The Global Week Ahead
The US-Iran Further War Escalates, ASEAN Foreign Ministers Meet, Britain Gets a New Prime Minister as IMF Issues Warning, Lebanon’s President Travels to Meet Trump, Trump’s Tariffs Set to Expire, and the ECB and PBoC Meet on Interest Rates
July 19 - 26, 2026
Fighting between the US and Iran is likely to further escalate in the coming week as the fragile cease-fire brokered last month is declared “functionally dead." Iranian Supreme Leader Mojtaba Khamenei said Sunday that President Trump’s signature on the Memorandum of Understanding (MOU) was ‘worthless and unreliable.” And an Iranian Foreign Ministry spokesman said Iran has “no plans for negotiations.”
US attacks on Iranian military positions and infrastructure significantly ramped up this weekend following an Iranian attack on a US base in Jordan, killing three US servicemen, and the killing of a US serviceman in Northern Iraq by an Iranian drone. Iranian missile and drone strikes have also hit US sites in Kuwait, Bahrain, and Oman.
At this point, Iran’s rhetorical posture is now uniformly rejectionist across the Supreme Leader's office, Iran's negotiating team, and the Iranian Foreign Ministry — a marked shift from the ambiguity and disunity heard in early July. The best bet for a return to a ceasefire and a possible return to the negotiating table is via Omani and Pakistani diplomatic efforts. Still, for now, those efforts are falling on deaf ears in Tehran.
Adding to tensions in the region, the Saudi-Houthi truce that has been in effect since 2022 may now be breaking down, threatening a second war front in the Gulf region. The truce began unraveling on July 13th when air strikes by Yemen's internationally recognized government (seen as being backed and assisted by Saudi Arabia) blocked an Iranian aircraft carrying a Houthis delegation, which included Iranian military experts, from landing in Sanaa, Yemen, which is under control of the Houthis. The Houthis retaliated by firing missiles at the Abha International Airport in Saudi Arabia.
Markets will also be watching Lebanese President Joseph Aoun's visit to Washington to meet with President Trump. This is Aoun's first face-to-face with Trump, his first White House trip as President, and the first visit by a Lebanese head of state in nearly two decades — the last presidential-level meeting was Sleiman-Obama in 2009.
The White House is hoping to bolster Aoun's efforts to help de-escalate Israeli-Hezbollah fighting in southern Lebanon and begin moving on a plan to disarm Hezbollah fighters (something Hezbollah leaders adamantly refuse to do). The Trump-Aoun meeting could also result in an announcement of new investment funding to help rebuild the beleaguered country following years of war.
Meanwhile, ASEAN foreign ministers will be gathering in Manila, the Philippines, this week. Joining them will be US Secretary of State Marco Rubio, Chinese Foreign Minister Wang Yi, Russian Foreign Minister Sergey Lavrov, and the foreign ministers of Australia, Canada, Japan, and the UK. The meeting will focus on hammering out a South China Sea code of conduct to cool tensions among China, Vietnam, and the Philippines.
But the real action may be on the sidelines as markets will be watching for any bilateral meetings between Rubio and Wang or between Rubio and Lavrov to discuss Ukraine peace talks. Additionally, Rubio and the foreign ministers of Japan, India, and Australia will hold a Quad meeting to discuss security issues of mutual concern.
In London, Andy Burnham will formally become the UK's new prime minister, the seventh prime minister the country has had since 2016. Burham is facing a host of economic challenges that were made tougher this week by the IMF warning against raising the top income tax rate, as it assesses that this will further hurt the economy. Burnham is seeking a way to offset rising energy costs in the wake of the Iran War.
Back here in Washington, the Trump Administration's 10% Section 122 tariffs are set to expire later this week. The President put these tariffs in place to replace the tariffs struck down by the US Supreme Court earlier this year. Trump cannot renew the tariffs – only the US Congress can do that – but he can effectively do so by raising the rate to 15%, something he has said he intends to do. The rationale for the higher rates, according to the Office of the US Trade Representative, is that they will be human rights violations in more than 50 countries (see below for the full list of countries targeted). Also this week, Brazil gets its own, separate Section 301 25% tariffs imposed by President Trump.
Turning the global economic and financial radar screen, the big events this week will be the European Central Bank (ECB) meeting on rates and the People's Bank of China's decision on rates.
