Highlights
The Eurozone's overall annual inflation rate is expected to show some easing to
8.2 percent in the initial reading of the harmonised index of consumer prices (HICP) for February, slowing from an upwardly revised 8.6 percent in January. But the narrow core measure is forecast to show a slight uptick to 5.3 percent from a revised 5.2 percent the previous month.
The unemployment rate in the Eurozone is forecast at 6.6 percent for January, unchanged from the previous month.
In Italy, inflation remains high, with the annual CPI rate seen accelerating slightly to 10.1 percent in February from 10.0 percent in January.
The European Central Bank will release the minutes of its Feb. 2 meeting at which the Governing Council decided to raise the three key ECB interest rates by 50 basis points, saying it expects to raise them further. In view of the underlying inflation pressures, the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy, the bank said.
Among US data, initial jobless claims for the February 25 week are expected to come in at 200,000 versus an in-trend 192,000 in the prior week.
The second-estimate for fourth-quarter US nonfarm productivity is expected to show a 2.5 percent rise versus a 3.0 percent annualized gain in the first estimate. Unit labor costs, which slowed from 2.4 percent in the third quarter to 1.1 percent in the first estimate for the fourth quarter, are expected to rise at a 1.4 percent rate in the second estimate.
After swinging sharply higher in January to a 15.7 million annualized rate, unit vehicle sales in February are expected to slow to 15.0 million.
Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before a virtual Mid-Size Bank Coalition of America event at 4 p.m. (2100 GMT).
Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a conversation on race, justice and the economy as part of the Testify: Americana from Slavery to Today exhibit at the Minneapolis Central Library at 6 p.m. (2300 GMT).
Consumer prices in Tokyo, the leading indicator of the national average, is expected to post year-over-year gains of just over 3 percent in February, 3.2 percent in the core reading (excluding fresh food) and 3.3 percent in total CPI, slowing significantly from over 41-year highs of 4.3 percent (core) and 4.4 percent (total) recorded in January, thanks to the government's new program to provide subsidies to consumer electricity and natural gas.
The government scheme aimed at easing the pain of many households covers a period from January to September this year, which is reflected in utility bills issued in February onward. The yen remains relatively weak compared to year-earlier levels, limiting Japan's purchasing power and keeping the costs for importing materials and products high.
Japanese payrolls likely marked their sixth straight year-over-year growth in January as the tourism industry continued hiring workers, while the unemployment rate is seen staying low at 2.5% after edging down to the current level in November from 2.6%.
In China, Caixin's services PMI in January, at 52.9, moved back into plus-50 expansion for the first time since August last year. February's consensus is a sizable gain to 54.3.
8.2 percent in the initial reading of the harmonised index of consumer prices (HICP) for February, slowing from an upwardly revised 8.6 percent in January. But the narrow core measure is forecast to show a slight uptick to 5.3 percent from a revised 5.2 percent the previous month.
The unemployment rate in the Eurozone is forecast at 6.6 percent for January, unchanged from the previous month.
In Italy, inflation remains high, with the annual CPI rate seen accelerating slightly to 10.1 percent in February from 10.0 percent in January.
The European Central Bank will release the minutes of its Feb. 2 meeting at which the Governing Council decided to raise the three key ECB interest rates by 50 basis points, saying it expects to raise them further. In view of the underlying inflation pressures, the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy, the bank said.
Among US data, initial jobless claims for the February 25 week are expected to come in at 200,000 versus an in-trend 192,000 in the prior week.
The second-estimate for fourth-quarter US nonfarm productivity is expected to show a 2.5 percent rise versus a 3.0 percent annualized gain in the first estimate. Unit labor costs, which slowed from 2.4 percent in the third quarter to 1.1 percent in the first estimate for the fourth quarter, are expected to rise at a 1.4 percent rate in the second estimate.
After swinging sharply higher in January to a 15.7 million annualized rate, unit vehicle sales in February are expected to slow to 15.0 million.
Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before a virtual Mid-Size Bank Coalition of America event at 4 p.m. (2100 GMT).
Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a conversation on race, justice and the economy as part of the Testify: Americana from Slavery to Today exhibit at the Minneapolis Central Library at 6 p.m. (2300 GMT).
Consumer prices in Tokyo, the leading indicator of the national average, is expected to post year-over-year gains of just over 3 percent in February, 3.2 percent in the core reading (excluding fresh food) and 3.3 percent in total CPI, slowing significantly from over 41-year highs of 4.3 percent (core) and 4.4 percent (total) recorded in January, thanks to the government's new program to provide subsidies to consumer electricity and natural gas.
The government scheme aimed at easing the pain of many households covers a period from January to September this year, which is reflected in utility bills issued in February onward. The yen remains relatively weak compared to year-earlier levels, limiting Japan's purchasing power and keeping the costs for importing materials and products high.
Japanese payrolls likely marked their sixth straight year-over-year growth in January as the tourism industry continued hiring workers, while the unemployment rate is seen staying low at 2.5% after edging down to the current level in November from 2.6%.
In China, Caixin's services PMI in January, at 52.9, moved back into plus-50 expansion for the first time since August last year. February's consensus is a sizable gain to 54.3.
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.
