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Analysts at Westpac offer key events risks to be watched out for in the day ahead, as trade headlines and recession fears will continue to remain the underlying drivers amid a holiday-thinned session.

Key Quotes:

“The UK’s huge data week continues with July retail sales. Consensus is for -0.2%mth, 2.3%yr,

The US data calendar is very crowded. Most interest will be in July retail sales, the first guide to Q3 consumer spending after a very strong Q2. Consensus is 0.3%mth total, 0.4%mth for the ‘control group’ which excludes vehicles, gasoline and building materials.

Also due are July industrial production, Aug NAHB housing market sentiment survey, Jun business inventories and Jun capital flows (TIC) data, where transactions by mainland China will be of interest once again.

The Central Bank of Mexico meets and consensus is unchanged though there are a few economists calling a cut. The Norges Bank also holds a policy meeting but is unanimously expected to leave rates unchanged.”