While the ECB meeting will dominate European market news, a few other important reports will be released this week. The UK releases labor figures on Tuesday and June CPI numbers on Wednesday. And the July ZEW surveys for Germany are out on Tuesday.
In Asia, aside from the PBoC interest rate announcement, Japan's trade balance is released on Wednesday, and the June CPI is released on Friday.
Here in the US, initial jobless claims are released on Thursday, and flash PMIs and new home sales are released on Friday. And Canada's June CPI is out on Monday, and May retail sales data on Wednesday.
Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:
Sunday, July 19, 2026
Global
· The World Cup Championship is played in New Jersey.
· Talks to develop rules on deep-sea mining continue at the International Seabed Authority in Kingston, Jamaica through July 24th.
Americas
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· The Philippines will host the 59th Association of Southeast Asian Nations Foreign Ministers' Meeting and related meetings in Manila through July 24th.
· Thailand’s Prime Minister Anutin Charnvirakul begins a two-day visit to Beijing, China.
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 –
· Nothing significant to report.
Africa
Political/Social Events –
· The Economic Community of West African States will hold the bloc's 69th Ordinary Summit of heads of state and government in Sierra Leone.
· São Tomé and Principe hold presidential elections.
Economic & Financial Reports/Events –
· Nothing significant to report.
Monday, July 20, 2026
Global
· The UN Security Council is expected to hold a briefing on Haiti, followed by consultations.
Americas
Political/Social Events –
· Today is Independence Day in Colombia, a national holiday. Outgoing Colombian President Gustavo Petro is expected to give a national speech calling for the mobilization supporters in opposition to the incoming government.
· The United States and Mexico will hold the third round of bilateral talks on the U.S.-Mexico-Canada Agreement review.
Economic & Financial Reports/Events –
· The US Federal Reserve Board is in a Quiet Period in advance of next week’s Federal Open Market Committee (FMOC) meetings.
· Canada Inflation Rate (June)/ CPI Common (June)/ CPI Median (June)/ CPI Trimmed-Mean (June)/ CFIB Business Barometer (July)
· USA CB Leading Index (June)/ NY Fed Bill Purchases 1 to 4 months
· Argentina Balance of Trade (June)
· Brazil BCB Focus Market Readout
· EARNINGS: Dominos, Zions Bank
Asia
Political/Social Events –
· Australia will host Exercise Pitch Black, military drills involving 20 countries, through Aug. 7.
· Today is Marine Day in Japan. Financial markets are closed.
Economic & Financial Reports/Events –
· New Zealand Imports/Exports/Balance of Trade (June)
· China Loan Prime Rate 1Y/ Loan Prime Rate 5Y (July)
· Malaysia Imports/Exports/Balance of Trade (June)
· India Infrastructure Output (June)
Europe
Political/Social Events –
· Andy Burnham is set to be sworn in as the UK’s new Prime Minister, becoming the country’s seventh premier since the 2016 Brexit vote. He will enter 10 Downing Street after meeting with King Charles. Burnham takes office just as the IMF issued a warning that the UK cannot boost public spending, something the new Prime Minister to do to deal with the energy shock caused by the Iran War.
· European Commission President Ursula von der Leyen meets with Mario Draghi on competitiveness in Brussels. The meeting is a follow-up to Draghi’s landmark report last year detailing how and why the EU needs to streamline regulation and slash red tape.
· Romania's Parliament will hold an extraordinary session on legislation tied to the country's EU recovery funds, during which President Nicusor Dan aims to have a new government sworn in.
· There will be an informal of EU Competitiveness Ministers (Research and Innovation) through July 21st in Brussels.
· A delegation of EU Members of Parliament from the Economic and Monetary Affairs Committee will be in Washington D.C. this week to discuss the global economic and the geopolitical outlook, the US political agenda, and developments in the fields of banking and finance. They will meet members of the House of Representatives, officials from the Treasury, the IMF, the Securities and Exchange Commission, and the Commodities and Futures Exchange Commission. MEPs will also meet with representatives from think tanks and civil society organizations.
