If you thought the latest US GDP numbers were bad, then the next set of unemployment figures should make your toes curl.
It is reckoned that the number of people who are unemployed remains stubbornly hight at 10.5%. Any reduction in the level of unemployment could be short-lived as the surge in the number of people infected with COVID-19 might force another shutdown in parts of America.
At the other end of the spectrum, China’s manufacturing sector could still be in expansion mode in July after flirting with a brief contraction in April. The Caixin General Services Index is also expected to show a third consecutive month of strong growth.
Central banks are expected to be another focus of attention. The Reserve Bank of India is the only main bank that has room to cut interest rates. It unexpectedly lowered its benchmark repurchase rate by 0.4% to 4% in May. But kept the rate unchanged in June. Its next move could be to lower it by 0.25% at the next meeting.