5 Important Developments To Be Followed Next Week

5 important developments to be followed next week have been announced. The US jobs report will be featured on the weekly calendar.

Here are the important developments that you should know before starting the new week.

1- USA Business Report

Non-farm employment report of June, due to be released on Friday, is expected to show 580,000 new jobs added to the economy. This will reduce the unemployment rate from 5.8% to 5.7%. Last week, Fed Chairman Jerome Powell reiterated the central bank's commitment to fostering a "comprehensive and pervasive" recovery in the labor market, saying there was still plenty of time and support needed.

2- US Economy Data

Before Friday's employment report, markets will see data on pending home sales, ADP private sector employment, unemployment benefit claims and ISM manufacturing activity. ISM data may raise the possibility of higher inflation for an extended period, highlighting supply chain problems that drive costs. On the other hand, there are many FED officials on the data agenda. These names include New York Fed Chairman John Williams, Philadelphia Fed Chairman Patrick Harker, Atlanta Fed Chairman Raphael Bostic, Richmond Fed Chairman Thomas Barkin and Fed Vice Chairman Randal.

3- First Half Ends

Global markets are on track to share the second strongest first half since the turn of the century, but forecasting the second half is not easy. US President Joe Biden's $1.2 trillion infrastructure deal will continue to bolster US markets, but other concerns are not yet over. Supply chain challenges raise inflation, making it difficult for large economies to justify additional stimulus.

4- OPEC+ Will Meet

OPEC+ will meet next week to assess the state of the global oil market before the official meeting on Thursday. As the demand outlook continues to recover, an additional production increase decision is expected at the Thursday meeting. Edward Moya, senior market analyst at OANDA, said, "Crude prices rallied on expectations of tight market supply and an improved demand outlook, with OPEC+ likely to decide only a small increase at its meeting on July 1.”

5- Inflation in the Eurozone Will Be Announced

Eurozone will release inflation figures for June on Wednesday. Discussions about increasing price pressures continue. Eurozone inflation surpassed the ECB's (European Central Bank) 2% target in May, but ECB chief economist Philip Lane dismissed the notion that inflation pressures were temporary, citing weak wage growth.       Source: Investing.com