Highlights
Before the European and US markets open, the Reserve Bank of India will announce its monetary policy decision at 10 a.m. in Mumbai Thursday (12:30 a.m. EDT/0430 GMT).
The RBI is expected to raise its policy rate by 25 basis points to 6.75 percent at its meeting on April 3, 5 and 6 to help ease inflationary pressures further, following a 25-poitn hike in February (in a 4-to-2 vote), a 35-point rise in December and 50-point increases at the previous three meetings. RBI officials have noted that while headline inflation has moderated, the stickiness of underlying inflation is a matter of concern.
In Germany, manufacturers orders in February are expected to slip 0.1 percent on the month after climbing a surprisingly strong 1.0 percent in January that followed a 3.4 percent jump in December.
French industrial production is expected to rebound 0.4 percent on the month I February after opening 2023 on an unexpectedly downbeat note, falling 1.9 percent in January.
Among US data, ADP employment report is forecast to show private employers added 200,000 jobs in March, which would compare with February growth in private payrolls reported by the Bureau of Labor Statistics of 265,000. ADP's number for February was 242,000.
A deficit of $68.7 billion is expected in February for total goods and services trade, which would compare with a $68.3 billion deficit in January. Advance data on the goods side of February's report showed a $0.5 billion deepening in the deficit.
Business activity in the US service sector is expected to stay in positive territory in March, with the Institute for Supply Management (ISM) index seen slowing slightly to a still solid 54.4 from 55.1 in February, when new orders continued rolling in, supply deliveries improved and employment rose at some industries despite tight labor conditions.
In Canada, February's trade balance is seen in surplus of C$0.6 billion versus a higher-than-expected January surplus of C$1.9 billion.
In Australia, consensus for goods and services trade in February is a surplus of A$11.7 which would match January's surplus of A$11.7 billion. Exports in January posted the first monthly advance, at 1.4 percent, since last September.
China's services sector is expected to lead economic recovery. S&P's services PMI has been climbing sharply, to 55.0 in February as the economy reopened following zero-Covid. March's consensus is steady expansion at the 55.0 level.
The RBI is expected to raise its policy rate by 25 basis points to 6.75 percent at its meeting on April 3, 5 and 6 to help ease inflationary pressures further, following a 25-poitn hike in February (in a 4-to-2 vote), a 35-point rise in December and 50-point increases at the previous three meetings. RBI officials have noted that while headline inflation has moderated, the stickiness of underlying inflation is a matter of concern.
In Germany, manufacturers orders in February are expected to slip 0.1 percent on the month after climbing a surprisingly strong 1.0 percent in January that followed a 3.4 percent jump in December.
French industrial production is expected to rebound 0.4 percent on the month I February after opening 2023 on an unexpectedly downbeat note, falling 1.9 percent in January.
Among US data, ADP employment report is forecast to show private employers added 200,000 jobs in March, which would compare with February growth in private payrolls reported by the Bureau of Labor Statistics of 265,000. ADP's number for February was 242,000.
A deficit of $68.7 billion is expected in February for total goods and services trade, which would compare with a $68.3 billion deficit in January. Advance data on the goods side of February's report showed a $0.5 billion deepening in the deficit.
Business activity in the US service sector is expected to stay in positive territory in March, with the Institute for Supply Management (ISM) index seen slowing slightly to a still solid 54.4 from 55.1 in February, when new orders continued rolling in, supply deliveries improved and employment rose at some industries despite tight labor conditions.
In Canada, February's trade balance is seen in surplus of C$0.6 billion versus a higher-than-expected January surplus of C$1.9 billion.
In Australia, consensus for goods and services trade in February is a surplus of A$11.7 which would match January's surplus of A$11.7 billion. Exports in January posted the first monthly advance, at 1.4 percent, since last September.
China's services sector is expected to lead economic recovery. S&P's services PMI has been climbing sharply, to 55.0 in February as the economy reopened following zero-Covid. March's consensus is steady expansion at the 55.0 level.
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.
