The Global Week Ahead

Written By Francis Kelly

Markets Struggle to Understand Where the US-Iran War is Heading, Funeral for Senator Graham Brings World Leaders to Washington, Fujimori Becomes Peru’s President, and a Big Week for Central Banks and Earnings

July 26 - August 2, 2026

Markets are going into this week struggling to understand the trajectory and future implications of the US-Iran War.  Several new and significant turns have taken place in the last few days that are changing the complexion of the war.  The first being Houthi forces in Yemen, at the behest of Iran, attacked two Saudi oil tankers on July 23rd in the Red Sea with a combination of missiles and drones following a declaration they were imposing a “maritime embargo” on Saudi Arabia overall - which followed a Saudi air attack on Sanaa, Yemen, which appeared to be targeting Iranian military advisors and senior Houthi military leaders.  Overall, more than a dozen ships have been attacked in and around the Red Sea/Hormuz corridor since July 6th.   And in the last 24 hours, Houthis have fired missiles at a Saudi Aramco oil refinery inside Saudi Arabia.

The second event happened Saturday (July 25th) and, for the first time, merged the US-Iran War with the Ukraine War when Ukrainian forces conducted long-range strikes against an Iranian cargo ship and an Iranian naval vessel in the Caspian Sea.  Ukrainian officials said the cargo ship was carrying drone and missile components bound for Iran and that Kyiv considers such cargo "legitimate military targets." Iran's Foreign Ministry summoned Ukraine's chargé d'affaires, calling it a "hostile and criminal act" and that it was done "at Israel's behest to drag Europe into its war."   Iranian Foreign Minister Hossein Amir-Abdollahian has been on calls with Russia's Lavrov and the EU's Kallas about a response, saying it "cannot go unanswered."  This coincided with Ukrainian President Volodymyr Zelenskiy remarking that Kyiv had noted Russia was passing on its satellite observations in the Middle East to Iran to enable it to direct strikes ⁠in the region.

If there is any good news coming out of the US-Iran War, it is that there were no attacks launched by either the US or Iran the last two nights.  It appears this is the result of a new round of negotiations between Iran and Oman from which there are reports of “progress.”

We will continue to monitor the situation closely and will provide updates during the course of the week.  We had several meetings and discussions with regional and local bank presidents in the Midwest this past week.  We came away seeing a significantly heightened sense of anxiety and concern over economic conditions.  The fears are three-fold: 1) the unpredictability of when hostilities might end with Iran which is causing oil prices – especially diesel prices – and spike, 2) Rising risk the Federal Reserve may feel compelled to raise interest rates this week, and 3) President Trump imposing yet another round of tariffs – ranging from 10% to 12.5% - on 60 major trading partners while threatening new 50% tariffs on Canada in retaliation for wildfires burning in Canada.

Washington will see a remarkable and sad event this week: The funeral of Senator Lyndsey Graham (R-SC).  President Trump is scheduled to give the eulogy, and several world leaders are traveling to Washington to attend the service.  Among them are Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Volodymyr Zelenskyy.  Both leaders will meet with Trump separately at the White House.

Zelenskyy is hoping to find a way to revive peace talks with Russia, but for now, Russia does not seem interested in pursuing a new peace track.  Ukrainian long-range drone strikes and missile strikes have been causing considerable damage to Russian military and energy facilities as well as logistical targets (including nine Wildberries facilities – Wildberries is Russia's largest e-commerce platform and considered the Amazon of Russia).

Peru will inaugurate Keiko Fujimori as the country's new president – the country's10th president since 2016 – after winning the race by less than 50,000 votes.  It was Fujimori's fourth presidential bid.  Her win, alongside Abelardo de la Espriella's in Colombia and José Antonio Kast's in Chile, is being read as part of a broader regional shift toward the conservative wing in Latin America — a reversal from the Chávez/Lula-era left tilt.

