Chinese And European Services PMIs Fell
Aa
Share
Today, the focus is on the Services PMI from multiple economies.
ECB President Lagarde Speaks and Eurogroup Meetings
This morning (2:45 CET) there was one and only speech of the day. the speaker was European Central Bank (ECB) President Christine Lagarde. As head of the ECB, which sets short term interest rates, she has a major influence over the value of the euro.
Services PMI (Nov)
At the beginning of the day data from Asia appeared, followed by data from Europe.
The Japanese Services PMI rose slightly from 50.0 to 50.3.
The Caixin China General Services PMI fell to 46.7 points in November 2022 from 48.4 in October, marking the third straight month of decline. It was also the biggest contraction in the services sector since May, due to Covid containment measures that could impact demand and service activity.
Looking at the PMI results from the European Union, there was a decrease in the main economies of Reginau, and an increase in two others. Growth occurred in Spain and Italy. Spain's services PMI rose to 51.7, above the expected 50.5, and in Italy it rose significantly from 46.4 to 49.5. The German and French Services PMIs fell and were lower than expected. For Germany, the result was only 0.4 lower than the previous one and reached the level of 46.1, while in France there was a greater decrease from 51.7 to 49.3.
Thus, there was a slight decrease in the euro area from 48.6 to 48.5.
In the UK, the Services PMI (Nov) and Composite PMI (Nov) held their previous reading at 48.8 and 48.2 respectively.
The United States will also release data on this indicator today. It is expected that the level will be the same as last time, i.e. 46.1.
Eurogroup Meetings
Today the Eurogroup brings together ministers from the euro area to discuss matters relating to their common currency.
EU Retail Sales (MoM) (Oct)
Retail sales in the European Union fell significantly. The current level of M/M retail sales is -1.8%, down from 0.8%. The level achieved is lower than expected.
ISM Non-Manufacturing PMI (Nov)
U.S. The ISM Non-Manufacturing Purchasing Managers Index (PMI) expects another decline. The last reading was at e54.4, also down from 56.7. The reading is expected to fall to 53.3 this time. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Currently, it remains above 50, but as the data shows, the downward trend continues, i.e. the sector is starting to contract.
BCB Focus Market Readout and RBI MPC Meeting Minutes
Brazil and India publish reports on the state of their economies or expectations. The Focus Market Report provides weekly mean market expectations for inflation over the following month, while The Monetary Policy Meeting Minutes are a detailed record of the Reserve Bank of India's policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
Canada Building Permits (MoM) (Oct)
Canada awaits improvement in the change in the number of new building permits issued by the government. Canada Building Permits MoM is forecast to reach 3.9%, a large increase from the previous reading which was -17.5%. This may mean that the real estate market has improved in the analyzed term.
Summary:
- 1:30 CET Japan Services PMI
- 2:45 CET ECB President Lagarde Speaks
- 2:45 CET Caixin Services PMI (Nov)
- 9:15 CET Spanish Services PMI (Nov)
- 9:45 CET Italian Services PMI (Nov)
- 9:50 CET French Services PMI (Nov)
- 9:55 CET German Services PMI (Nov)
- 10:00 CET EU Services PMI (Nov)
- 10:30 CET Services PMI (Nov)
- 11:00 CET Eurogroup Meetings
- 11:00 CET EU Retail Sales (MoM) (Oct)
- 12:25 CET BCB Focus Market Readout
- 12:30 CET RBI MPC Meeting Minutes
- 14:00 CET Canada Building Permits (MoM) (Oct)
- 15:45 CET Services PMI (Nov)
- 16:00 CET ISM Non-Manufacturing PMI (Nov)
Source: Economic Calendar - Investing.com
