Highlights
UK consumer prices are expected to decrease 0.4 percent on the month in January for a 10.3 year-over-year rate. Pressures in December, at a 10.5 percent annual rate, remained severe but at least weren't more severe than expected.
In the Eurozone, industrial production in December, after rebounding 1.0 percent in November, is expected to reverse with a monthly decline of 0.9 percent. The year-over-year rate is seen falling to minus 0.6 percent from 2.0 percent growth.
US retail sales are forecast to have rebounded 1.7 percent on the month in January, driven by new vehicles sales and higher fuel costs. Sales contractions in the heavy holiday months of November and December were deeper than expected, at 1.0 and 1.1 percent respectively.
Excluding vehicles, retail sales are seen up 0.7 percent after falling 1.1 percent while sales excluding both vehicles and gasoline are expected to post 0.6 percent rise after a 0.7 percent drop.
The New York Fed's Empire State manufacturing index is forecast at minus 18.5 for February, picking up from January's steep fall to minus 32.9.
Industrial production in the US has been falling into contraction and deeply so in December, at a monthly decline of 0.7 percent overall and 1.3 percent for manufacturing. January's consensus estimates are respective monthly gains of 0.5 and 0.4 percent.
US business inventories in December are expected to rise 0.3 percent following a 0.4 percent build in November.
After falling each month in 2022, the housing market index ended the dismal streak in January, up 4 points to 35. February's consensus is a further 2 point improvement to 37.
Canadian housing starts are expected to slow to 235,000 in January versus 248,625 in December as the Bank of Canada's aggressive monetary tightening last year has slowed housing activity.
Manufacturing sales in Canada are expected to fall 1.8 percent on the month in December after showing no change in November.
Japan's core private-sector machinery orders, the key leading indicator of business investment in equipment, are forecast to have posted a modest 2.8 percent rebound on the month in December in reaction to an 8.3 percent plunge in November.
Core orders, which exclude volatile orders from electric utilities and for ships, are likely to show a 4.7 percent drop on quarter in the final quarter of 2022, much weaker than the official forecast for a 3.6 percent rebound, after falling 1.6 percent in July-September. Last month, the Cabinet Office maintained its assessment that the move toward a pickup in machinery orders has paused.
Growth in Japanese export values appears to have come to a halt in January, down 0.1 percent on the year for their first drop in 23 months, in step with slowing global demand and suspended shipments during the Lunar New Year holidays. The pace of imports is also seen slowing to 19.9 percent from December's 20.7 percent in line with softer international energy markets.
The trade balance is forecast to hit a record deficit of ¥3.87 trillion (¥3,869.9 billion), marking an 18th straight month of a shortfall after posting a revised deficit of ¥1,451.8 billion in December. It would surpass the previous record high shortfall of ¥2.82 trillion in August 2022.
In Australia, employment is expected to remain strong and steady in January, rising an estimated 20,000 versus a 14,600 decline in December, which was weaker than expected. The unemployment rate is expected to hold steady at 3.5 percent.
In its quarterly statement on monetary policy released last week, the Reserve Bank of Australia noted the labor market remains tight and domestic inflation is too high and is broadly based.
In the Eurozone, industrial production in December, after rebounding 1.0 percent in November, is expected to reverse with a monthly decline of 0.9 percent. The year-over-year rate is seen falling to minus 0.6 percent from 2.0 percent growth.
US retail sales are forecast to have rebounded 1.7 percent on the month in January, driven by new vehicles sales and higher fuel costs. Sales contractions in the heavy holiday months of November and December were deeper than expected, at 1.0 and 1.1 percent respectively.
Excluding vehicles, retail sales are seen up 0.7 percent after falling 1.1 percent while sales excluding both vehicles and gasoline are expected to post 0.6 percent rise after a 0.7 percent drop.
The New York Fed's Empire State manufacturing index is forecast at minus 18.5 for February, picking up from January's steep fall to minus 32.9.
Industrial production in the US has been falling into contraction and deeply so in December, at a monthly decline of 0.7 percent overall and 1.3 percent for manufacturing. January's consensus estimates are respective monthly gains of 0.5 and 0.4 percent.
US business inventories in December are expected to rise 0.3 percent following a 0.4 percent build in November.
After falling each month in 2022, the housing market index ended the dismal streak in January, up 4 points to 35. February's consensus is a further 2 point improvement to 37.
Canadian housing starts are expected to slow to 235,000 in January versus 248,625 in December as the Bank of Canada's aggressive monetary tightening last year has slowed housing activity.
Manufacturing sales in Canada are expected to fall 1.8 percent on the month in December after showing no change in November.
Japan's core private-sector machinery orders, the key leading indicator of business investment in equipment, are forecast to have posted a modest 2.8 percent rebound on the month in December in reaction to an 8.3 percent plunge in November.
Core orders, which exclude volatile orders from electric utilities and for ships, are likely to show a 4.7 percent drop on quarter in the final quarter of 2022, much weaker than the official forecast for a 3.6 percent rebound, after falling 1.6 percent in July-September. Last month, the Cabinet Office maintained its assessment that the move toward a pickup in machinery orders has paused.
Growth in Japanese export values appears to have come to a halt in January, down 0.1 percent on the year for their first drop in 23 months, in step with slowing global demand and suspended shipments during the Lunar New Year holidays. The pace of imports is also seen slowing to 19.9 percent from December's 20.7 percent in line with softer international energy markets.
The trade balance is forecast to hit a record deficit of ¥3.87 trillion (¥3,869.9 billion), marking an 18th straight month of a shortfall after posting a revised deficit of ¥1,451.8 billion in December. It would surpass the previous record high shortfall of ¥2.82 trillion in August 2022.
In Australia, employment is expected to remain strong and steady in January, rising an estimated 20,000 versus a 14,600 decline in December, which was weaker than expected. The unemployment rate is expected to hold steady at 3.5 percent.
In its quarterly statement on monetary policy released last week, the Reserve Bank of Australia noted the labor market remains tight and domestic inflation is too high and is broadly based.
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.
