Global economic data and central bank updates drive market focus

The upcoming week features several critical economic data releases and central bank indicators across major global economies.

In Japan, preliminary Q2 GDP growth is expected at 0.5% quarter-on-quarter, which may influence the Bank of Japan's potential for interest rate normalization. Japanese CPI data is also scheduled for release later in the week.

China's economic activity will be under scrutiny with July industrial production, retail sales, and fixed asset investment data expected to highlight the balance between industrial resilience and domestic demand weakness.

In North America, Canadian inflation reports will be monitored for their impact on Bank of Canada interest rate decisions. In the United States, attention will focus on Tuesday's housing starts and Wednesday's release of the FOMC minutes, which are expected to reflect policymaker patience regarding rate adjustments.

In the United Kingdom, the week includes labor force surveys and inflation data, which could impact the Bank of England's future tightening stance.