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Key Economic Events In The Holiday-Shortened Week
It may be a holiday shortened week in the US with Thanksgiving and Black Friday sales on deck (some of which may be starting as soon as Wednesday) but there is a lot of macro data to digest in the next few days.
- This morning in Europe and kicking off the week it’s all about the flash November PMI’s where we’ll get the manufacturing, services and composite prints for the Euro area, Germany and France; as reported earlier all of these not only beat but printed at 5 year highs, making one wonder just why is the ECB panicking and about to unleash not only more QE but record negative rates. In the US we’ll also get the flash manufacturing reading, while October existing home sales and the Chicago Fed national activity index is expected.
- We start Tuesday in Japan with the Nikkei flash manufacturing PMI. That’s before we turn over for a busy day of data in Europe with the final Q3 GDP reading due for Germany along with associated trade components and the November IFO survey, while in France business and manufacturing confidence indicators are due out. In the US the bulk of the focus will be on the second reading for Q3 GDP, while the S&P/Case-Shiller house price index print for September, October advanced goods trade balance reading and November prints for consumer confidence and the Richmond Fed manufacturing activity index are due.
- We kickstart Wednesday in Asia where the MNI consumer sentiment print for China is due along with Japan’s Conference Board leading indicator. There’s nothing of note in the European session but its set to be a big afternoon of data in the US. Personal spending and income, the PCE deflator and core, durable and capital goods orders and initial jobless claims data are the early releases before we then get the FHFA house price index, flash services and composite PMI’s, new home sales and finally the University of Michigan consumer sentiment print.
- It’s quiet on Thursday with just Euro area money supply and German consumer confidence reads, while US markets are closed for Thanksgiving. Early Friday morning we see the latest CPI and employment numbers out of Japan, along with Chinese industrial profits data. UK Q3 GDP is the highlight of the European session, while French PPI and consumer spending and Euro area confidence indicators round off the week.
- There’s no data of note in the US session on Friday, but markets will be all about digesting the Black Friday numbers. It’s super quiet for Central Bank speakers with no scheduled events for either the Fed or ECB.
And visually:
Source: DB, BofA
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Place your bets!!!!
Will we see $50 oil or $30 oil. Will home sales beat expectations or fall once again. Maybe there was a run on durable goods, who knows it's seasonally adjusted and it's been warm outside. Oil storage is full so imports may be down, is that good or bad for the trade balance. It is a holiday weekend so consumers may be more confident. Then again they may have seen the price of Turkey this year.
Place your bets, you've always got a chance.
Grab your seats for Black Friday morning, the video streams will be aflowing.
Heh.
"no scheduled events for either the Fed or ECB."
There's an unscheduled fed meeting this morning.
If they don't report it on the MSM it didn't happen. I'm sure the fact they scheduled an extraordinary meeting after market close on Friday has no significance.
YES, WHAT ABOUT THE FEDERAL RESERVE EMERGENCY MEETING TODAY??? Did peolple forget about that over the weekend?
Markets up. And who wouldn't want to be long going into a holiday.
'Black Friday' shopping indeed... Of course, Boobus-Americanus being what he/she is, will dutifully herd into the malls with nary a care in the world, save for a desire to eat and fill other various & sundry hedonistic desires. Shame, but I really hate this time of year now - it finally got to me...
Yeah, what about that "expedited" meeting today? Is that over yet? Has it even started yet? When are we going to know something?
https://scontent-atl3-1.xx.fbcdn.net/hphotos-xfa1/v/t1.0-9/11988268_1015...