It may be the middle of a hot summer but there is a lot going on in the financial markets across the globe.

The Bank of England is scheduled to report on its monthly update on industrial activity for Britain at 11:00 GMT. This week's forecast updates from the National Institute of Economic and Social Research (NIESR) will show that global growth is expected to be 3.0% this year, down from their May estimate of 3.2%, an indication that the pace of growth for the world economy has downshifted.

Despite this drop, the overall momentum in Britain will remain steady and the outlook for UK growth in 2015 remains unchanged at 2.5% according to the NIESR monthly report.

Unemployment Holding Steady

In the U.S., yesterday's ADP Employment Report for July came in surprisingly weak. Private payrolls in the U.S. rose only 185,000 last month — the weakest gain in three months while the year to date figures decelerated to roughly 2.3%, the slowest pace in more than a year. The number of jobless claims is usually a leading indicator of what is going on in the economy.

Today's update should point to another modest increase–a gain of 6,000 to a seasonally adjusted 273,000 with most of U.S. employment is in the services sector which is posting strong growth of late offsetting the weak manufacturing sector which is being pulled down by falling energy commodities prices, especially gold and oil which is effecting all international commodity markets.