The US inflation report will take centre stage consumer inflation remains far above the Fed’s target and household purchasing power is eroding gradually, an important political feature ahead of this year’s mid-term elections.

The US labour market will take centre stage, culminating in the July employment report on Friday with JOLTS and ADP data earlier in the week.

Earnings season will remain the main focus, with Microsoft, Meta, Apple and Amazon reporting Q2 results.

A decade ago, the idea of detecting cancer from a blood sample, mapping a tumour's genetic profile, or designing a personalised therapy with the help of artificial intelligence sounded futuristic. Today, these advances are moving into clinical practice.

Earnings will stay on top of the agenda, with several industrials and energy companies reporting.

June was marked by resilient but narrower global growth, still-elevated price pressures and a renewed focus on energy risk. Global PMIs remained consistent with expansion, but supply-chain tensions and geopolitical uncertainty persisted after the partial reopening of the Strait of Hormuz.

The global cycle is still catching its breath. World PMI edged up only marginally in June, still consistent with instant growth close to 2.5% in Q2.

We move US nominal duration back to neutral after the front-end overweight implemented last month. The main reason is the first FOMC meeting under Kevin Warsh and the market reaction that followed.