Spanish terror attacks still being felt across the globe

The terror attacks in Spain have injected fear across the globe once again. A suspected Islamist militant drove a van into the popular La Ramblas avenue in Barcelona, killing 13 people and injuring 100 more. The perpetrator of the La Ramblas attack is still at-large and the search has now expanded to France for the capture of this fugitive. Police have killed five attackers in Cambrils, a town south of Barcelona, to thwart a separate attack using explosive belts. 

It was a big week last week for the UK economy as we had a raft of high tier data released throughout the week. UK retail sales and the unemployment rate both exceeded market expectations with unemployment reaching a four decade low. However, the Pound was unable to gain any momentum as poor inflation figures hit the wires and lessened the case for a Bank of England rate hike this year. 

Markets open today with focus being on the Jackson Hole Symposium at the tail end of this week starting on Thursday and lasting for three days. Why? Well with no central bank meetings in the month of August, experts will look to the conference where all the heads of the central banks meet, as well as finance ministers to look for indications on the next monetary policy moves.  The limelight will be on ECB president Mario Draghi with many expecting to hear an outline of the possibility of QE tapering from the Eurozone.

Monday

• UK Public Sector Net Borrowing

Tuesday 

• German ZEW Economic Sentiment
• CAD Retail sales

 Wednesday

• US New Home Sales
• Eurozone Manufacturing PMI’s
• Eurozone Services PMI’s

 Thursday

• UK GDP second reading
• Unemployment Claims
• Jackson Hole Symposium – Day 1

 Friday

• US Durable Goods
• Revised University of Michigan Consumer Sentiment
• Jackson Hole Symposium – Day 2