Americas

In the US, earnings results by Nvidia will take the spotlight as a benchmark for artificial intelligence demand for investors across the globe. The chip-designing giant, which has the world's largest market cap with a 31% jump this year, is expected to deliver a 47% surge in profits and update guidance on chip demand, datacenter needs, and the impact of trade curbs between the US and China. Meanwhile, the Personal Income and Outlays July report will headline the week on the economic front. Personal income is expected to grow by 0.4% and personal spending is set to rise 0.5%, while both headline and core PCE price indexes should increase by 0.3%. This will be preluded by the second estimate of the Q2 GDP, with the first estimate pointing to a 3% annualized rebound. In turn, durable goods orders are expected to contract 4%, although aggregates excluding transportation are set to remain steady. On the housing front, upcoming releases include new home sales, the S&P/Case Schiller price index, and pending home sales. Additionally, The CB consumer confidence index and final reading of the Michigan consumer confidence index will form the schedule for leading indicators, while the Chicago Fed, Chicago PMI, and Dallas Fed activity indexes will feature regional surveys. In Canada, markets await the second quarter GDP and current account for the impact of the trade war with the US. Elsewhere, Mexico will post its trade balance and join Brazil in updating its unemployment rate.

Europe

In Europe, attention will turn to the ECB's July meeting accounts, which are expected to give hints on whether the central bank has ended its easing cycle after eight cuts in the past year lowered borrowing costs to their weakest since 2022. On the data front, inflation figures from the region's largest economies will be closely watched. Germany's CPI is forecast to tick higher to 2.1%, Spain's to 2.8%, while Italy (1.7%) and France (1%) are seen unchanged. German sentiment gauges will also be in focus: the GfK consumer climate may edge higher from a four-month low, but the Ifo business climate is expected to slip to a three-month trough. Labor data are set to show Germany's unemployment rate steady at 6.3%, with jobless numbers nearing three million, while retail sales likely extended gains for a second month. Across the Euro Area, investors will parse business surveys and car registrations, while France reports jobless claims. Elsewhere, Switzerland releases Q2 GDP and KOF leading indicators, and Turkey updates unemployment data. In the UK, a quieter week is ahead with only the CBI distributive trades survey and Nationwide housing prices.

Asia Pacific

In China, investors will watch and official PMI readings for the latest gauge of the world's second-largest economy, while industrial profits could indicate the impact of capacity cuts on margins. Japan faces a busy week of economic releases, including industrial production, retail sales, unemployment, consumer confidence, and Tokyo inflation. In India, attention will center on second-quarter GDP, alongside industrial production, and government budget updates. Australia's focus will be on the Reserve Bank of Australia's policy meeting minutes, with expectations building for a rate cut next month. Key data releases will also include the monthly CPI indicator and capital expenditure figures. Elsewhere in the region, central banks in South Korea and the Philippines are expected to keep interest rates unchanged. Singapore will publish its latest inflation report, while Hong Kong, Thailand, and the Philippines will release new trade figures.