Next Week

Cross-Discipline Date 14 August 2026 Thematic Research

Next week...this week Galina Pozdnyakova Global growth will be in focus next week with the August flash PMIs due Friday. Research Analyst There will also be inflation and labour market data in the UK, inflation and Q2 GDP reports in Japan, as well as July activity indicators in China. Jim Reid From central banks, the FOMC minutes are due Wednesday and the Riksbank Global Head of Macro and Thematic announces its policy decision on Thursday. Corporate earnings include Research Walmart, Home Depot, Analog Devices and Alibaba. Luke Templeman, CPA Investors will get a read on global growth on Friday when the flash August PMIs Research Analyst are due for economies including the US, UK, Germany, France and Japan. Our US economics team forecast the manufacturing indicator for the country to come in at 54.1, overall unchanged from 53.9 in July, and the services one to decline to 53.8 (54.6).

Other activity indicators in the US will include industrial production on Tuesday, where our economists expect a +0.3% MoM rise in July. Housing data is also due that day, including July housing starts and permits as well as pending home sales.

The focus will also be on the FOMC minutes due Wednesday. In Europe, central bank highlights feature the Riksbank decision on Thursday and the ECB’s July consumer expectations survey due Friday.

The UK will dominate the important European data releases. The focus will be on July inflation on Wednesday, where our UK economists expect headline inflation at 2.92% YoY and core CPI at 2.54%, with services inflation declining to 3.42% and food inflation at 1.49%. See their full preview here. There will also be labour market data on Tuesday and, on Friday, retail sales and the August GfK consumer confidence index. Elsewhere in the region, economic indicators due feature the ZEW survey in Germany on Tuesday and Q2 GDP in Denmark on Thursday.

Key economic data is also due in Japan, including Q2 GDP on Monday and the national CPI on Friday. For the former, our Chief Japan economist expects real GDP to grow at +1.6% QoQ and for the CPI he forecasts core CPI ex. fresh food to rise to 1.8% YoY from 1.6% in June and core-core inflation ex. fresh food and energy to increase to 1.8% (1.7%). See more in his full week-ahead here.

In China, the focus will be on July activity data, including retail sales and industrial production, due Monday. Our economists forecast industrial production growth to ease by 0.4ppt to 4.9% YoY and retail sales growth to soften further to 0.9% YoY from 1.0% in June. See more here.

Rounding out with corporate earnings, the spotlight will be on the US retailers Home Depot (Tuesday), Target, TJX (Wednesday) and Walmart (Thursday) to gauge consumer health. Other names to watch next week include Analog Devices and Deere in the US and Alibaba and Baidu in China.

Deutsche Bank AG IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SEE APPENDIX 1 FOR FURTHER DETAILS.

14 August 2026 Thematic Research

Day-by-day calendar of events Monday August 17 Data: US August Empire manufacturing index, NAHB housing market index, June total net TIC flows, China July retail sales, industrial production, home prices, investment, Japan Q2 GDP, June capacity utilisation, Canada June international securities transactions, July CPI Central banks: ECB’s Lane speaks Earnings: BHP

Tuesday August 18 Data: US August New York Fed services business activity, July industrial production, import price index, export price index, housing starts, building permits, capacity utilisation, pending home sales, UK June average weekly earnings, unemployment rate, July jobless claims change, Germany August Zew survey, Eurozone August Zew survey, Canada July existing home sales, housing starts Central banks: ECB’s Lane speaks Earnings: Home Depot, Baidu

Wednesday August 19 Data: UK July CPI, RPI, PPI, June house price index, Japan June core machine orders, Italy June current account balance, ECB June current account, Eurozone Q2 labour costs Central banks: FOMC minutes, ECB’s Lagarde…