Monday

• Spanish caretaker Prime Minister Pedro Sánchez reveals talks with the anti-establishment Podemos party collapse, signaling repeat autumn elections.

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• Deadly Ebola outbreak in DR Congo reaches the capital Goma as first case is reported.

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• New York’s July business activity rebounds the most in two years as NY Federal Reserve’s Empire state manufacturing survey rises 13 points.

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• Developing market debt rises to an all-time high putting pressure on flagging global economy amid trade tensions.

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• China’s economy grew the slowest in almost 26 years during Q2 with GDP at 6.2%.

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• US fund manager broker commissions for trading and research halves in a decade reflecting a widening of Europe’s Mifid II transparency rules.

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• Ryanair is forced to cut flights and considers closing bases as Boeing's 737 Max crisis continues and delivery of 58 aircraft  gets reduced to 30.

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Tuesday

• The WTO announces many US tariffs on Chinese imports don’t comply with their rules opening possibility of retaliation from Beijing.

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• French environment minister Francois de Rugy resigns on allegations of spending tax payers’ money on lavish entertainment.

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• Mexican president Andrés Manuel López Obrador’s plans to slash Pemex’s tax by $6.7bn seen as ‘unconvincing’ and will not prevent another ratings downgrade.

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• Christine Lagarde submits resignation as MD of the IMF after being nominated as the next European Central Bank chief.

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• Turkey vows to ‘illegally’ drill for gas off the coast of Cyprus, showing defiance against EU sanctions against Ankara.

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• US retail sales grew more than expected at 0.4 % in June exceeding economists’ expectations of 0.1%.

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• German economic sentiment indicators fall significantly.

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• Ursula von der Leyen was approved narrowly as EU president but forced to depend on support from the far-right.

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• UK wage growth jumps to 3.6% in the three months to May, excluding bonuses, as a 44 year unemployment low creates competition to find employees.

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​Wednesday

• US banks reveal mixed results as US interest rate cuts narrow the margins on lending profitability.

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• G7 finance ministers are asked for to $255m to improve financial inclusion in the developing world by increasing access to digital finances.

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• Facebook rejects US demands to delay launching its digital currency for being ‘a threat to users’ privacy, the banking system and national security’.

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• Bank of America is forced to review growth outlook on Q2 results as expectations of a 3% increase in 2019 earnings are cut to 1%.

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• The World Health Organization declares an international emergency over Ebola epidemic in DR Congo.

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• An index of the biggest US rail freight stocks fell 7% after gloomy report showing signs of economic weakness.

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• BHP reduces coal output from assets in Australia in the coming year looking to move from China towards  Japan and Taiwan.

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• London house prices drop 4.4% in the year to May 2019, higher than the 1.7% fall for the year to April.

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• The price carbon credits under the EU’s Emissions Trading Scheme to cut greenhouse gas emissions hits a record €29.27.

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• Renault injects EUR 128m into a JV with Jiangling Motors to gain exposure to the world’s largest electric car market.

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Thursday

• Morgan Stanley reports Q2 revenues of $10.2bn, 3% lower yoy but higher than forecasts of $9.99bn.

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• Japanese exports slump for a seventh month to 6.7% yoy in June, with a large drop in imports taking its trade balance back into surplus.

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• South Africa’s Reserve Bank cut rates by 25 basis points to 6.5% as economy contracts.

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• Bank of America Merrill Lynch survey reveals investors are most bearish since the global financial crisis.

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• Investors are at their most bearish since the global financial crisis, with the trade war and downturn fears topping their list of worries, according to a closely watched survey of fund managers.

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• The Australian dollar climbed as the unemployment rate held steady at 5.2%, according to the Australian Bureau of Statistics.

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• Microsoft beats earnings with revenues topping $1bn as company’s cloud and software businesses soar.

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• Boeing anticipates $5.6bn drop in revenues and earnings after a $4.9bn after-tax charge for the grounding of the 737 Max, compensating airlines and delayed deliveries.

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Friday

• The Federal Reserve Bank of New York clarifies speech by its president amid Wall Street criticism over rate cut “confusion”.

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• The US shot down an Iranian drone in the Strait of Hormuz after getting within 1000 yards of an American warship.

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• Standard Chartered is accused of handling $56.8bn in illegal transactions with Iranian connected entities as whistleblowers bring civil case.

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• Despite rising markets and assets rising to $7tn, Blackrock’s Q2 earnings drop 2% as flows into low-cost passive funds clip revenues.

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• Iran seizes two foreign taking including a UK registered vessel escalating tensions between the two countries.

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• Netflix stocks plunge after it loses 126,000 domestic subscribers and misses global customer growth targets of 2.3 million, the first decline since 2011.

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• The S&P 500 and Nasdaq  both fall more than 1% for the week in their biggest weekly loss since the end of May.

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The week ahead…

• UK - High street Lending, Rightmove HPI m/m.​​ New Prime Minister to be elected with Chancellor Philip Hammond's possible resignation.

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• US – HPI m/m, exisiting home sales, new home sales, durable goods m/m, goods trade balance, prelim wholesale inventories m/m, unemployment claims, durable goods orders m/m, advance GDP index.

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• EU – Spanish unemployment, refinancing rate, ECB rate decision, French consumer spending.​ Eurozone consumer confidence Spanish acting Prime Minister Pedro Sanchez seeks backing to form a government.

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• Asia - Hong Kong: June CPI, imports and exports. Malaysia: June CPI and forex reserves. Taiwan: June exports and industrial production. Thailand: imports, exports and trade balance. Singapore: June CPI and industrial production, jobless rate.