After a week full of macroeconomic and headline news (and blooper) fireworks, it’s a fairly quiet start to the week today, with the usual post-payrolls lull in the US with the labour market conditions index and consumer credit data the only releases due.
Tuesday starts in Japan where we’ll get the final revisions to Q3 GDP, while there’s important data out of China with the latest trade numbers. In the European session French trade data and business sentiment is due, while in the UK we’ll get the latest industrial and manufacturing production data, while the preliminary Q3 GDP report for the Euro area is the highlight shortly after. Over in the US the NFIB small business optimism reading, JOLTS job openings and IBD/TIPP economic optimism prints are due.
Kicking off Wednesday will be China where the CPI and PPI prints are due. German trade data follows this before we get US wholesale inventories and trade sales later in the afternoon.
In Europe on Thursday the highlights are the latest French CPI numbers as well the industrial and manufacturing production prints, while UK trade data is also expected shortly before the BoE rate decision at midday. In the US we’ll get the import price index, initial jobless claims print and Monthly Budget Statement.
It looks set to be a reasonably busy end to the week on Friday. German CPI and UK construction output highlight the morning data. That’s before we get the latest retail sales numbers out of the US in the afternoon, along with PPI, business inventories and the University of Michigan consumer sentiment print. There’s alot less Fedspeak for us to keep an eye on as we approach the next FOMC meeting with just Bullard scheduled to speak again this evening. The BoJ’s Kuroda, speaking tomorrow could be worth looking out for.
The key US events, summarized in one table:
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Source: DB, BofA
