In the upcoming holiday-shortened week, there are several key data highlights to look out for. The US retail sales report will be released tomorrow, followed by the UK CPI on Wednesday, and Japanese inflation and global flash PMIs on Friday. Central bank meetings are also scheduled in Australia, UK, Switzerland, and Norway this week, along with additional meetings in emerging markets. Fed and ECB officials will also be making speeches throughout the week.

The focus in the US will be on tomorrow’s retail sales report, with economists expecting a decent increase in retail control compared to last month. This data will provide insights into the strength of the US consumer, especially after a recent dip in consumer sentiment. Additionally, initial jobless claims on Thursday will be closely watched, with some economists predicting a rise due to seasonal factors related to the end of the school year.

In Asian markets, equities are struggling at the start of the week, with most major indices trading lower. China’s retail sales rose in May, exceeding expectations, but other economic indicators like industrial output and new home prices fell short of forecasts. The real estate crisis in China continues to weigh on investment in fixed assets, with new home prices experiencing their 11th consecutive decline.

Looking ahead at the week’s calendar, there are several key data releases and central bank meetings scheduled. In the US, the retail sales report on Tuesday and the Philly Fed manufacturing index on Thursday will be important indicators of economic health. Fed officials will also be speaking throughout the week, providing insights into the central bank’s stance on monetary policy.

Overall, the week ahead promises to be eventful with a mix of economic data releases, central bank meetings, and market developments. Investors and analysts will be closely monitoring the various reports and speeches for signs of economic strength and potential policy changes. Stay tuned for more updates on the global economy and financial markets as the week unfolds.