The Week Ahead: A Swift Brexit

If we thought that we had heard the last of Brexit, we could not be more wrong. European councillors are scheduled to meet next week in Brussels to discuss how they should handle Britain’s decision to leave the European Union. Europe wants a swift exit to avoid “unnecessarily prolonged uncertainty”.

Staying in Europe, which more than Britain will be doing, the European Commission will report Consumer Confidence numbers on Wednesday. The mood among consumers in the European Union has been decidedly negative. Last month it came in at -7.3, which was below market expectations.

It will be interesting to hear what Janet Yellen might say about interest rates next week at an ECB central banking conference in Portugal. The Fed chair will speak on a panel that includes Bank of England Governor, Mark Carney, and ECB President Mario Draghi.

Elsewhere in the US, the Department of Labor will report initial jobless claims for June. The number of people who have filed for unemployment benefit has come in below 300,000 for 68 consecutive weeks.

China has a few key numbers that could provide pointers to its successful transition from an export-led to a consumer-focussed economy. These include the latest Non-Manufacturing Purchasing Managers’ Index and the Caixin Manufacturing Purchasing Manufacturing Index.

And finally, the Monetary Authority of Singapore will report the bank lending figures for May next week. These includes Singapore’s three main banks, namely, DBS Group (SGX: D05), OCBC (SGX: O39) and UOB (SGX: U11). There has been a noticeable loss of appetite for loans since the middle of last year. One year ago, loans to the private sector were regularly topping S$600 billion. In April it was S$589 billion.

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