Looking at the global economic and financial radar screen this week, this will be a particularly busy week.   Three major central bank meetings are taking place alongside a heavy data release schedule and a cascade of corporate earnings reports.

Breaking it down, in the US, the Federal Reserve's Open Market Committee meets this week.  While the Fed is likely to keep rates on hold, there has been a clear rise in market chatter suggesting a possible hike, creating a somewhat jittery market (as alluded to above in our meetings with bank presidents).  We are firmly with the consensus that they will hold.  Also, this week the PCE Index – which is the Fed's preferred measure of inflation – is out Friday.  It comes after the Conference Board's consumer confidence index on Tuesday, Q2 US GDP release on Thursday, and the PCE on Friday.

In Asia, the Bank of Japan meets on Friday on interest rates.  We are in consensus that they are likely to hold rates.   Also out on Friday will be the July Tokyo CPI, June retail sales, labor market data, housing start data, and industrial production figures.  China releases June industrial profits on Monday and July PMIs on Friday. 

Europe also has a busy week.  The Bank of England meets on Thursday to decide on interest rates – also likely to hold.   The German Ifo Survey is out on Monday, and July CPIs for Germany and Spain are out on Thursday and for Italy and France on Friday.  

Finally, the corporate earnings schedule is massive this week, led by several major global tech and financial firms.

Below is our detailed report on major geopolitical and economic events for the coming week:

Sunday, July 26, 2026

Global

  • Nothing significant to report.

Americas

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report

Asia

Political/Social Events –

  • South Korean President Lee Jae Myung will visit the United States, Brazil, Chile, Argentina and Germany through Aug. 3rd.

  • Today the Maldives celebrate Independence Day.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Europe

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Israel Manufacturing Production (May)

  • Saudi Arabia Imports/Exports/Balance of Trade (May)

  • Africa

Political/Social Events –

  • Liberia celebrates Independence Day.

  • The 18th U.S.-Africa Business Summit begins in Mauritius and runs through July 29th.   The theme of the summit is “Advancing New Frontiers in U.S.-Africa Prosperity,” and there is expected to be more than 2,500 participants, including numerous African heads of state, senior US government officials, and CEOs. 

Economic & Financial Reports/Events –

  • Nothing significant to report.

Monday, July 27, 2026

Global

  • The UN Security Council will meet on the situation in Ukraine.

Americas

Political/Social Events –

  • President Trump travels to Michigan to deliver remarks on the economy.

  • The US Senate is likely to hold a procedural vote on Director of National Intelligence nominee Jay Clayton.

  • OpenAI CEO Sam Altman is expected to brief senior Trump Administration officials and members of Congress on the latest AI models.

Economic & Financial Reports/Events –

  • Brazil FGV Consumer Confidence (July)/ BCB Focus Market Readout

  • Mexico Balance of Trade (June)

  • USA Durable Goods Orders (June)/ Durable Goods Orders Ex Transp (June)/ Durable Goods Orders ex Defense (June)/ Non-Defense Goods Orders Ex Air (June)/ Dallas Fed Manufacturing Index (July)

  • Canada BoC Market Participants Survey

  • EARNINGS: Baker Hughs, Whirlpool, Rambus, Nucor

Asia

Political/Social Events –

  • Philippine President Ferdinand Marcos Jr. delivers his annual State of the Nation address to Congress. Over the past year, public discourse across the country has been consumed by the high-stakes impeachment trial of Vice President Sara Duterte, infrastructure corruption scandals, and persistent economic strain.

  • Legislative assembly elections begin in Pakistan-controlled Azad Jammu and Kashmir.

Economic & Financial Reports/Events –

  • The economic surveillance unit AMRO (ASEAN+3 Macroeconomic Research Office) will present its assessment of the region and provide updated growth and inflation forecasts for economies in Southeast Asia as well as China, Hong Kong, Japan and South Korea. It will examine key risks and challenges affecting the regional outlook as the U.S.-Iran war drags on.

