Australia:

Tue: Consumer confidence (Jul), overseas arrivals/departures (May)

Wed: Building activity (Q2)

Thu: Labour force (June)

International:

Mon: CN — International trade (Jun)

Tue: CN — GDP (Q2), retail sales, industrial production, infrastructure investment (Jun)

           US — CPI (Jun)

Wed: US — Producer prices (Jun), industrial production (Jun)

Thu: US — Retail sales (Jun), house prices (Jul)

Fri: US — Housing starts (Jun), consumer sentiment (Jul)

June jobs and unemployment is the key local data set out this week (Thursday).

The May numbers were slightly softer than expected, but CBA says Australia’s labour market remains in a “good position”.

The bank is forecasting 20,000 new jobs were created in in May, with the unemployment rate parked at 4.1%.

The July consumer confidence figures from the Westpac/Melbourne Institute survey (Tuesday) will capture sentiment post the RBA’s surprise decision not to cut rates last week.

Pessimism has been trumping optimism for some time and that is unlikely to change this time around.

In company news, it’s quarterly production season for the big miners.

Rio Tinto, Evolution Mining (Wednesday), Aloca, Santos, Yancoal (Thursday) and BHP (Friday) are scheduled to deliver quarterly sales and production updates.

Internationally, the calendar is busy, particularly in the US and China.

The most important release is US CPI (Tuesday).

So far there’s been little impact on inflation from the new tariff regime.

The inflationary pulse was surprisingly weak in in May but is expected to have rebounded in June.

However, the real impact of the tariffs — which after all is GST on imports paid for by US consumers — is expected to be still months away.

China has a slew of data out this week, starting with its trade balance later today.

The NBS releases June quarter GDP on Tuesday, with the economy tipped to grow by a slightly faster 5.1% over the year, supported by government and central bank stimulus.

China’s monthly data drop — retail sales, industrial production and fixed asset investment — for June also comes out at the same time.

The US June quarter reporting season also kicks off this week, with the big banks being the star attraction.