· The Farnborough International Airshow begins in Hampshire, England, with investors watching for major aircraft deals
Economic & Financial Reports/Events –
· Germany PPI (June)
· Poland Corporate Sector Wages (June)/Employment Growth (June)/ Industrial Production (June)/ PPI (June)
· Euro Area Construction Output (May)
· Turkey Central Government Debt (June)
· EARNINGS: Ryanair
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Saudi Arabia Real Estate Price Index Q2
· Jordon Industrial Production (May)/ Inflation Rate (June)
Africa
Political/Social Events –
· The African Union Commission’s Joint 9th Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration begins in Abidjan, Ivory Coast. Concurrently, the 5th STC on Trade, Tourism, Industry and Minerals runs through July 24th — this is the AU's main finance-and-trade ministerial track, relevant for AfCFTA implementation and critical minerals positioning.
Economic & Financial Reports/Events –
· Nothing significant to report.
Tuesday, July 21, 2026
Global
· The UN Security Council is expected to hold a briefing on the Middle East (Syria), followed by consultations.
Americas
Political/Social Events –
· Lebanese President Joseph Aoun is set to meet with U.S. President Donald Trump in Washington, D.C. This is Aoun’s first face-to-face with Trump, his first White House trip as president, and the first visit by a Lebanese head of state in nearly two decades — the last presidential-level meeting was Sleiman-Obama in 2009. The White House is hoping to advance the June 26 framework agreement with Israel, with talks focusing on Israeli troop withdrawal and extending Lebanese state authority in the south. The meeting comes one week after the US, Israel, and Lebanese negotiators met in Rome where they agreed on a "pilot zones" arrangement. The White House is also hoping to publicly give Aoun US backing to strengthen his position at home, where Hezbollah rejects both the framework and disarmament. Aoun himself has called the framework "not ideal" but reflective of the balance of power and says he expects positive outcomes. Markets should watch to see if a withdrawal timeline is set for Hezbollah forces and any significant financing commitments for reconstruction of Lebanon.
· US Defense Secretary Pete Hegseth and the Joint Chiefs of Staff are scheduled to testify before the US Senate Appropriations Committee on the Administration’s requested $80 billion request for Iran War operations. The hearing will likely spill over into hard questions about war authorization from Congress (or the lack thereof), the status of the blockade of the Strait of Hormuz, and the impact of Iran strikes on Gulf States and US military facilities based there.
· The US Intelligence Committee is expected to vote on the nomination of Jay Clayton to be the next Director of National Intelligence. A full Senate vote could come by the end of the week.
· Arizona holds a primary elections.
Economic & Financial Reports/Events –
· Bank of England Executive Director for Financial Stability, Strategy, and Risk Nathanael Benjamin speak at the OMFIF Conference in London.
· Mexico Retail Sales (May)
· USA ADP Employment Change Weekly/ Redbook (July)/18/API Crude Oil/Gasoline Stock Change (July/17)
· Columbia Imports/Balance of Trade (May)/ SE Economic Activity (May)
· Argentina Leading Indicator (June)
· Costa Rica Balance of Trade (June)
· EARNINGS: Halliburton, Ally, Danaher, Charles Schwab, 3M, General Motors, MSCI, Alaska Air, EQT, CapitalOne, Equifax, Hasbro, Marsh & McClennan, Northrup Grumman, Novartis
Asia
Political/Social Events –
· The 59th ASEAN foreign ministers begins and runs through July 24th in Manila, the Philippines. The meeting will also see the foreign ministers of the U.S., China, Russia, Japan, Australia, Canada and the U.K in attendance as special guests. The agenda will cover the South China Sea Code of Conduct, which the Philippines hopes to see finalized but probably will not happen as many countries – especially China – have fundamental differences over what the deal should look like. Beijing has proposed banning joint military drills with countries outside Southeast Asia and restricting oil and gas exploration to intra-regional partnerships — poison pills for the Philippines and Vietnam. Other agenda items include an informal consultation on a Five-Point Consensus on what to do with Myanmar, and energy security and the Iran War economic impact on the region. On the sidelines of the meeting, a Quad (US/Japan/Australia/India) foreign ministers meeting with take place from the 20th to the 21st and a subsequent ministerial meeting to take place in Australia. Markets will be watching closely for any bilateral meeting between US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi as well as how Russian Foreign Minister Sergey Lavrov is received at the meeting.
· The Japanese Diet goes into an extended session in an effort to pass the secondary capital bill which would authorize the building of a backup city capable of assuming core government functions in the event of a major disaster. The bill is also designed to decentralize economic activity in and around Tokyo. Opposition parties have attacked the bill as biased toward the cities of Osaka and Ishin.
