Highlights
Before the European and US markets open, the Reserve Bank of Australia is scheduled to announce its latest monetary policy decision at 2:30 p.m. AEST (0430 GMT) Tuesday, which is 0:30 a.m. EDT Tuesday.
The RBA is widely expected to leave its interest rates unchanged for the second meeting in a row, although there are outside expectations for a 25-basis-point hike for a total of 11 rate increases during the current tightening cycle that began in May 2022.
At its latest policy meeting on April 4, the RBA board decided to leave the cash rate target unchanged at 3.60 percent after raising it by 25 basis points to 3.60 percent in March, noting that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt. But it also expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target.
The UK's nationwide house price index expected is forecast to decline 0.4 percent on the month in April after a 0.8 percent drop in March. No revision is expected to the UK manufacturing PMI, leaving the headline index at 46.6, down from March's final 47.9.
Retail sales are expected to rise 0.4 percent on the month in March after falling a surprisingly weak 1.3 percent in February. No revision is expected to the German manufacturing PMI final data for April, leaving the headline index at 44.0, down from March's final 44.7.
In Switzerland, the State Secretariat for Economic Affairs (SECO) consumer climate index is seen improving from minus 30 in March to minus 24 in April.
The Swiss SVME PMI is expected to slip to 46.3 in April from 47.0 in March.
In France, no revision is expected, leaving the manufacturing PMI at 45.5, down from March's final 47.3.
The Eurozone's final manufacturing PMI for April is also expected to be unrevised, leaving the headline index at 45.5, down from March's final 47.3.
Annual broad money growth (on a 3-month basis) in the Eurozone is expected to slow a further 0.6 percentage points to an annual rate of 2.9 percent in March from 3.5 percent in February.
The Eurozone's inflation remains elevated. The harmonised index of consumer prices (HICP) is forecast to show an initial 7.0 percent rise on the year in April, which would be up 1 tenth versus its final March reading, and 5.7 percent for the narrow core, which would be unchanged.
In Italy, consumer prices are expected to be flat on the month in April after a 0.4 percent drop in March, lifting the annual inflation rate by a tick to 7.7 percent.
Among US data, factory orders are expected to rise 1.3 percent in March versus February's 0.7 percent fall. Durable goods orders for March, which have already been released and are one of two major components of this report, surged 3.2 percent in a result skewed higher by aircraft.
The Labor Department's JOLTS report is forecast to show that job openings fell to 9.650 million in March, down from 9.931 million in February, which was lower than expected and down from January's 10.563 million.
US motor vehicle unit sales in April are expected to hold steady at March's 14.8 million annualized rate.
In New Zealand, employment is expected to rise a quarterly 0.3 percent in the first quarter following a limited 0.2 percent rise in the fourth quarter.
Australian retail sales are expected to rise 0.2 percent in March to match February's small gain.
The RBA is widely expected to leave its interest rates unchanged for the second meeting in a row, although there are outside expectations for a 25-basis-point hike for a total of 11 rate increases during the current tightening cycle that began in May 2022.
At its latest policy meeting on April 4, the RBA board decided to leave the cash rate target unchanged at 3.60 percent after raising it by 25 basis points to 3.60 percent in March, noting that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt. But it also expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target.
The UK's nationwide house price index expected is forecast to decline 0.4 percent on the month in April after a 0.8 percent drop in March. No revision is expected to the UK manufacturing PMI, leaving the headline index at 46.6, down from March's final 47.9.
Retail sales are expected to rise 0.4 percent on the month in March after falling a surprisingly weak 1.3 percent in February. No revision is expected to the German manufacturing PMI final data for April, leaving the headline index at 44.0, down from March's final 44.7.
In Switzerland, the State Secretariat for Economic Affairs (SECO) consumer climate index is seen improving from minus 30 in March to minus 24 in April.
The Swiss SVME PMI is expected to slip to 46.3 in April from 47.0 in March.
In France, no revision is expected, leaving the manufacturing PMI at 45.5, down from March's final 47.3.
The Eurozone's final manufacturing PMI for April is also expected to be unrevised, leaving the headline index at 45.5, down from March's final 47.3.
Annual broad money growth (on a 3-month basis) in the Eurozone is expected to slow a further 0.6 percentage points to an annual rate of 2.9 percent in March from 3.5 percent in February.
The Eurozone's inflation remains elevated. The harmonised index of consumer prices (HICP) is forecast to show an initial 7.0 percent rise on the year in April, which would be up 1 tenth versus its final March reading, and 5.7 percent for the narrow core, which would be unchanged.
In Italy, consumer prices are expected to be flat on the month in April after a 0.4 percent drop in March, lifting the annual inflation rate by a tick to 7.7 percent.
Among US data, factory orders are expected to rise 1.3 percent in March versus February's 0.7 percent fall. Durable goods orders for March, which have already been released and are one of two major components of this report, surged 3.2 percent in a result skewed higher by aircraft.
The Labor Department's JOLTS report is forecast to show that job openings fell to 9.650 million in March, down from 9.931 million in February, which was lower than expected and down from January's 10.563 million.
US motor vehicle unit sales in April are expected to hold steady at March's 14.8 million annualized rate.
In New Zealand, employment is expected to rise a quarterly 0.3 percent in the first quarter following a limited 0.2 percent rise in the fourth quarter.
Australian retail sales are expected to rise 0.2 percent in March to match February's small 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.
