It will be a fairly busy day in terms of potentially market-moving news.
In Europe focus will be on the German ZEW indicator for July. We expect a slight improvement and would especially focus on the expectations sub-index, which we expect to have increased - indicating a slight pick-up in German growth.
In Britain Bank of England governor Mark Carney will be questioned in the British parliament. Market focus will be on whether Carney will give any hints about possible monetary tightening from the BoE as UK growth continues to pick up.
In the US the Empire Manufacturing PMI will give us an early indication of the strength of the continued recovery in the US manufacturing sector. The consensus expectation is for a slight setback in July from June.
This afternoon Federal Reserve chair Janet Yellen will be speaking before the Senate Banking Committee. No major new 'message' from Yellen is expected.
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