The Week Ahead – Déjà vu?

The U.S. Central Command confirming in the last hour a new round of strikes against Iran, something President Trump warned would probably happen earlier today while at the NATO summit in Ankara.

Hello and welcome to the week ahead on Nomura Podcasts.

I'm your host, Andrew Tysas from our global markets research team.

And today's Friday, the 10th of July.

Well, it's deja vu all over again this week.

That's a fabulous quote attributed to Yogi Berra with hostilities returning to the Middle East and the focus back on the Strait of Hormuz.

Iranian forces hit several ships.

President Trump said the ceasefire was likely over and the US unleashed several rounds of strikes in response.

Now the oil prices spiked and bond yields have moved higher as markets price in a higher inflation outlook and increased risk of central bank rate hikes.

But equity markets have held in pretty well as we put this podcast to bed and credit spreads have moved only a fraction wider.

And we've seen pretty contained moves in FX markets too.

Over the coming week, we'll need to keep an eye on unfolding developments there.

But we also have some important economic data being released and a couple of central bank meetings to watch out for too.

So this week, we'll check in with Rushia Sharma in New York.

I want to get his take on coming US CPI and retail sales data, his latest thoughts on the Fed and the coming Bank of Canada policy meeting.

George Buckley from Nomura's London-based research team will also be along, and we'll be discussing the latest interesting twists and turns in UK and French politics, along with some coming data in Europe.

And then in China, Harry Zhang from Nomura's research team in Hong Kong will be with us to preview the key coming monthly activity data, Q2 GDP, and the outlook beyond.

Enough there to keep us busy, I think, so let's dive in.