  • China’s fashion retailer Shein files for its IPO.

  • Singapore Monetary Policy Statement

  • China Industrial Profits (June)

  • Japan Coincident Index (May)/ Leading Economic Index (May)

  • Hong Kong Imports/Exports/Balance of Trade (June)

  • Pakistan Interest Rate Decision

Europe

Political/Social Events –

  • EU finance ministers meet in Brussels for an ECOFIN budget session.

  • Russian President Vladimir Putin is expected to meet with State Duma (parliament) members to discuss current legislative work

Economic & Financial Reports/Events –

  • Ireland Consumer Confidence (July)

  • Euro Area Loans to Companies (June)/ Loans to Households (June)/ M3 Money Supply (June)

  • Germany Ifo Business Climate (July)/ Ifo Current Conditions (July)/ Ifo Expectations (July)

  • Slovenia Business Confidence (July)

  • Greece Total Credit (June)

  • UK CBI Distributive Trades (July)

  • EARNINGS: LVMH, AstraZeneca, Audi

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Africa

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Tuesday, July 28, 2026

Global

  • The UN Security Council is scheduled to an open debate on the Middle East with particular focus on Palestinian affairs.  Deputy Special Coordinator Ramiz Alakbarov is expected to brief the council, with High Representative of the Board of Peace to Gaza Nickolay Mladenov.

Americas

Political/Social Events –

  • President Donald Trump is set to give a tribute at the funeral service of US Senator Lindsey Graham in Washington at the National Cathedral.

  • President Trump is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in Washington.  Netanyahu is in Washington for the memorial service of the late Senator Lindsey Graham (R-SC).   Interestingly, Israeli opposition leader Yair Lapid will also attend the memorial and meet with US members of Congress while in Washington (The Israeli elections are set for October 27th, the first elections since October 7, 2023).

  • Trump will then meet with Ukrainian President Volodymyr Zelenskyy at the White House (Zelenskyy is also in Washington for the Graham memorial service).

  • Peru’s President-elect Keiko Fujimori is sworn into office after winning June's runoff by fewer than 50,000 votes.  This was Fujimori’s fourth presidential bid. Her inauguration will have a number of right-leaning regional guests including Argentina's President Javier Milei, Chile's President José Antonio Kast, and Panama's President José Raúl Mulino, El Salvador’s Nayib Bukele. And Spanish King Felipe VI is likely to attend, as well. Argentinian President Javier Milei will continue to Brazil, Peru, Ecuador, and Colombia for meetings.

  • IMF Managing Director Kristalina Georgieva will visit Argentina through July 29th.

  • South Dakota holds first-ever runoff in Republican gubernatorial primary runoff. The run-off was triggered by a quirky 1985 state law that states that if no candidate in a governor, U.S. Senate, or U.S. House primary clears 35% of the vote, the top two finishers go to a runoff eight weeks later. South Dakota is the only state with this 35% threshold rule.

  • Special election in Georgia's 13th Congressional District following the death of Representative David Scott (D).

Economic & Financial Reports/Events –

  • The US Federal Reserve Board’s Open Market Committee begins two days of meetings on interest rates.

  • Brazil Current Account (June)/ Foreign Direct Investment (June)/ IPCA mid-month CPI (July)

  • USA ADP Employment Change Weekly/ Goods Trade Balance Adv (June)/ Retail Inventories Ex Autos Adv (June)/ Wholesale Inventories Adv (June)/ Redbook (July/25)/ S&P/Case-Shiller Home Price (May)/ House Price Index (May)/ CB Consumer Confidence (July)/ Richmond Fed Manufacturing Index (July)/ Richmond Fed Manufacturing Shipments Index (July)/ Richmond Fed Services Revenues Index (July)/ Dallas Fed Services Index (July)/ Dallas Fed Services Revenues Index (July)/ Money Supply (June)/ API Crude Oil Stock Change (July/24)

  • Chile Interest Rate Decision

  • EARNINGS: Boeing, UPS, Visa, Ford, Coca-Cola ASM, Mondelez, PayPal, Boeing, Corning, JetBlue, Royal Caribbean, Visa

Asia

Political/Social Events –

  • The China International Game Developers Conference (CGDC) begins in Shanghai and runs through July 30th.

