The week begins with global investors navigating heightened geopolitical tensions, a busy economic calendar and the start of the second-quarter earnings season. Markets will closely monitor developments in the Middle East following renewed US-Iran hostilities, while key inflation and growth data, central bank commentary and corporate earnings are expected to shape market sentiment across major economies.

America: The US will remain the primary focus for global markets as Fed Chairman Kevin Warsh testifies before Congress, with investors looking for fresh clues on the path of interest rates. Key economic releases, including June CPI inflation, retail sales, industrial production, housing data and the Michigan Consumer Sentiment survey, will provide further insight into the strength of the economy. The second-quarter earnings season also gets underway, with major US banks such as JPMorgan, Bank of America, Citigroup, Goldman Sachs and Wells Fargo reporting results

Europe: European markets will focus on the UK's May GDP report, where the economy is expected to return to modest growth after contracting in April. Industrial production, manufacturing output and trade figures will also be closely monitored, alongside speeches from Bank of England Governor Andrew Bailey and Chancellor Rachel Reeves. In the Euro Area, investors will track the final June inflation reading, industrial production and trade data. Political developments in the UK will also attract attention ahead of the expected leadership transition later this month.

Asia-Pacific: China will release a packed slate of economic indicators, including second-quarter GDP, industrial production, retail sales, trade balance, credit growth, unemployment and house prices, providing a comprehensive update on the world's second-largest economy. Elsewhere, India will publish inflation, unemployment and trade data, while Japan will release machinery orders and industrial production figures. Markets will also monitor South Korea's monetary policy decision, Australia's consumer and business confidence reports, Singapore's preliminary second-quarter GDP, Malaysia's GDP and inflation data. 

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