Next week promises a mix of geopolitical developments and significant economic data releases. Starting July 1, Ukraine is expected to enforce stricter mobilization measures, a response to the ongoing conflict with Russia. On the same day, Hungary will assume the rotating presidency of the Council of the European Union.
From July 2 to 6, Chinese President Xi Jinping will embark on a diplomatic tour, which includes attending the Shanghai Cooperation Organisation (SCO) summit on July 3 and 4, alongside Russian President Vladimir Putin. This summit will be a key event for regional cooperation and global diplomacy, with discussions likely to focus on security, economic collaboration and political alliances. In the United Kingdom, the general election is also scheduled for Thursday.
The week will also see the release of several important economic data sets. Investors and analysts will closely watch the Japanese consumer confidence figure. From Europe, the UK housing prices, the German and Swiss consumer price indexes and the EU's unemployment rate will be in focus. Additionally, the United States trade balance figures and the minutes from the Federal Open Market Committee (FOMC) will provide insights into the US economy's health and future monetary policy. Other key data releases from the US include the US underemployment rate, which will further inform market expectations.