Economic & Financial Reports/Events –

  • Reserve Bank of Australia Michele Bullock speaks at the Anika Foundation Fundraising Lunch in Sydney.

  • South Korea Consumer Confidence (July)

  • Tawain Consumer Confidence (July)

  • Malaysia PPI (June)

  • India Industrial Production (June)/ Manufacturing Production (June)

  • EARNINGS: Singapore Air

Europe

Political/Social Events –

  • There will be an informal meeting of EU Fisheries Ministers through July 29th in Cork, Ireland.

Economic & Financial Reports/Events –

  • UK BRC Shop Price Inflation (July)/ Conventional Gilt

  • France Consumer Confidence (July)/ Unemployment Benefit Claims (June)/ Jobseekers Total (June)

  • Spain Unemployment Rate/ Retail Sales (June)

  • Slovenia Retail Sales (June)

  • EARNINGS: Mercedes, GSK, Barclays, Kering, Air Liquide, Orange, Safran, Essilor Luxottica, Man Group, Unilever, LVMH, Michelin

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Israel Unemployment Rate (June)

  • Kuwait M2 Money Supply (June)/ Private Bank Lending (June)

Africa

Political/Social Events –

Economic & Financial Reports/Events –

  • South Africa Leading Business Cycle Indicator (May)

Wednesday, July 29, 2026

Global

Americas

Political/Social Events –

  • Dr. Anthony Fauci, the former Director of the National Institute of Allergy and Infectious Diseases, testifies before the Senate Homeland Security & Government Affairs Committee. Committee Chairman Rand Paul subpoenaed Fauci last month after Fauci declined to appear voluntarily. The panel plans to question him about whether he lied to Congress during the pandemic about whether his office funded gain-of-function research at the Wuhan Institute of Virology.  Paul has said he wants to ask whether Fauci funded gain-of-function research while telling Congress he hadn't, why certain records were destroyed, and why he sought a presidential pardon. Paul has also claimed declassified documents show Fauci "personally shaped" what the intelligence community told the public about COVID's origins, with 18 agencies relying on his guidance.  Fauci received a preemptive pardon from President Biden covering "certain" past federal conduct tied to his government role. Commentators note that the pardon doesn't protect him from lying now — any false testimony in this hearing would be new conduct outside the pardon's scope — which is part of why this hearing is being watched closely regarding whether he might invoke the Fifth Amendment. 

Economic & Financial Reports/Events –

  • The US Federal Reserve Board’s Open Market Committee concludes two days of meetings and announces its interest rate decision.  Fed Chair Kevin Warsh holds a press conference at 2:00 p.m. ET.

  • Bank of Canada Summary of Deliberations released

  • USA MBA 30-Year Mortgage Rate (July/24)/ MBA Mortgage Applications (July/24)/ MBA Mortgage Market Index (July/24)/ MBA Mortgage Refinance Index (July/24)/ MBA Purchase Index (July/24)/ EIA Crude Oil/Gasoline Stocks Change (July/24)

  • Uruguay Unemployment Rate (June)

  • EARNINGS: Meta, Microsoft, Starbucks, General Dynamics, Qualcomm, SoFi, Boston Scientific, ADP, Humana, Procter & Gamble, Robinhood, Qualcomm