· Today is Liberation Day in Guam, a national holiday.
Economic & Financial Reports/Events –
· New Zealand Inflation Rate Q2
· Tawain Export Orders (June)
· Hong Kong Inflation Rate (June)
Europe
Political/Social Events –
· Members of the European Parliament from the Foreign Affairs Committee will travel to Beijing and Shanghai to discuss critical issues including Russia’s war against Ukraine, human rights, security challenges in the Indo-Pacific, and China's influence on supply chains. MEPs will raise other matters of common interest including multilateralism, climate diplomacy, and the international governance of AI. They will meet with, among others, Foreign Minister Wang Yi, and the leadership and foreign affairs committee of the National People's Congress.
· Today is National Day in Belgium, marking the date in 1831 when Leopold of Saxe-Coburg-Saalfeld took the oath as the first King of the Belgians.
Economic & Financial Reports/Events –
· Switzerland Balance of Trade (June)
· UK Unemployment Rate (May)/ Average Earnings incl. Bonus (3Mo/Yr) (May)/ Employment Change (May)/ Average Earnings excl. Bonus (3Mo/Yr) (May)/ Claimant Count Change (June)/ HMRC Payrolls Change (June)/ Public Sector Net Borrowing Ex Banks (June)
· Greece Current Account (May)
· Spain Balance of Trade (May)
· Euro Area ZEW Economic Sentiment Index (July)
· Germany ZEW Economic Sentiment Index (July)/ ZEW Current Conditions (July)
· Hungary Deposit Interest Rate (July)/ Interest Rate Decision
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
Africa
Political/Social Events –
· The US-Africa Energy Forum begins in Houston, Texas and runs through July 22nd.
Economic & Financial Reports/Events –
· Nigeria Interest Rate Decision
Wednesday, July 22, 2026
Global
· The UN Security Council will hold an open debate on the maintenance of international security: Natural resource governance: The foundation of peace, security and prosperity. The Secretary-General is expected to deliver remarks.
Americas
Political/Social Events –
· A status hearing is scheduled for former Venezuelan President Nicolás Maduro in his US narcoterrorism and drug trafficking case.
· US Section 301 tariffs on Brazil imports set at 25% go into effect.
Economic & Financial Reports/Events –
· USA MBA 30-Year Mortgage Rate (July/17)/ MBA Mortgage Applications (July/17)/ MBA Mortgage Market Index (July/17)/MBA Mortgage Refinance Index (July/17)/ MBA Purchase Index (July/17)/ EIA Crude Oil/Gasoline Stocks Change (July/17)
· Argentina Economic Activity (May)
· EARNINGS: AT&T, GE Verona, Philip Morris, Pulte Group, Moody’s, Tesla, Alphabet, IBM, Texas Instruments, Kinder Morgan, Crown Castle, CSX, Chubb, Raymond James, Rogers Communications (CAN)
Asia
Political/Social Events –
· A delegation of the Democratic Progressive Party (DPP) of Taiwan is scheduled to travel to Washington, D.C. to meet with US government officials and members of Congress and leading think tanks. They will be in the US through July 26th. The delegation is led by Tsai Chi-chang who previously served as Commissioner of the Chinese Professional Baseball League. He will throw out the first pitch at the New York Mets game against the Los Angeles Dodgers and also meet with Major League Baseball Commissioner Rob Manfred in New York.
Economic & Financial Reports/Events –
· South Korea PPI (June)
· Japan Imports/Exports/Balance of Trade (June)
· Australia Westpac Leading Index (June)
· Sri Lanka Interest Rate Decision
· New Zealand Credit Card Spending (June)/ Global Dairy Trade Price Index (July/21)
· Indonesia Interest Rate Decision/ Deposit Facility Rate (July)/ Lending Facility Rate (July)/ Loan Growth (June)/ Retail Sales (June)
· Tawain Unemployment Rate (June)
Europe
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· The European Central Bank begins two days of monetary policy meetings to decide Interest Rates.
· The European Commission’s provisional deadline for a decision on Paramount Skydance’s proposed acquisition of Warner Bros Discovery.
