Divergence in terms of rating performance, as highlighted in our most recent This Month In Credit report (see "Facing The Pressure Of Higher Rates"), remains a key theme with most downgrades last week concentrated among lower-rated, speculative-grade issuers. This week, several data releases will give a sense of the overall global economic picture. Chinese growth slowed in second-quarter 2023 while U.S. retail sales (Tuesday) will be watched following a run of recent positive economic data. The yield on the U.K. 10-year gilt is currently at its highest level since early 2008, also bringing Wednesday's CPI numbers sharply into focus. All this will set the backdrop for second-quarter earnings season, which kicks off in earnest this week.