Highlights
French consumer manufactured goods consumption is seen rising 0.2 percent on the month after a 0.4 percent increase in November.
The French GDP is forecast to show zero growth on quarter in the October-December period after a modest 0.2 percent rise in July-September.
Inflationary pressures appear to be increasing in France. The consumer price index is seen up 0.5 percent on the month in January after a 0.1 percent dip in December, lifting annual inflation from 5.9 percent to 6.1 percent.
Retail sales in Germany are expected to rise 0.3 percent on the month in December after rebounding 1.1 percent in November.
Germany's unemployment rate in January is expected to hold steady at 5.5 percent.
In the Eurozone, fourth-quarter GDP is expected to come in unchanged on a quarterly basis, slowing from 0.3 percent growth in the third quarter. The year-over-year rate in the final quarter of 2022 is seen at plus 1.7 percent versus 2.3 percent growth previously.
Italy's fourth-quarter GDP is expected to contract 0.2 percent on the quarter and slow to 1.4 percent growth on the year from 2.6 percent in the third quarter.
The Federal Open Market Committee will begin its two-day policy meeting Tuesday. The FOMC is expected to slow the pace of its tightening and raise the target range for the federal funds rate by 25 basis points to a range of 4.50 to 4.75 percent.
The US employment cost index is seen up 1.1 percent in the October-December quarter after a similar 1.2 percent gain in the previous quarter. Sharp gains of 1 percent and more over the last five quarters have been signaling substantial wage-push pressures.
The Case-Shiller home price index for the adjusted 20-city monthly rate is forecast to have fallen 0.5 percent in November to match a 0.5 percent decline in October for an unadjusted annual rate of 6.7 percent versus October's 8.6 percent.
The Chicago PMI is expected to remain in full contraction in January at 45.1 versus 44.9 in December.
After jumping 7 points in December, the US consumer confidence index is expected to firm only 0.7 of a point to 109.0 in January.
In Canada, monthly GDP data for November is expected to show a 0.1 percent rise on the month after growing at the same rate in October, extending a run of marginal gains as a sign of some resilience amid higher borrowing costs.
In New Zealand, employment is expected to rise a quarterly 0.3 percent in the fourth quarter, slowing from a 1.3 percent rise in third quarter.
As for Japan's PMI, no major revision to the flash reading is expected. Business conditions in the manufacturing sector were flat in January and stuck in negative territory after posting the first contraction in nearly two years in November as global growth is slowing and firms are passing higher costs on to customers. The flash PMI stood at 48.9, unchanged from a final 48.9 in December, when it fell further from 49.0 in November and 50.7 in October.
China's Caixin's manufacturing PMI has been in contraction for five months in a row and, at a consensus 49.8 versus 49.0 in the prior month, is not quite expected to move into expansion in January.
The French GDP is forecast to show zero growth on quarter in the October-December period after a modest 0.2 percent rise in July-September.
Inflationary pressures appear to be increasing in France. The consumer price index is seen up 0.5 percent on the month in January after a 0.1 percent dip in December, lifting annual inflation from 5.9 percent to 6.1 percent.
Retail sales in Germany are expected to rise 0.3 percent on the month in December after rebounding 1.1 percent in November.
Germany's unemployment rate in January is expected to hold steady at 5.5 percent.
In the Eurozone, fourth-quarter GDP is expected to come in unchanged on a quarterly basis, slowing from 0.3 percent growth in the third quarter. The year-over-year rate in the final quarter of 2022 is seen at plus 1.7 percent versus 2.3 percent growth previously.
Italy's fourth-quarter GDP is expected to contract 0.2 percent on the quarter and slow to 1.4 percent growth on the year from 2.6 percent in the third quarter.
The Federal Open Market Committee will begin its two-day policy meeting Tuesday. The FOMC is expected to slow the pace of its tightening and raise the target range for the federal funds rate by 25 basis points to a range of 4.50 to 4.75 percent.
The US employment cost index is seen up 1.1 percent in the October-December quarter after a similar 1.2 percent gain in the previous quarter. Sharp gains of 1 percent and more over the last five quarters have been signaling substantial wage-push pressures.
The Case-Shiller home price index for the adjusted 20-city monthly rate is forecast to have fallen 0.5 percent in November to match a 0.5 percent decline in October for an unadjusted annual rate of 6.7 percent versus October's 8.6 percent.
The Chicago PMI is expected to remain in full contraction in January at 45.1 versus 44.9 in December.
After jumping 7 points in December, the US consumer confidence index is expected to firm only 0.7 of a point to 109.0 in January.
In Canada, monthly GDP data for November is expected to show a 0.1 percent rise on the month after growing at the same rate in October, extending a run of marginal gains as a sign of some resilience amid higher borrowing costs.
In New Zealand, employment is expected to rise a quarterly 0.3 percent in the fourth quarter, slowing from a 1.3 percent rise in third quarter.
As for Japan's PMI, no major revision to the flash reading is expected. Business conditions in the manufacturing sector were flat in January and stuck in negative territory after posting the first contraction in nearly two years in November as global growth is slowing and firms are passing higher costs on to customers. The flash PMI stood at 48.9, unchanged from a final 48.9 in December, when it fell further from 49.0 in November and 50.7 in October.
China's Caixin's manufacturing PMI has been in contraction for five months in a row and, at a consensus 49.8 versus 49.0 in the prior month, is not quite expected to move into expansion in January.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
