Friday preview: US retail sales, China Q2 GDP in the spotlight

Financial markets' attention will continue to be fixated on the US where a barrage of fresh economic statistics are slated for release.

Foremost among those perhaps, given recession concerns, will be the retail sales report for June.

Barclays Research is expected headline sales to bounce back at a month-on-month pace of 0.8% following the 0.3% dip seen in May.

However, the so-called 'control group' of retail sales, which feeds straight into GDP estimates, is expected to remain soft due to high inflation , "in line with recent consumer spending trend and what Q1 GDP revision suggested."

Some of the other US economic reports that will be published on Friday include a preliminary reading on consumer confidence and inflation expectations for July, as well as import price and industrial production data for June.

Against that backdrop, overnight China's National Bureau of Statistics will publish a raft of key activity indicators covering the month of June.

They will include readings on industrial production, retail sales and fixed asset investment.

Also due out is a report for second quarter gross domestic product in the Asian giant.

As regards the euro area, investors may want to keep an eye out for any policy-relevant remarks from European Central Bank chief, Christine Lagarde, at the G-20 finance ministers and central bank governors meeting.

No major economic reports are scheduled for release in the UK.

In the corporate arena, Citi's second quarter results will be in focus with analysts anticipating earnings per share of $1.67.

Friday 15 July

INTERIM DIVIDEND PAYMENT DATE

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QUARTERLY PAYMENT DATE

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INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (EU) (10:00)

Business Inventories (US) (15:00)

Capacity Utilisation (US) (14:15)

Import and Export Price Indices (US) (13:30)

Industrial Production (US) (14:15)

Retail Sales (US) (13:30)

U. of Michigan Confidence (Prelim) (US) (15:00)

Wholesale Price Index (GER) (07:00)

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