With markets still assessing the path of interest rates after the summer decisions of the major central banks, this week’s releases will offer key evidence on how well advanced and emerging economies are holding up.
Housing and industrial production: a check-up on US growth
In the United States, attention turns as early as Monday, August 17 to the Empire State Manufacturing Index for the current month, a regional gauge from the Federal Reserve Bank of New York that measures the health of manufacturing in the northeastern part of the country and that is followed closely because it often anticipates national trends. The same day also brings the NAHB Housing Market Index, which captures the sentiment of residential homebuilders, while the June TIC flows (Treasury International Capital, the monthly tally of foreign capital moving in and out of US assets) will show how much foreign money is still flowing into American securities.
Tuesday, August 18 brings July housing starts and building permits, along with industrial production and the capacity utilization rate — numbers capable of shifting expectations about the resilience of the American economy and the next moves of the Federal Open Market Committee. On Wednesday, August 19 markets will focus on the release of the minutes of the FOMC meeting held on July 28-29, a document that allows readers to pick up the nuances of the internal debate at the Federal Reserve over the rate path. Thursday, August 20 is the turn of the Philadelphia Fed Index and the July leading indicators, while initial jobless claims will provide a high-frequency update on the labor market.
In Europe, keep an eye on the inflation print
In Europe, and specifically in the euro area, which includes Italy, the calendar will be dominated by inflation and sentiment data. On Tuesday, August 18 the ZEW index of economic sentiment for the eurozone and for Germany will offer an updated reading of financial analysts’ expectations, while the United Kingdom releases its unemployment rate. On Wednesday, August 19 Eurostat publishes the final reading of the July consumer price index for the eurozone, a figure awaited with some anxiety after the preliminary estimates, together with the June current account balance.
The same day the United Kingdom releases its own July consumer price index, a crucial element in assessing the stance of the Bank of England. For Italy specifically there are no top-tier releases scheduled, but the European inflation and trade balance data will have direct consequences for the country, shaping the cost and competitiveness dynamics of Italian companies inside the single market.
How fast is China actually growing?
In Asia the week opens with Chinese data on Monday, August 17: July industrial production, retail sales and fixed asset investment, published by China’s National Bureau of Statistics, will be watched closely to understand whether the world’s second-largest economy is consolidating its recovery or whether signs of weakness persist in domestic demand and in the property sector.
On the same day Japan releases the final reading of June industrial production. Tuesday, August 18 brings Japanese machinery orders, a leading indicator of corporate investment, while on Wednesday, August 19 Bank Indonesia may announce its interest rate decision. Thursday, August 20 is the turn of the Japanese consumer price index for July, an important figure for assessing the evolution of Bank of Japan monetary policy in a context of gradual normalization.
Editor’s note
This article was originally published in Italian on money.it by Redazione Money Premium on August 16, 2026 as «Market movers (17-23 agosto), questi indicatori ci diranno quanto è solida la crescita USA». It has been translated and adapted for an international audience by the Money.it International desk.
