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Inflation will be a central focus for global investors, with key reports expected from the US, UK, Canada, and Japan. US inflation data is expected to show an acceleration in June.

After the big bill last week, markets will focused on big tariffs as little clarity has emerged on what will happen as the tariff deadline looms.

Despite rising geopolitical tensions, the global economy showed surprising resilience in early 2025, and inflation continued to normalise.

With US markets closed Friday for the July 4 holiday, the job report for June drops Thursday. Employment growth and wages will be critical for gauging economic momentum and shaping Fed expectations.

Flash PMI data for June will provide an early read on global manufacturing and services, highlighting growth momentum, inflation risks, and potential monetary policy shifts.

The Fed’s interest rate decision, economic projections, and press conference will guide market expectations on US monetary policy in H2.

Preliminary sentiment and inflation data from the US will offer fresh insight into the tariff impact on household confidence and ultimately the Fed’s policy path.

Global manufacturers are navigating a highly challenging environment marked by tariffs, trade conflicts and new alliances, supply chain disruptions, and rising geopolitical tensions.