Absolutely. Yeah. Thanks very much. Aiste. After another complex week for financial markets with the inflation growth trade-off squarely front and centre of the macro debate, most notably in the UK. A topic that we discuss in much more detail in this week's blog. The data calendar for next week is fairly light on top tier global economic releases, but there are a couple of things we'll be watching closely, nonetheless.

Firstly, after the release of the PMI data for Europe at the end of this week, showing some disappointing slowing activity across the region but notably further fragility in German manufacturing and a surprise drop in French services PMIs. Next week reaches its conclusion with the release of the Eurozone for Flash CPI estimate for June. Now, expectations are for a tick higher in the core CPI measure to 5.4% year on year. In itself, this is likely enough to confirm or deliver upon the governing council's forward guidance of 25 basis point hike in July. Either way, the inflation release next week will focus markets attention on the inflation growth dynamic and likely upon the prospect or probability of the ECB tightening cycle, continuing beyond the summer recess. Amid what appears to be a deepening global downturn.

Then secondly, the data focus will spread globally next week with some clear focal points. Australian CPI to start the week will focus markets attention on the length of the post pause hiking cycle that's likely in Australia. German IFO for June will be keenly watched for signs of a pulse in German industry after a very disappointing Flash PMI data this week. China PMI data will be closely watched for signs of economic stabilization, albeit at rates of growth that are significantly higher than developed markets at the current juncture, especially against the backdrop of disappointed stimulus expectations in China. Now to close the week US PCE data will be key for still elevated market rate hike expectations in the US. And by still high global correlation. To close the week US PCE data will be key for still elevated market rate hike expectations in the US and by still high global correlations at the DM rate curves in general.

Then finally next week starts with the annual ECB Forum on Central banking in Sintra. Now, earlier this year, I was lucky enough to play golf in the stunning Sintra Mountains. This year's delegation, global central bankers likely face significantly narrower fairways, unpredictable winds, and deeper bunkers than I may have in a metaphorical sense of course. At a very complicated growth in the inflation juncture in the global economy. The testimony and debate of global central bankers will be very keenly watched. The closing panel with Powell, Ueda, Bailey and Lagarde, that will be a very important barometer of monetary sentiment from key developed market central bankers in both absolute and relative terms and is critical viewing for the global macro participants.