RPT-GLOBAL ECONOMY WEEKAHEAD-Charting a path to "normalisation"

Mon Jul 14, 2014 2:00am EDT
 
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(Repeats story that ran on Sunday, with no changes)

* Yellen speech to Congress to gives clues to rate hike timing

* Bank of Canada seen on hold at 1 pct by economists

* China to show 7.4 pct GDP growth for 2nd qtr, tweak policy

* Contagion from Portugal another worry for ECB's Draghi

By Robin Emmott

BRUSSELS, July 13 (Reuters) - Investors shift focus this coming week from trouble spots such as Portugal's biggest listed bank to a marathon testimony by the U.S. Fed chair that could help chart a global path towards post-crisis "normalisation".

Concerns about losses associated with the founding family of Banco Espirito Santo had threatened to rattle euro zone markets, but by Friday traders had decided that BES was unlikely to disrupt Portugal's financial system or revive broader worries about the bloc's weaker economies.

In any case, Janet Yellen's two-day appearance in the U.S. Congress from Tuesday will dominate global markets, which want above all to know how long the Federal Reserve will leave interest rates low after an unprecedented period of cheap money since the financial crisis.   Continued...