Upcoming macroeconomic events – July/August 2019

Do you write or edit portfolio manager commentaries? Do you want to stay on top of the macroeconomic events that shape your day-to-day life as a financial services marketer?

If so, here are the big macro events that the ext. team is keeping an eye on over the coming weeks.

  • The European Central Bank (“ECB”) will announce its interest rate decision on July 25. The ECB held its benchmark refinancing rate at 0.00% at its most recent meeting in June, citing concerns about weak inflation and slower global economic growth. At that meeting, the ECB indicated it would not be raising its central interest rate until the second half of 2020 at the earliest. Since then, trade uncertainty, Brexit risks and weakness in the European economy has the ECB considering further stimulus to the European economy, if warranted
  • On July 26, the U.S. will announce its advanced estimate of second quarter gross domestic product (“GDP”) growth. In the second quarter, GDP growth was 3.1%, an improvement over the 2.2% in the fourth quarter of 2018. U.S. GDP may remain relatively strong as personal spending and exports appear robust, which may offset some weakness in business investment
  • The U.S. Federal Reserve Board (“Fed”) will announce its interest rate decision on July 31. On June 19, the Fed kept the target range for its federal funds rate steady at 2.25% to 2.50%. The Fed took a more cautious tone and hinted at a possible rate cut as a result of trade tensions with China and a slowdown in global economic growth. Investors are expecting an interest rate reduction at this meeting
  • Canada’s balance of trade for June will be announced on August 2. Surprisingly, Canada’s trade balance turned positive in May, seeing a surplus of $760 million. This came despite slowing global economic growth and continued trade uncertainty. How trade restrictions from China and slowing demand for some commodities affected Canada’s trade balance will be closely watched by investors
  • On August 9, Canada’s unemployment rate for June will be announced. The unemployment rate rose to 5.5% in June, slightly above the 40-year low of 5.4% reached in May. The unemployment rate rose as employment decreased by 2,000. The Canadian economy has seen a large increase in jobs being added throughout 2019, and is looking for a rebound from the decline in June

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