Most of the announcements today come out of both  Europe and the UK, while Australia is set to release its all-important GDP figures.

Europe is releasing a few pieces of data later today. This includes: German Industrial Production, French Trade Balance and Italian Quarterly Unemployment Rate. The Industrial Production data is vital in gauging the strength of the industrial sector in the EU’s largest economy. Trade balance is important as it reflects the change in value between imports and exports. A surplus (or a narrowing of the trade deficit) in the EU’s second largest economy would provide a boost to market confidence as it projects a stronger economy. Unemployment data has suddenly become a lot for crucial for Italy – the EU’s third largest economy, particularly after the referendum on Sunday. The referendum has cast some doubts over the banking sector as the Italian banks are some of the most vulnerable to market shocks in the world. A reduction in the unemployment rate can help provide confidence to markets and also partially offset banking worries.

The UK is also releasing a few pieces of data. This includes: Halifax HPI (House Price Index), Manufacturing Production, Industrial Production and NIESR (National Institute of Economic and Social Research). The HPI data reflects the change in house values, which in turn gives us an indication of the demand in the housing sector. The production figures are vital as they reflect the strength of the respective sectors. These figures are particularly more in focus now, as the UK works through its exit from the EU.

Closer to home and Australia is releasing crucial GDP data. This growth data is important to gauge growth in the Australian economy. Growth is still expected, but by a much smaller margin compared to the last quarter. As global growth remains anaemic and monetary policy remains accommodative, these figures will help determine whether Governments and Central Banks have done enough to promote economic growth.

Elsewhere, Japan is releasing Leading Indicators data, Switzerland is releasing Foreign Currency Reserves figures, Canada is announcing its central bank interest rate and finally, the US is releasing JOLTS Job Openings, Crude Oil Inventories and Consumer Credit figures.