Key Events This Week: Is Europe About To Snap Key Events This Week: Is Europe About To Snap With the Fed now in their FOMC blackout period (which means any 100bps "leaks" will again have to go through the WSJ) and a lighter US week for data (ex-housing), Jim Reid notes that Q2 US earnings and all things European will be at the forefront of market attention this week with the highlight being the ECB’s likely first rate hike since 2011 on Thursday, while gas flows from Russia after maintenance on the Nord Stream pipeline ends the same day will also be a big focus with the EU expected to detail energy contingency plans the day before. We’ll also get a decision from the BoJ on Thursday too. Global preliminary July PMIs for the US, Japan and key European economies will come out on Friday. Digging into some of these themes in more detail: the ECB meeting on Thursday will likely deliver a 25bps hike, the first rate increase since 2011. DB''s European economists retain their 2% terminal rate forecast but the hiking cycle is expected to be split.