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  • New Zealand had a rate increase (and a signal that there would now be a pause in the tightening cycle). Meanwhile Bank of England governor Carney may have signalled a forthcoming rate increase (as ever, his comments could be interpreted in several ways).
  • Japan's export data for June was weak, falling over the course of the year for the second month in a row. It was not exports to China that were to blame (they rose) but exports to the rest of Asia and to the US.
  • Chinese manufacturing sentiment picked up in the flash PMI reading. We have similar data from France, Germany and the flash estimate of the Euro area as a whole due. Markets expect continued Franco-German divergence, but the pace of the French contraction to slow.
  • The US offers company reports (which get equity analysts excited, but then equity analysts are easily excited), but relatively little macroeconomic information. There is the Maarkit PMI (which tends to be overshadowed by the ISM) and the Kansas City Fed index of business sentiment.
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