Asia

Political/Social Events –

  • Japan’s newly created Intelligence Bureau begins operations. Japan is standing up its first centralized intelligence apparatus since World War II, replacing the existing Cabinet Intelligence and Research Office (CIRO) with two new bodies: 1.) The National Intelligence Council (NIC) — the top command-and-decision layer, chaired personally by PM Sanae Takaichi, with 10 members.  Its first meeting is set for July 31st, and 2.) The National Intelligence Bureau (NIB) — the operational arm, tasked with gathering, integrating, and analyzing intelligence across government. It'll be led by Kazuya Hara, a former senior police official currently serving as director of Cabinet intelligence. Budget is roughly $407 million, with hiring focused on cybersecurity specialists, software engineers, and liaison officers. Full operations are expected by December.  Prime Minister Sanae Takaichi has framed the launch of the new intelligence service as "a first step" in a broader effort to unwind postwar constitutional restrictions on Japan's security posture, alongside her push for arms-export liberalization. What is driving all this is growing awareness in Japan of increased (and more aggressive) Chinese, Russian, and North Korean activity  - as recently reported in the New York Times that dozens of Russian intelligence operatives have relocated to Japan in recent years to source and reroute sanctioned weapons components.

  • Today, Wallis and Futuna Territory Day is observed, marking the islands’ 1961 transition to a French Overseas Territory.

  • Economic & Financial Reports/Events –

  • Australia Inflation Rate (June)/ RBA Trimmed Mean CPI (June)/ CPI (June)/ Quarterly Inflation Rate/ Quarterly RBA Trimmed Mean CPI/ RBA Weighted Median CPI (June)/

  • Singapore Import/Export Prices (June)/ PPI (June)

  • Japan BoJ JGB Purchase

  • EARNINGS: SK Hynix, Nomura, Arm, CPKC

Europe

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Italy Private Sector Credit (June)/ Industrial Sales (May)

  • Switzerland Economic Sentiment Index (July)

  • UK           BoE Consumer Credit (June)/ Mortgage Approvals (June)/ Mortgage Lending (June)/ M4 Money Supply (June)/ Net Lending to Individuals (June)

  • Greece Unemployment Rate (June)

  • Ireland GDP Growth Rate

  • Russia Unemployment Rate (June)/ Business Confidence (July)/ Corporate Profits (May)/ Real Wage Growth (May)/ Retail Sales (June)

  • Germany Import Prices (June)

  • EARNINGS: Aston Martin, Rio Tinto, Airbus, UBS, Deutsche Bank, Standard Chartered, BASF, Eni, L’Oreal, Airbus, Danone, Hermes, Remy Cointreau, Aberdeen, Aston Martin Lagonda, Glencore, Pirelli, Porsche, Electrolux

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Africa

Political/Social Events –

  • The Mine ENTRA 2026 Conference begins in Bulawayo, Zimbabwe and runs through July 31st.  The conference brings together major mining, engineering, and transport leaders to discuss critical mineral extraction and export flows.

Economic & Financial Reports/Events –

  • South Africa M3 Money Supply (June)/ Private Sector Credit (June)

  • Mozambique Interest Rate Decision

Thursday, July 30, 2026

Global

  • The UN Security Council holds the first straw poll on nominees to be the next Secretary-General.  It is a secret straw poll to determine which candidates have enough support to stay in the race, with the fifteen members currently discussing six candidates. In successive rounds, council members will be asked to indicate for each candidate whether they are "encouraged," "discouraged," or express "no opinion," repeating the process until a clear frontrunner emerges.  There are currently four formal candidates: Michelle Bachelet, Rafael Grossi, Rebeca Grynspan, and Macky Sall. 

Americas

Political/Social Events –

  • The US Senate Judiciary Committee votes on Todd Blanche’s nomination to be Attorney General.

