Following China's data deluge overnight, it is a quiet start to the week with no notable data due in Europea while in the US, the sole release is the NAHB housing market index for October which as we reported earlier soared to the highest level in 10 years on "hopes" for future sales.
German PPI is the highlight of another quiet start in the morning session on Tuesday, while across the pond in the US we’ll get September housing starts and building permits data. We start in Japan on Wednesday where we are due to get September trade data, including export and import numbers.
In the UK we’ll get public sector net borrowing data, while there’s little data to note of in the US on Wednesday.
There’s more to look forward to on Thursday however. We start in France with manufacturing and business confidence readings. That’s before we get the latest September UK retail sales data, shortly followed by the ECB rate decision. Over in the US on Thursday we’ll get existing home sales, initial jobless claims, conference board leading index, Chicago Fed national activity index and finally the Kansas City Fed manufacturing activity index.
We close out the week in Japan where we’ll get the conference board leading index and flash October manufacturing PMI. In China we are due to get September property prices data. It’s flash PMI day in Europe too on Friday with the manufacturing, services and composite readings due for the Euro area, Germany and France. Over in the US, we’ll also get first wind of the flash October manufacturing PMI.
Fedspeak wise, we’ve got Lacker due to speak today (with Q&A expected), followed by Dudley and Powell on Tuesday. With data and Fedspeak fairly thin this week, as already discussed corporate earnings are set to be a big focus for markets with 25% of the S&P 500 due to report.
The notable reporters this week are IBM and Morgan Stanley today, Verizon on Tuesday, General Motors, Ebay, Coca-Cola and Boeing on Wednesday, Amazon, AT&T, Caterpillar and Microsoft on Thursday and American Airlines and Proctor & Gamble on Friday. In Europe we will see the likes of Daimler, Credit Suisse, Volvo and Iberdrola report.
The key US events summarized courtesy of BofA:
[18]
Source: DB and BofA