Highlights
European purchasing managers' index (PMI) data is expected to show the services sector remains above the key 50 line, indicating expansion, while the manufacturing sector continues to stay below 50.
In France, services, at 54.6 in April, continued to accelerate above 50 while, by contrast, manufacturing remained under 50 at 45.6. May's expectations are slowing for services to 52.0 and little change for manufacturing at 46.0.
German manufacturing in April posted its 10th straight month of contraction and the deepest yet, at 44.0 with no significant improvement expected for May, where the consensus is 45.0. By contrast services, which have been over 50 for the past three months and which jumped in April to 56.0, is seen at 55.0.
In the Eurozone, after April's 45.8 for manufacturing and 56.2 for services, the consensus estimates for May's readings are 46.0 and 55.5 respectively. Manufacturing has been in contraction for the last 10 months straight, with services in expansion for the last four.
UK services, at 54.9 in April, have held solidly above 50 the last three months with 55.5 the expectation for May. Manufacturing, which has been in sub-50 contraction for nine months in a row, is seen at 47.7.
In the US PMI data, services have shot into the 50 column the last three reports, though the consensus for May is for slowing, at 52.6 versus April's 55.9. Manufacturing edged into the 50 column just last month, at 50.2, with May's consensus at 50 even.
After a sharp jump to a 683,000 annualized rate in March, new home sales in April are expected to ease back to 670,000.
Richmond Fed's manufacturing index in May is not expected to emerge from four prior months of contraction, at a consensus minus 8 versus minus 10 in April.
Dallas Federal Reserve Bank President Lorrie Logan will give welcome remarks before the Technology-Enabled Disruption Conference: Uncertainty and Prospects for Disruptive Investments hosted by the Federal Reserve Bank of Richmond at 9 a.m. (1300 GMT).
The Reserve Bank of New Zealand is expected to scale down its rate hike to 25 basis points at its May meeting that would follow a 50-point move at its last meet in February meeting following a 75-point hike at its prior meeting. The official cash rate stands at 5.25 percent. It was cut to 0.25 percent in March 2020 and remained at the very low level until it was raised to 0.5 percent in October 2021.
In February, the RBNZ committee agreed that the OCR still needs to increase to ensure inflation returns to within its target range over the medium term. Core consumer price inflation remains too high, employment is still beyond its maximum sustainable level, and near-term inflation expectations remain elevated, it said.
In France, services, at 54.6 in April, continued to accelerate above 50 while, by contrast, manufacturing remained under 50 at 45.6. May's expectations are slowing for services to 52.0 and little change for manufacturing at 46.0.
German manufacturing in April posted its 10th straight month of contraction and the deepest yet, at 44.0 with no significant improvement expected for May, where the consensus is 45.0. By contrast services, which have been over 50 for the past three months and which jumped in April to 56.0, is seen at 55.0.
In the Eurozone, after April's 45.8 for manufacturing and 56.2 for services, the consensus estimates for May's readings are 46.0 and 55.5 respectively. Manufacturing has been in contraction for the last 10 months straight, with services in expansion for the last four.
UK services, at 54.9 in April, have held solidly above 50 the last three months with 55.5 the expectation for May. Manufacturing, which has been in sub-50 contraction for nine months in a row, is seen at 47.7.
In the US PMI data, services have shot into the 50 column the last three reports, though the consensus for May is for slowing, at 52.6 versus April's 55.9. Manufacturing edged into the 50 column just last month, at 50.2, with May's consensus at 50 even.
After a sharp jump to a 683,000 annualized rate in March, new home sales in April are expected to ease back to 670,000.
Richmond Fed's manufacturing index in May is not expected to emerge from four prior months of contraction, at a consensus minus 8 versus minus 10 in April.
Dallas Federal Reserve Bank President Lorrie Logan will give welcome remarks before the Technology-Enabled Disruption Conference: Uncertainty and Prospects for Disruptive Investments hosted by the Federal Reserve Bank of Richmond at 9 a.m. (1300 GMT).
The Reserve Bank of New Zealand is expected to scale down its rate hike to 25 basis points at its May meeting that would follow a 50-point move at its last meet in February meeting following a 75-point hike at its prior meeting. The official cash rate stands at 5.25 percent. It was cut to 0.25 percent in March 2020 and remained at the very low level until it was raised to 0.5 percent in October 2021.
In February, the RBNZ committee agreed that the OCR still needs to increase to ensure inflation returns to within its target range over the medium term. Core consumer price inflation remains too high, employment is still beyond its maximum sustainable level, and near-term inflation expectations remain elevated, it said.
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.
