Highlights
The New York Fed's the Empire State manufacturing index for April is expected to improve slightly to minus 18.3 after March's much weaker-than-expected minus 24.6.
The US housing market index has been rebounding following severe declines throughout 2022. April's consensus of 45 would add 1 point to March's 7 point pickup to 44.
Richmond Federal Reserve Bank President Thomas Barkin will speak in person before the Richmond Association for Business Economics at 12 p.m. EDT (1600 GMT).
At 11:30 a.m. AEST (0130 GMT) on Tuesday, which is 9:30 p.m. EDT Monday, the Reserve Bank of Australia will release the minutes of its April 4 policy meeting at which the board decided to leave the cash rate target unchanged at 3.60 percent, following a cumulative increase in interest rates of 3.5 percentage points since May last year.
The bank decided to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook as the full impact of monetary policy action emerges with a lag. The board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target.
In China, fixed asset investment in March is expected to rise 5.8 percent. This would compare with 5.5 percent growth in the combined months of January and February.
January-March GDP is expected to rise 2.1 percent on quarter, thanks to the reopening of the economy since Beijing ended its strict zero-Covid policy in December. That would follow no growth in the final quarter of 2022. The year-over-year expectation in the first quarter is growth of 3.9 percent which would compare with 2.9 percent growth last time.
Year-over-year growth in Chinese industrial production is expected to accelerate to 3.9 percent in March from 2.4 percent in the combined months of January and February.
Retail sales are also expected to show a higher year-over-year increase of 7.0 percent in March following a 3.5 percent rise in the combined months of January and February.
The US housing market index has been rebounding following severe declines throughout 2022. April's consensus of 45 would add 1 point to March's 7 point pickup to 44.
Richmond Federal Reserve Bank President Thomas Barkin will speak in person before the Richmond Association for Business Economics at 12 p.m. EDT (1600 GMT).
At 11:30 a.m. AEST (0130 GMT) on Tuesday, which is 9:30 p.m. EDT Monday, the Reserve Bank of Australia will release the minutes of its April 4 policy meeting at which the board decided to leave the cash rate target unchanged at 3.60 percent, following a cumulative increase in interest rates of 3.5 percentage points since May last year.
The bank decided to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook as the full impact of monetary policy action emerges with a lag. The board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target.
In China, fixed asset investment in March is expected to rise 5.8 percent. This would compare with 5.5 percent growth in the combined months of January and February.
January-March GDP is expected to rise 2.1 percent on quarter, thanks to the reopening of the economy since Beijing ended its strict zero-Covid policy in December. That would follow no growth in the final quarter of 2022. The year-over-year expectation in the first quarter is growth of 3.9 percent which would compare with 2.9 percent growth last time.
Year-over-year growth in Chinese industrial production is expected to accelerate to 3.9 percent in March from 2.4 percent in the combined months of January and February.
Retail sales are also expected to show a higher year-over-year increase of 7.0 percent in March following a 3.5 percent rise in the combined months of January and February.
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.
