USA: Week Ahead - Jul 13th.

A busy week for global markets will feature the start of the earnings season, commonly dominated by the largest US banks, in addition to Netflix, J&J, and UnitedHealth. Meanwhile, Fed Chairman Warsh may elaborate on potential Fed overhauls during his testimony to Congress after his task forces were assembled. Earnings and policy signals will come alongside the June CPI report, which will unveil whether the pullback in oil prices was transmitted to consumers. The calendar also includes the UMich consumer confidence index, trade terms, and housing data. Across the Atlantic, the UK will release its May GDP report and join the Eurozone in posting industrial production. China's data dump will include its Q2 GDP, trade balance, and monetary aggregates together with industrial production, retail sales, unemployment, and housing prices. In Japan, machine orders are featured. Among Asian earnings, results from TSMC will be another catalyst for volatility in global chip producer stocks.