Global Economy Week Ahead: Jackson Hole Gathering, Eurozone PMI, Japan CPI

Pedestrians walked past stores in the Shibuya district of Tokyo in March. Japan’s core consumer price index is expected to show a decline for a fifth straight month in July. ENLARGE
Pedestrians walked past stores in the Shibuya district of Tokyo in March. Japan’s core consumer price index is expected to show a decline for a fifth straight month in July. Photo: Kiyoshi Ota/Bloomberg News

Indicators from major economies are likely to affect the moods of central bankers set to return from vacation and possibly adjust monetary policy in the U.S., eurozone and Japan in the weeks ahead. In the U.S., Federal Reserve Chairwoman Janet Yellen will speak at a high-profile retreat, and data on home sales are due. Europe is releasing business surveys, and Japan will publish inflation figures.

TUESDAY: In Europe, business surveys will help show how euro economies are holding up after the U.K.’s vote to exit the European Union. The survey of eurozone purchasing managers, published by data firm IHS Markit, INFO 0.19 % could influence policy makers at the European Central Bank before their meeting on Sept. 8. A manufacturers survey in Britain may show the impact of the Brexit vote in the U.K. In Brazil, the central bank will release data broadly measuring the country’s foreign transactions. Brazil’s current-account deficit has been narrowing, thanks to a weakened currency and a recession, which boosted exports and curbed imports over the past year. Experts expect the trend to continue despite a slight recent strengthening of the currency. Investors will also be watching the impeachment trial of President Dilma Rousseff.

WEDNESDAY: Existing U.S. home sales rose in June to the fastest pace in nearly a decade, buoyed by low mortgage rates and an improving economy. But for July, seasonally adjusted existing-home sales likely dropped by 0.4%, according to a WSJ survey of economists.

THURSDAY: Economists and central bankers gather in Jackson Hole, Wyo., for a symposium that extends into Saturday. Ms. Yellen’s Friday speech could offer signs of whether the Fed sees enough economic momentum to support raising interest rates in September or the coming months.

FRIDAY: Japan releases inflation data for July. The figures, to be released Thursday night EDT, are likely to show the core consumer price index fell for a fifth straight month, raising expectations that the Bank of Japan 8301 0.56 % will ease monetary policy again in coming months as it tries to reach its 2% inflation target. A survey of economists forecasts that the core CPI, which strips out fresh food, fell 0.4% on year in July.


WSJ.com: US Business

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