer Sentiment Data Due
Consumer confidence from Germany is the major report due on Thursday, headlining a light day for the European economic news.
The market research group GfK is set to publish German consumer sentiment survey results at 2.00 am ET. The forward-looking index is expected to remain at 5.8 in August.
In the meantime, Germany's import prices are due. Economists forecast import prices to rise 1.9 percent annually in June after increasing 2.2 percent in May.
At 3.15 am ET, Sweden's economic tendency survey results are due. The index is seen easing to 98 in July from 98.7 in June.
Statistics Sweden is slated to publish producer prices for June at 3.30 am ET. Producer price inflation is seen at 0.4 percent in June, up from from 0.3 percent in May. Also, Sweden's trade balance and unemployment figures for June are due.
Half an hour later, the European Central Bank is set to release Eurozone M3 money supply for June. M3 money supply is expected to grow at a pace of 2.9 percent annually.
In the meantime, retail sales data from Poland and Italy are due. Italy's retail sales are forecast to drop 0.3 percent month-on-month in May, while Poland's retail sales are expected to rise 9 percent in June.
At 5.10 am ET, Italy's BTP auction results are due. The government plans to offer EUR 1.5 billion to EUR 2.5 billion zero coupon bonds.
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