In India Headline Inflation Is Expected To Ease | How Quickly Growth Is Slowing In Europe
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US
After a round of soft inflation data triggered a buy-everything relief rally, Wall Street will focus on Fed speak and a plethora of data points that might show the economy remains resilient. The key economic readings include manufacturing activity, retail sales, and housing data.
There will be no shortage of appearances by the Fed this week. Brainard and Williams speak on Monday, while Tuesday includes speeches by Harker, Cook, and Barr. Wednesday brings Williams, Barr, and Waller, and on Thursday we will hear from Bullard, Bowman, Mester, Jefferson, and Kashkari.
In addition to a swathe of economic releases, traders will also closely monitor big retail earnings from Walmart, Target, Macy’s, and Kohl’s. We should learn more about the health of the consumer and if we should expect a further easing of prices as we enter the holiday season.
EU
It’s a relatively quiet week for the EU with the two standout economic releases being flash GDP and final HICP. With the economy facing a recession, the GDP data will be an interesting insight into how quickly growth is slowing going into an uncertain winter. The inflation data will naturally be of interest but it may take a significant revision to really grab investors’ attention.
UK
The Autumn statement has been a long time coming, it feels. The markets have calmed down a lot since the ridiculous mini-budget but it will still take time for the government to regain credibility and the confidence of the markets. It starts next week and all eyes will be on Parliament as we learn how the new government plans to balance the books while not piling more misery on the economy.
The BoE monetary policy report hearing next week is another highlight but there’s also a lot of economic data due. The path for interest rates remains uncertain so it’s not just what policymakers have to say that matters, it’s whether the data allows them to slow the pace of tightening going forward as they so clearly want to do. CPI on Thursday is the obvious highlight but there’s plenty more throughout the week.
Russia
A quiet week with no economic data of note.
South Africa
Another quiet week with the only economic release being retail sales on Wednesday.
Turkey
No major economic releases next week, with investors still focused on the central bank and inflation.
Switzerland
Tier three data dominate next week. Focus remains on what the SNB will do in December, with Chair Jordan acknowledging on Friday that monetary policy isn’t restrictive enough to bring inflation back into the range of price stability over the medium term. The risk of a pre-meeting rate hike remains.
China
Weeks of speculation around China’s commitment to its zero-Covid policy have spurred a recovery in local stocks and we may be about to get more information on what that will entail. A relaxation of quarantine measures has been announced in recent days and a press briefing is now reportedly scheduled for Saturday. At the same time, China is seeing a steady rise in Covid cases resulting in more restrictions and mass testing.
China’s October retail sales, industrial production, and investment data will be released next week. The PBOC is also expected to keep its one-year medium-term lending facility rate at 2.75% in November.
India
A key inflation report could show pricing pressures are easing which might allow the RBI to be less aggressive with its tightening path. Headline inflation is expected to ease from 7.4% to 6.7%.
Australia & New Zealand
The focus for both Australia and New Zealand might stay on China and their weakening outlook due to their struggles with COVID.
Australian employment data is expected to show job growth continues, while unemployment remains at 3.5%. Wage pressures in the third quarter are expected to rise, but some of that is attributed to the increase in the minimum wage.
In New Zealand house sales data and producer prices will be released.
Japan
Japan’s third-quarter GDP reading is expected to show significant weakness as import costs skyrocketed. Japan’s core inflation is also expected to surge from 3.0% to 3.5%, which should clearly weigh on consumer spending. Given the weakness in the US dollar, the BOJ might save its ammunition and hold off intervening anymore in the foreign exchange market.
Singapore
It is expected to be a quiet week with the exception of non-oil domestic export data.
Economic Calendar
Sunday, Nov. 13
Economic Data/Events
China medium-term lending
The ASEAN summit concludes in Cambodia.
Monday, Nov. 14
Economic Data/Events
Eurozone industrial production
India trade, CPI, wholesale prices
New Zealand performance services index
Fed’s Williams moderates a panel at the Economic Club of New York
ECB’s Fabio Panetta speaks in Florence
ECB’s de Guindos speaks in Frankfurt.
BOJ announces the outright purchase amount of Japanese government securities
Tuesday, Nov. 15
Economic Data/Events
US empire manufacturing, PPI
France CPI
Poland CPI
Eurozone GDP
Hungary GDP
Canada existing home sales
China retail sales, industrial production, surveyed jobless
France unemployment
Germany ZEW survey expectations
Japan industrial production, GDP
Mexico international reserves
New Zealand home sales, net migration
South Korea export/import price index, money supply
UK jobless claims, unemployment
G-20 summit in Bali
IEA monthly oil market report
ECB’s Elderson speaks
Fed’s Harker speaks at GIC Annual Monetary & Trade Conference
Former US President Trump is due to make an announcement in Florida
RBA releases minutes of its November interest rate meeting
Wednesday, Nov. 16
Economic Data/Events
US business inventories, cross-border investment, retail sales, industrial production
Australia leading index
Canada CPI, housing starts
China property prices
Israel GDP
Italy CPI
Japan machinery orders, tertiary index, department store sales
Philippines Bloomberg economic survey
Russia GDP
South Africa retail sales
UK CPI
EIA crude oil inventory report
G-20 summit in Bali
BOE Gov Bailey appears before the Treasury committee
Fed’s Williams and Brainard, SEC’s Gensler speak at the 2022 Treasury Market conference
ECB Financial Stability Review
ECB President Lagarde speaks
ECB’s Fabio Panetta speaks
Thursday, Nov. 17
Economic Data/Events
US housing starts, initial jobless claims
Italy trade
Singapore trade
Australia unemployment
China Swift payments
Eurozone CPI, new car registrations
Hong Kong jobless rate
Japan exports, trade balance
New Zealand PPI
Singapore non-oil exports
UK fiscal statement, economic forecasts
Fed’s Kashkari and Jefferson speak at the Federal Reserve Bank of Minneapolis Fall Institute Research Conference
Fed’s Mester speaks at the Federal Reserve Bank of Cleveland and the Office of Financial Research Annual Financial Stability Conference
Fed’s Evans speaks ahead of his retirement
BOE’s Silvana Tenreyro speaks
SNB’s Maechler speaks at Money Market Event in Geneva
BOE’s Huw Pill speaks at the Bristol Festival of Economics on ‘What Next for Central Banks’
Friday, Nov. 18
Economic Data/Events
US Conference Board leading index, existing home sales
Norway GDP
Japan CPI
Thailand foreign reserves, forward contracts, car sales
ECB President Lagarde, Nagel, and Knot speak alongside BOE’s Mann Fed’s Collins speaks at the Federal Reserve Bank of Boston Economic Conference
BOE’s Jonathan Haskel speaks
Sovereign Rating Updates
Italy (Fitch)
Sweden (Fitch)
Turkey (Fitch)
Ireland (S&P)
South Africa (S&P)
Portugal (Moody’s)
South Africa (Moody’s)
Denmark (DBRS)
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