Americas

In the US, Fed Chair Powell’s testimony before Congress will be closely watched for signals on the central bank’s next moves and its economic outlook for the year. Several other Fed officials are also scheduled to speak during the week. On the data front, the spotlight will be on May’s PCE report, durable goods orders, and flash S&P Global PMI surveys. US personal spending is expected to have risen 0.3%, up from 0.2% in April, while income growth likely slowed to 0.4% from April’s 0.8% surge. Core PCE prices are forecast to have increased 0.1%, matching the prior month. Durable goods orders are projected to rebound sharply by 4.5% in May after a steep 6.3% decline—the largest drop since January 2024. The PMIs are expected to indicate slower growth in both manufacturing and services as trade uncertainty lingers. Additional US releases include existing, new, and pending home sales; the Case-Shiller home price index; CB consumer confidence; Q1 current account data; advance estimates of goods trade and wholesale inventories; and the final estimates of both Q1 GDP and the University of Michigan consumer sentiment index. Elsewhere in America, Canada will report May inflation and GDP data, Mexico will release trade and unemployment figures, and Brazil will post labor market data. The Bank of Mexico will also meet to decide on monetary policy.

Europe

In Europe, investors will closely monitor flash PMIs for the major economies, with expectations that Eurozone manufacturing contraction will ease further toward neutral, and the services sector will return to expansion. In Germany, sentiment is seen improving, with the GfK Consumer Climate Indicator forecast to rise for a fourth straight month and the Ifo Business Climate to reach a 12-month high, marking its sixth monthly gain. Inflation data from France and Spain will also be key; Spain’s annual CPI is expected to hold steady at 2%, in line with the ECB’s target, while French prices are forecast to rise 0.2% from the prior month. In the UK, attention turns to final Q1 GDP, CBI industrial trends and distributive trades surveys, and the current account, alongside PMI figures. Additional data includes Eurozone car registrations, business sentiment, and consumer and business indicators from Turkey, France, Italy, and Spain, along with French unemployment figures.

Asia and Australia

In China, the Standing Committee of the National People’s Congress will meet from June 24 to 27. Policymakers are expected to deliberate on anti-competition laws, as well as potential responses to new US tariffs and rising geopolitical tensions. On the data front, industrial profits are due. In Japan, investors will watch for key economic indicators including flash PMIs, retail sales, the unemployment rate, Tokyo’s inflation figures, and the Bank of Japan’s Summary of Opinions, which may offer further insight into the central bank’s policy outlook. In Australia, the focus will be on the monthly CPI Indicator. Elsewhere in the region, it will be interesting to follow flash PMIs for India; inflation for Singapore and Malaysia; and the interest rate decision from the Bank of Thailand.