· UK Inflation Rate (June)/ PPI Output (June)/ PPI Input (June)/ Retail Price Index (June)
· Turkey Business Confidence (July)/ Capacity Utilization (July)
· Poland Business Confidence (July)/ Consumer Confidence (July)/ M3 Money Supply (June)/Retail Sales (June)
· Ireland Wholesale Prices (June)
· Russia Industrial Production (June)/ PPI (June)
· EARNINGS: Alstom (FRA), AkzoNobel, Dassault Aviation, Moncler, Mulberry, Reach, ServiceNow, Banco Santander, Schindler
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Lebanon Inflation Rate (June)
· Israel Inflation Expectations (July)
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· South Africa Inflation Rate (June)/ Retail Sales (May)
· Ghana Interest Rate Decision
Thursday, July 23, 2026
Global
· The UN Security Council will hold an open debate on the maintenance of international peace and security [SCR 2788 – peaceful settlement of disputes]. UN Secretary-General António Guterres is expected to deliver remarks.
· Candidates to be the next UN Secretary-General participate in a town hall at the UN General Assembly in New York. The candidates include former President of Chile and UN High Commissioner for Human Rights Michelle Bachelet Jeria, Former President of the UN General Assembly María Fernanda Espinosa Garcés (Ecuador), Rafael Mariano Grossi (Argentina):, the current Director General of the International Atomic Energy Agency (IAEA), Rebeca Grynspan Mayufis (Costa Rica), Former Vice President of Costa Rica and Secretary-General of the UN Trade and Development, Carolyn Rodrigues Birkett (Guyana), the current Permanent Representative of Guyana to the UN, and Macky Sall (Senegal), Former President of Senegal.
Americas
Political/Social Events –
· The Office of the US Trade Representative holds a hearing to review which countries will be eligible for the 2027 renewal of the African Growth and Opportunity Act trade pact.
Economic & Financial Reports/Events –
· El Salvador Balance of Trade (June)
· Mexico Economic Activity (May)/ Mid-month Inflation Rate (July)
· Canada Retail Sales Ex Autos (May)/ Retail Sales (May)/ Retail Sales (June)
· USA Chicago Fed National Activity Index (June)/ Initial Jobless Claims (July/18)/ Continuing Jobless Claims (July/11)/ Jobless Claims 4-week Average (July/18)/ EIA Natural Gas Stocks Change (July/17)/ 15-Year Mortgage Rate (July/23)/ 30-Year Mortgage Rate (July/23)/ Fed Balance Sheet (July/22)
· Argentina Consumer Confidence (July)/ Retail Sales (May)
· Paraguay Interest Rate Decision/ PPI (June)
· EARNINGS: American Airlines, Huntington Bank, Freeport McMaRon, Blackstone, Lockheed Martin, CEMEX, Tractor Supply, Intel, Newmont, Sallie Mae
Asia
Political/Social Events –
· The Shanghai Cooperation Organization (SCO) Council of Foreign Ministers is set to take place in Cholpon-Ata, Kyrgyzstan through July 24th. The meeting will finalize the agenda and review documents for the upcoming SCO Council of Heads of State Summit taking place in Bishkek, Kyrgyzstan, from August 31st to September 1st.
· The Wiki Finance Expo, billed as one of the biggest fintech events in Asia, kicks off in Hong Kong. The two-day conference is expected to attract over 12,000 attendees to hear hundreds of speakers and exhibitors talk about cryptocurrencies and other financial innovations.
Economic & Financial Reports/Events –
· South Korea GDP Growth Rate Adv Q2
· Australia Employment Change (June)/ Full Time Employment Chg (June)/ Unemployment Rate (June)/ Part Time Employment Chg (June)/ Participation Rate (June)
· Indonesia M2 Money Supply (June)
· Japan BoJ JGB Purchase
· Singapore Inflation Rate (June)
· Philippines Budget Balance (June)
· Tawain Industrial Production (June)/ Retail Sales (June)/ M2 Money Supply (June)
· China FDI (YTD) (June)
Europe
Political/Social Events –
· The EU’s extension of the cap on Russian oil prices expires unless renewed.
· There will be an informal meeting of EU Environmental Ministers through July 24th in Brussels.
Economic & Financial Reports/Events –
· The European Central Bank concludes two days of monetary policy meetings to decide Interest Rates. European Central Bank President Christine Lagarde will hold a press conference.
