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In Australia, the focus will be on consumer price inflation data for the June quarter with the CPI out on Wednesday, and the Producer Price Index out later today.

Here’s how the NAB explained the sharp improvement last month.

Attention switches to the US and China this week, especially bank earnings in America with two majors to reveal second quarter numbers that will impact market sentiment that has turned fragile.

As we said, so far it’s been a fairly gentle slowdown in Australia with none of the brutal job shedding seem in the US or off the cliff crashes in demand and output.