USA: Week Ahead - July 14th.

Next week, developments to US trade policy are set to continue impacting the outlook for global growth and market returns, coinciding with the first busy week of the earnings season and slew of major economic data releases. US President Trump is expected to continue delivering letters to notify countries of new tariff rates, including the EU. In the meantime, major US banks will dominate the earnings calendar with results due from JPMorgan, Bank of America, and Goldman Sachs, among others. Earnings are due from TSMC, J&J, ASML, Netflix, and 3M. On the data front, major releases will be headlined by the US CPI, which is expected to accelerate, while retail sales are set to stagnate. Inflation is also due from the UK, while the spotlight in the Euro Area will be members' trade balances and industrial production. Lastly, China's GDP growth is expected to have remained above the 5% target in Q2, while investors also await their trade balance, monetary aggregates, and July's data dump.