Highlights
Before the US markets open, Singapore's consumer inflation is expected to show some easing in February, with annual rate of the total CPI seen rising 6.5 percent, slowing sightly from January's 6.6 percent.
Taiwan's central bank will announce its quarterly monetary policy decision on Thursday evening, or early morning in the US. The Central Bank of the Republic of China is expected to leave its policy rate at 1.75 percent after raising it by 12.5 basis points in December, when it projected that domestic inflation would fall to a rate below 2 percent in 2023.
In Europe, the Swiss National Bank is expected continue tightening at its March meeting to bring inflation under control, hiking its policy interest rate by 50 basis points to 1.50 percent after raising it at the same pace in December. The central bank has agreed to provide Credit Suisse with a loan up to 50 billion francs ($54 billion) to shore up confidence in the troubled lender.
For its part, the Bank of England is forecast to raise its key policy interest rate by 25 basis points to 4.25 percent for an 11th straight rate hike amid elevated inflation. The BoE will announce its policy decision at 8 a.m. EDT, or noon London time/GMT. At its last meeting on Feb. 2, the bank's Monetary Policy Committee decided in a 7 to 2 vote to increase Bank Rate by 50 basis points to 4 percent. Two members preferred to maintain the rate at 3.5 percent. The MPC expects consumer inflation in the UK to fall sharply to around 4 percent toward the end of 2023 from the current elevated level of 10.5 percent but continues to judge that the risks to inflation are skewed significantly to the upside.
The EC consumer confidence in March is expected to pick up slightly to minus 18.2 from February's minus 19.0. This index has been improving but slowly.
In the US, initial jobless claims for the March 18 week are expected to come in at 195,000 versus 192,000 in the prior week.
The Chicago Fed national activity index is expected to slow only slightly to 0.18 in February from 0.23 in January which, thanks to that month's blow-out retail sales and employment reports, was the strongest in seven months.
The fourth-quarter US current account deficit is expected to hold steady at $213.2 billion versus $217.1 billion in the third quarter.
After surging to a 670,000 annualized rate in January, new home sales in February are expected to fall back to 645,000.
The annual consumer inflation rate in Japan is expected to slow significantly to just above 3 percent in February in two key measures, after hitting four-decade highs of over 4 percent in January, thanks to the government's new program to provide subsidies to consumer and industrial electricity and natural gas suppliers. The total CPI is forecast to post a 3.3 percent rise after January's 4.3 percent surge. The core CPI (excluding fresh food) is seen up 3.1 percent on year versus 4.2 percent in the prior month, with processed food and durable goods prices seen leading the increase. By contrast, the core-core measure (excluding fresh food and energy) is expected to show an accelerate annual rate of 3.4 percent following a 3.2 percent gain.
Taiwan's central bank will announce its quarterly monetary policy decision on Thursday evening, or early morning in the US. The Central Bank of the Republic of China is expected to leave its policy rate at 1.75 percent after raising it by 12.5 basis points in December, when it projected that domestic inflation would fall to a rate below 2 percent in 2023.
In Europe, the Swiss National Bank is expected continue tightening at its March meeting to bring inflation under control, hiking its policy interest rate by 50 basis points to 1.50 percent after raising it at the same pace in December. The central bank has agreed to provide Credit Suisse with a loan up to 50 billion francs ($54 billion) to shore up confidence in the troubled lender.
For its part, the Bank of England is forecast to raise its key policy interest rate by 25 basis points to 4.25 percent for an 11th straight rate hike amid elevated inflation. The BoE will announce its policy decision at 8 a.m. EDT, or noon London time/GMT. At its last meeting on Feb. 2, the bank's Monetary Policy Committee decided in a 7 to 2 vote to increase Bank Rate by 50 basis points to 4 percent. Two members preferred to maintain the rate at 3.5 percent. The MPC expects consumer inflation in the UK to fall sharply to around 4 percent toward the end of 2023 from the current elevated level of 10.5 percent but continues to judge that the risks to inflation are skewed significantly to the upside.
The EC consumer confidence in March is expected to pick up slightly to minus 18.2 from February's minus 19.0. This index has been improving but slowly.
In the US, initial jobless claims for the March 18 week are expected to come in at 195,000 versus 192,000 in the prior week.
The Chicago Fed national activity index is expected to slow only slightly to 0.18 in February from 0.23 in January which, thanks to that month's blow-out retail sales and employment reports, was the strongest in seven months.
The fourth-quarter US current account deficit is expected to hold steady at $213.2 billion versus $217.1 billion in the third quarter.
After surging to a 670,000 annualized rate in January, new home sales in February are expected to fall back to 645,000.
The annual consumer inflation rate in Japan is expected to slow significantly to just above 3 percent in February in two key measures, after hitting four-decade highs of over 4 percent in January, thanks to the government's new program to provide subsidies to consumer and industrial electricity and natural gas suppliers. The total CPI is forecast to post a 3.3 percent rise after January's 4.3 percent surge. The core CPI (excluding fresh food) is seen up 3.1 percent on year versus 4.2 percent in the prior month, with processed food and durable goods prices seen leading the increase. By contrast, the core-core measure (excluding fresh food and energy) is expected to show an accelerate annual rate of 3.4 percent following a 3.2 percent gain.
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.