· Euro Area New Car Registrations (June)/ Deposit Facility Rate/ Consumer Confidence Flash (July)
· France Business Confidence (July)/ Business Climate Indicator (July)
· Turkey Consumer Confidence (July)/ TCMB Interest Rate Decision/ Overnight Borrowing Rate (July)/ Overnight Lending Rate (July)/ Foreign Exchange Reserves (July/17)
· Poland Unemployment Rate (June)
· UK Conventional Gilt/ CBI Business Optimism Index Q3/ CBI Industrial Trends Orders (July)
· EARNINGS: Nokia, BNP Paribas, Dassault Systemes, Carrefour, TotalEnergies (FRA), Unicredit (ITALY), Thales, T-Mobile, Roche, Nestlé, Kuehne+Nagel, Morgan Sindell, Heathrow, , Getlink, Centrica, Carrefour
Middle East
Political/Social Events –
· Egypt will observe Revolution Day.
Economic & Financial Reports/Events –
· Nothing significant to report.
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· South Africa Building Permits (May)/Interest Rate Decision/ Prime Overdraft Rate
Friday, July 24, 2026
Global
· The International Criminal Court members vote on whether to dismiss prosecutor Karim Khan for alleged sexual misconduct, which he denies.
Americas
Political/Social Events –
· President Trump’s latest trade tariffs – set at 10% under Section 122 of the Trade Act of 1974 (which he implemented after the Supreme Court in February struck down the use of the International Emergency Economic Powers Act (IEEPA) – are set to expire. Only the US Congress can extend it. However, the tariffs can effectively be renewed by the President if he puts in new tariffs at a15% rate, which he has previously stated he intends to do. The US Trade Representative’s Office has been building the rationale for the new, higher rate under a forced-labor rationale, holding hearings earlier this month. The USTR announced they are focused on 54 countries which include: Algeria, Angola, Argentina, Australia, the Bahamas, Bahrain, Bangladesh, Brazil, Cambodia, Chile, China, Colombia, Costa Rica, Dominican Republic, Egypt, El Salvador, Guatemala, Guyana, Honduras, Hong Kong, India, Iraq, Israel, Japan, Jordan, Kazakhstan, Kuwait, Libya, Malaysia, Morocco, New Zealand, Nicaragua, Nigeria, Norway, Oman, Peru, the Philippines, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sri Lanka, Switzerland, Taiwan, Thailand, Trinidad and Tobago, Türkiye, UAE, UK, Uruguay, Venezuela, and Vietnam. Six others — Canada, Ecuador, the EU, Indonesia, Mexico, and Pakistan — have import prohibitions in their laws but were found by USTR to have failed to enforce them
· The Rim of the Pacific (RIMPAC) military exercise begins off the coast of Hawaii. The three-month long military training event is the world’s largest maritime warfare exercise involves more than 30 surface ships, five submarines, 140 aircraft and more than 25,000 personnel from 31 different countries.
· President Donald Trump attends the rescheduled White House Correspondents’ Association dinner in Washington, D.C.
Economic & Financial Reports/Events –
· Brazil FGV Consumer Confidence (July)
· Mexico Unemployment Rate (June)
· USA Building Permits (June)/ S&P Global Composite PMI Flash (July)/ S&P Global Manufacturing PMI Flash (July)/ S&P Global Services PMI Flash (July)/ New Home Sales (June)/ Kansas Fed Composite Index (July)/ Kansas Fed Manufacturing Index (July)/ Baker Hughes Oil Rig Count (July/24)/ Baker Hughes Total Rigs Count (July/24)
· Canada New Housing Price Index (June)/ Manufacturing Sales (June)/ PPI (June)/ Raw Materials Prices (June)/Wholesale Sales (June)
· Chile PPI (June)
· EARNINGS: Verizon, Charter Communications, American Express, Verizon, the Hartford Financial, , SLB, NextEra Energy, Booz Allen, HCA Healthcare, CN Railway (CAN)
Asia
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Australia S&P Global Manufacturing PMI Flash (July)/ S&P Global Services PMI Flash (July)/ S&P Global Composite PMI Flash (July)
· Japan Inflation Rate (June)/ Inflation Rate Ex-Food and Energy (June)/Stock Investment by Foreigners (July/18)/ S&P Global Manufacturing PMI Flash (July)/ S&P Global Services PMI Flash (July)/ S&P Global Composite PMI Flash (July)
· Singapore URA Property Index Q2/ Industrial Production (June)
· Thailand Imports/Exports/Balance of Trade (June)/New Car Sales (June)
· Malaysia Coincident Index (May)/ Leading Index (May)
· India HSBC Composite PMI Flash (July)/ HSBC Manufacturing PMI Flash (July)/ HSBC Services PMI Flash (July)/ Bank Loan Growth (July/10)/ Deposit Growth (July/10)/ Foreign Exchange Reserves (July/17)/M3 Money Supply (June/30)
Europe
Political/Social Events –
· The Scottish city of Edinburgh institutes a visitor’s levy, taxing anyone visiting the city. City Councilors hope to raise more than £150 million annually from it.