Economic & Financial Reports/Events –

  • Brazil IGP-M Inflation (July)/ Bank Lending (June)/ Unemployment Rate (June)/ Net Payrolls (June)

  • Mexico GDP Growth Rate/ Fiscal Balance (June)

  • Canada Average Weekly Earnings (May)

  • USA PCE Price Index (June)/ GDP Growth Rate Adv/ Personal Income (June)/ Personal Spending (June)/ GDP Price Index Adv/ Initial Jobless Claims (July/25)/ PCE Price Index  (June)/ Continuing Jobless Claims (July/18)/ PCE Price Index (June)/ PCE Prices Adv/ GDP Sales Adv/ Jobless Claims 4-week Average (July/25)/ PCE Prices Adv/ Real Consumer Spending Adv/ Real Personal Spending (June)/ NY Fed Bill Purchases 1 to 4 months/  EIA Natural Gas Stocks Change (July/24)/ 15-Year Mortgage Rate (July/30)/ 30-Year Mortgage Rate (July/30)/ Fed Balance Sheet (July/29)

  • Columbia Business Confidence (June)

  • EARNINGS: Apple, Amazon, Mastercard, Coinbase, Bristol Meyers Squibb, Valero, Altria, Stellantis, Blue Owl, Huntsman, Reddit, Canada Goose, Hershey

Asia

Political/Social Events –

  • The island nation of Vanuatu celebrates its Independence Day.

  • The Gaikindo Indonesia International Auto Show runs through Aug. 9, with a plug-in hybrid electric car announced earlier this year by China's BYD likely to be the highlight of the show. Auto industry players will be watching for hints on whether BYD will become a serious rival to Japanese automakers.

Economic & Financial Reports/Events –

  • Reserve Bank of Australia Assistant Governor Sarah Hunter speaks at the Barrenjoey Economics Forum in Sydney.

  • South Korea Business Confidence (July)

  • Japan Stock Investment by Foreigners (July/25)/ Consumer Confidence (July)

  • New Zealand ANZ Business Confidence (July)

  • Philippines Imports/Exports/Balance of Trade (June)/ PPI (June)

  • Australia Building Permits (June)/ Import/Export Prices/ Private House Approvals (June)/ RBA Hunter Speech

  • Singapore Unemployment Rate

  • Thailand Industrial Production (June)

  • EARNINGS: Fujitsu, Samsung, Panasonic, Keppel

Europe

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • The Bank of England meets on Interest Rates. Additionally, the BoE releases its summary of monetary policy and minutes of the committee meeting.

  • UK Car Production (June)/

  • France GDP Growth Rate/ Household Consumption (June)

  • Romania Unemployment Rate (June)

  • Hungary Balance of Trade (June)/ GDP Growth Rate

  • Slovakia Business Confidence (July)/ Consumer Confidence (July)

  • Spain GDP Growth Rate Flash/ Inflation Rate (July)/ Harmonized Inflation Rate (July)/ Business Confidence (July)

  • Switzerland KOF Leading Indicators (July)

  • Turkey Unemployment Rate (June)/ Economic Confidence Index (July)/ Participation Rate (June)/ MPC Meeting Summary/ Foreign Exchange Reserves (July/24)

  • Germany GDP Growth Rate Flash/ Baden Wuerttemberg CPI (July)/ Bavaria CPI (July)/ Brandenburg CPI (July)/ Hesse CPI (July)/ North Rhine Westphalia CPI (July)/ Saxony CPI (July)/ Inflation Rate (July)/ Harmonized Inflation Rate (July)

  • Italy GDP Growth Rate/ Unemployment Rate (June)/ PPI (June)

  • Euro Area GDP Growth Rate Flash/ Economic Sentiment (July)/ Unemployment Rate (June)/ Consumer Confidence (July)/ Consumer Inflation Expectations (July)/ Industrial Sentiment (July)/ Selling Price Expectations (July)/ Services Sentiment (July)

  • Greece PPI (June)

  • Ireland Harmonized Inflation Rate (July)

  • Ukraine Interest Rate Decision

  • Russia GDP (June)

  • EARNINGS:  Shell, Fujitsu, Samsung, Panasonic Yum! Brands, TataSteel, ArcelorMittal, Societe Generale, British American Tobacco, BAE Systems, Renault, ING, Lloyds Banking Group, Air France-KLM, Heidelberg Materials, Stellantis, Rolls-Royce, Adidas, Prada, BMW, Renault, Sanofi, Schneider Electric, Ferrari, Anglo-America, BAE Systems, Lloyds, London Stock Exchange, Rolls Royce, Prada, Shell

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Saudi Arabia GDP Growth Rate

Africa

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • South Africa PPI (June)

Friday, July 31, 2026

Global

  • Nothing significant to report.

