Next week will see a blast of key indicators in Europe, saving the best - or worst - for last with Friday's bank stress test results expected to spell more doom and gloom for struggling Italian lenders. And in Asia, the Bank of Japan will release its latest economic outlook as central bankers discuss monetary policy.
On Monday, Germany's Ifo Institute releases its July gauge of business sentiment in Europe's largest economy; Credit Suisse economists expect the figure to slip to 102 from 103.1 in June. The U.K.'s Confederation of Business Industry will also report on July business optimism.
Wednesday will see the release of the latest consumer confidence readings for Germany, France and Italy (which also reports on business confidence). And in the euro area as a whole, M3 money-supply for June is projected by Trading Economics to grow by 5.0%, an up tick from 4.9% in May.
Also watch out for the U.K.'s first estimate of second-quarter GDP growth, expected to come in flat or slightly below last quarter's 0.4% rate. Growth slowed in the first quarter as declines in industrial production, construction and agriculture overshadowed an increase in services output.
On Thursday, look out for a slight decrease in euro-area economic sentiment, which Credit Suisse economists see slipping to 103.8 in June from 104.4 in May.
The U.K. publishes June mortgage approvals on Friday, with most bets on a drop to 65,500 from 67,040 in May.
Friday is also the day of reckoning for European lenders when the London-based European Banking Authority releases its stress test results after markets close.
Report cards will be issued on some 43 banks representing about 70% of banking assets in the region.
All the big players - HSBC(HSBC) - Get Report , BNP Paribas (BNPQY) , Deutsche Bank(DB) - Get Report and Commerzbank (CRZBY) - will be included, with the main focus on capital holes that need plugging at Italy's UniCredit (UNCFF) and Monte dei Paschi (BMDPF) .
The stress tests come amid ongoing talks between the Italian government and the European Commission on using state funds to shore up capital at lenders weighed down by €360 billion ($396.6 billion) in non-performing loans.
Several European lenders are also due to report results: Deutsche Bank on Wednesday, Lloyds Banking Group(LYG) - Get Report on Thursday and Monte dei Paschi on Friday, the same day as the stress-test results.
Earnings are also due out from Royal Philips(PHG) - Get Report on Monday; luxury goods company LVMH (LVMHF) on Tuesday; drug makers GlaxoSmithKline(GSK) - Get Report and AstraZeneca(AZN) - Get Report on Wednesday, and Thursday, respectively; French retailer Carrefour (CRRFY) , German car maker Volkswagen (VLKAY) and U.K. drinks giant Diageo(DEO) - Get Report on Thursday; and from Budweiser maker AB InBev(BUD) - Get Report on Friday.
There should also be news next week on Deutsche Boerse's (DBOEF) agreed merger with London Stock Exchange Group (LDNXF) , following Tuesday's deadline for Deutsche Boerse investors to tender their shares. As of Wednesday, July 20, some 55.45% of shares had been tendered, still shy of the recently lowered 60% threshold.
In Japan, all the action happens on Friday, when the Bank of Japan is due to release its July outlook for economic activity and prices as the country's central bankers gather to talk about monetary policy.