Economic & Financial Reports/Events –
· European Central Bank Chief Economist Philip R. Lane participates in an on-stage conversation at the MacGill Summer School 2026 in Donegal, Ireland
· UK Gfk Consumer Confidence (July)/ Retail Sales (June)/ Retail Sales ex Fuel (June)/ S&P Global Manufacturing PMI Flash (July)/S&P Global Services PMI Flash (July)/ DMP 1Y CPI Expectations (July)/ DMP 3M Output Price Expectations (July)/ S&P Global Composite PMI Flash (July)
· Germany GfK Consumer Confidence AUG/ S&P Global Manufacturing PMI Flash (July)/ S&P Global Composite PMI Flash (July)/ S&P Global Services PMI Flash (July)
· Hungary Unemployment Rate (June)
· Kazakhstan Interest Rate Decision
· Spain PPI (June)
· France S&P Global Composite PMI Flash (July)/ S&P Global Manufacturing PMI Flash (July)/ S&P Global Services PMI Flash (July)
· Euro Area S&P Global Composite PMI Flash (July)/ S&P Global Manufacturing PMI Flash (July)/S&P Global Services PMI Flash (July)/ ECB Consumer Inflation Expectations (June)/ ECB Lane Speech
· Russia Interest Rate Decision/CBR Press Conference
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 –
· Ethiopia Inflation Rate (June)
Saturday, July 25, 2026
Global
· Nothing significant to report.
Americas
Political/Social Events –
· Argentina's President Javier Milei will travel to Brasilia, Brazil to attend the launch of right-wing Flavio Bolsonaro's presidential campaign. Milei then will to Lima, Peru to attend the July 28th inauguration of President-elect Keiko Fujimori. From there he will go to Ecuador to see President Daniel Noboa going to Colombia to attend the August 7th inauguration in Colombia of President-elect Abelardo De La Espriella.
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 –
· 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 –
· Nothing significant to report.
Africa
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Nothing significant to report.
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 –
· Today is Independence Day in the Maldives.
Economic & Financial Reports/Events –
· Nothing significant to report.
Europe
Political/Social Events –
Russia celebrates Navy Day. Normally, there is a big parade in St. Petersburg but for the second year in a row, it has been cancelled because Ukrainian drone forces are capable of striking the city and the parade without Russian military forces being able to defend adequately against them.
The 113th Tour de France cycling race concludes today with the 21st and final stage ending up in Paris.
Economic & Financial Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Nothing significant to report.
Economic & Financial Reports/Events –
· Saudi Arabia Imports/Exports/Balance of Trade (May)
· Israel Manufacturing Production (May)
Africa
Political/Social Events –
· Mauritius will host the U.S.-Africa Business Summit through July 29.
· Today is Independence Day in Liberia, a national holiday.
Economic & Financial Reports/Events –
· Nothing significant to report.
Looking at the Weeks (and Months) Ahead
· July 28: Keiko Fujimori is inaugurated President of Peru.
· July 29: The US Federal Reserve meets on Interest Rates.
· July 30: The Bank of England meets on Interest Rates.
· August 27 – 29: The 2026 Jackson Hole Economic Policy Symposium will be held in Jackson Hole, Wyoming.
· September 12 – 13: The 18th BRICS Summit will be held in New Delphi, India.
· September 18 – 20: Russia legislative (Duma) elections are to be held.
· September 31 – August 1: G20 Finance Ministers and Central Bank Governors meeting in Ashville, North Carolina.
· September 22 – 29: The UN General Assembly is held in New York.
· 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 are held. All 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.