Americas

Political/Social Events –

  • President Trump will hold a cabinet meeting at Camp David.

  • National Governors Association summer meeting begins in Oklahoma City, Oklahoma, and runs through August 1st.

Economic & Financial Reports/Events –

  • Brazil Gross Debt to GDP (June)/ Nominal Budget Balance (June)/ PPI (June)

  • Canada GDP (May)/ GDP (June)/ Budget Balance (May)/ Budget Balance (April)

  • USA Employment Cost - Benefits / Employment Cost - Wages/ Employment Cost Index/ Chicago PMI (July)/ Michigan Consumer Sentiment (July)/ Michigan 5 Year Inflation Expectations (July)/ Michigan Consumer Expectations (July)/ Michigan Current Conditions (July)/ Michigan Inflation Expectations (July)/ Baker Hughes Oil Rig Count (July/31)/ Baker Hughes Total Rigs Count (July/31)

  • Chile Copper Production (June)/ Industrial Production (June)/ Manufacturing Production (June)/ Retail Sales (June)/ Unemployment Rate (June)

  • Columbia Unemployment Rate (June)/ Interest Rate Decision/ Cement Production (June)

  • Uruguay Balance of Trade (June)

  • Peru Inflation Rate (July)

  • EARNINGS: Exxon, Chevron, Colgate-Palmolive, AutoNation, AbbVie, Magna, Moderna

Asia

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • New Zealand ANZ Roy Morgan Consumer Confidence (July)

  • Australia RBA Hunter Speech/ PPI/ Housing Credit (June)/ PPI/ Private Sector Credit (June)/ Cotality Dwelling Prices (July)

  • South Korea Industrial Production (June)/ Retail Sales (June)

  • Japan Unemployment Rate (June)/ Jobs/applications ratio (June)/ Tokyo CPI (July)/ Tokyo CPI Ex Food and Energy (July)/ Industrial Production (June)/ Retail Sales (June)/ BoJ Interest Rate Decision/ BoJ Quarterly Outlook Report/ Housing Starts (June)/ Construction Orders (June)/ BoJ Gov Ueda Speech

  • China NBS Manufacturing PMI (July)/ NBS Non-Manufacturing PMI (July)/ NBS General PMI (July)

  • Singapore Bank Lending (June)/ Business Confidence

  • Malaysia M3 Money Supply (June)

  • Thailand Current Account (June)/ Private Consumption (June)/ Private Investment (June)/ Retail Sales (May)/ Business Confidence (July)

  • Philippines Business Confidence (June)

  • Taiwan DP Growth Rate Adv

  • Hong Kong GDP Growth Rate Adv

  • Sri Lanka Inflation Rate July)

  • India Government Budget Value (June)/ Foreign Exchange Reserves (July/24)/ M3 Money Supply (July/15)

  • EARNINGS: Sony, JERA, Maruti Suzuki

Europe

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  •  Bank of England Chief Economist Huw Pill and BoE Director of Monetary Analysis Fergal Shortall will give a virtual National Agency briefing.

