Events to Look Out for Next Week

• Jackson Hole Symposium (Day 2)
• IFO Business Climate, Assessment & Expectations (EUR, GMT 08:00) – The German IFO Business Climate is forecasted to fall to 86.7 in August down from 87.3, with Business expectations a bit optimistic, at 83.7 from 83.5.

• Michigan Sentiment (USD, GMT 14:00) – The revised Michigan Sentiment report is expected to reveal no change to the preliminary headline drop to 71.2 from the 2-year high of 71.6 in July, versus an all-time low of 50.0 in June of 2022, an 88.3 cycle-high in April of 2021, and an early-pandemic bottom of 71.8 in April of 2020. We’ve seen an erratic updraft in the confidence indicators since mid-2022, though all of the measures have deteriorated sharply from mid-2021 peaks. All the surveys face headwinds from elevated mortgage rates, tightening credit conditions, and ongoing recession fears.

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Andria Pichidi

Market Analyst

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