  • Ireland Retail Sales (June)

  • Germany Import Prices (June)/ Unemployed Persons (July)/ Unemployment Change (July)/ Unemployment Rate (July)

  • UK Nationwide Housing Prices (July)

  • Hungary PPI (June)

  • Switzerland Retail Sales (June)

  • France Inflation Rate (July)/ Harmonized Inflation Rate (July)/ PPI (June)

  • Turkey Imports/Exports/Balance of Trade (June)/ Tourism Revenues/ Tourist Arrivals (June)

  • Poland Inflation Rate (July)

  • Italy Business Confidence (July)/ Consumer Confidence (July)/ Inflation Rate (July)/ Harmonized Inflation Rate (July)

  • Spain Current Account (May)

  • Slovenia Harmonized Inflation Rate (July)/ Inflation Rate (August)

  • Euro Area Inflation Rate Flash (July)/ CPI Flash (July)

  • Greece Retail Sales (May)

  • Serbia Balance of Trade (June)/ GDP Growth Rate Flash/ Industrial Production (June)/ Retail Sales (June)

  • Ukraine Current Account (June)

  • EARNINGS: Credit Agricole, EDF, Axa, Engie, Puma, OMV, Pearson, Taylor Wimpey

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Saudi Arabia M3 Money Supply (June)/ Private Bank Lending (June)

Africa

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • South Africa Budget Balance (June)/ Balance of Trade (June)

Saturday, August 1, 2026

Global

  • Denmark assumes the chair of the UN Security Council for the month of August.

Americas

Political/Social Events –

  • The current interim Venezuelan government will begin formal talks with Venezuela’s US-backed opposition.  US Secretary of State Marco Rubio has framed the overall US approach to negotiations and move toward eventual elections as a three-phase plan: political stabilization, economic recovery, transition. However, the devastating late-June earthquakes (5,000+ dead, ~$37bn in damage per UN estimates) have added urgency as reconstruction financing is seen as contingent on political certainty.

  • Complicating the situation further is the fact thatthe opposition itself is split — Dinorah Figuera, who headed the 2015 National Assembly, which is the last assembly formally recognized by the US Government, has pointedly distanced herself from Nobel laureate María Corina Machado, who's running a separate, parallel initiative on the transition question.

  • Guam holds primary elections for the US House of Representatives.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Asia

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • South Korea Imports/Exports/Balance of Trade (July)

  • Sri Lanka Unemployment Rate/ PPI (June)/ Balance of Trade (June)

Europe

Political/Social Events –

  • Today is Switzerland National Day.

Economic & Financial Reports/Events –

  • Russia M2 Money Supply (June)

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Africa

Political/Social Events –

  • Benin celebrates Independence Day.

Economic & Financial Reports/Events –

Kenya Inflation Rate (July)

  • Nigeria Foreign Exchange Reserves (July)

  • Zimbabwe Inflation Rate (July)

Sunday, August 2, 2026

Global

Americas

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Asia

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Europe

Political/Social Events –

  • The full provisions of the EU Artificial Intelligence Act come into force.

North Macedonia celebrates Republic Day.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Middle East

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Africa

Political/Social Events –

  • Nothing significant to report.

Economic & Financial Reports/Events –

  • Nothing significant to report.

Looking at the Weeks (and Months) Ahead

  • July 29: The US Federal Reserve meets on Interest Rates.

  • July 30: The Bank of England meets on Interest Rates.

·       August 7 – Colombian President-elect Abelardo de la Espriella is sworn into office.

·       September 24 – Chinese President Xi Jinping is expected to visit Washington, DC for bilateral meetings with President Trump.

  • October (exact date TBD): Israel holds legislative elections.

  • October 4: Brazil holds general elections.

  • October 12 – 18: The IMF and World Bank Meetings are held in Bangkok, Thailand.

  • October 30 – 31: The G20 Foreign Ministers meeting is held in Atlanta, Georgia.
    November 3: The US Midterm election is to be held.  All 435 members of the US House of Representatives, 1/3 of the US Senate, 36 governors, and 6,000 state legislative seats will be decided.

  • November 9 – 20: The United Nation’s COP31 Conference will be held in Antalya, Turkey.

  • November 18 – 19: The APEC Summit will be held in Shenzhen, China.

  • December 14 – 15: The G20 Leaders’ Summit will be held at the Trump National Doral in Miami, Florida.

Francis Kelly
Next

Financial Regulatory Week Ahead