Highlights
UK industrial production is expected to dip 0.1 percent on the month in April following 0.7 percent gain in March. Manufacturing output, which also rose a monthly 0.7 percent in March, is similarly seen falling 0.1 percent.
The global goods trade shortfall is seen little changed at £16.5 billion in April, compared to £16.36 billion in March.
GDP in the month of April is expected to rise 0.3 percent versus 0.3 percent contraction in March, which compared with expectations for a 0.1 percent increase.
In the Eurozone, industrial production in April is expected to rise 0.9 percent after falling 4.1 percent in March, a decline that was much steeper than expected. Consensus for April's year-over-year rate is 0.7 percent growth after a 1.4 percent decline.
US producer prices in May are expected to fall 0.1 percent on the month after rising 0.2 percent in April. The annual rate in May is seen at 1.6 percent versus April's plus 2.3 percent. May's ex-food ex-energy rate is seen up 0.2 percent on the month and up 2.9 percent on the year, matching April's 0.2 percent monthly rise and just below the month's 3.2 percent yearly rate.
At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee is scheduled to announce the outcome of its two-day policy meeting. Despite tight labor market conditions and slowing but still high inflation, the FOMC is expected to pause after raising the target range for the federal funds rate by 25 basis points to a range of 5.00 to 5.25 percent in May for the 10th straight rate hike.
US CPI data released Tuesday showed that the annual consumer inflation rate eased to 4.0 percent in May from 4.9 percent in April, as largely expected, but it is still above the Fed's 2 percent target over the long run. The year-over-year rise in the core CPI (excluding food and energy) slowed slightly to 5.3 percent from 5.5 percent.
Federal Reserve Chair Jerome Powell will hold a post-meeting news conference at 2:30 p.m. EDT (1830 GMT).
In New Zealand, the first-quarter GDP is forecast to show quarter-to-quarter contraction of 0.1 percent following 0.6 percent contraction in the fourth quarter. The year-over-year GDP growth, by contrast, is expected to rise to 2.6 from 2.2 percent.
Japanese export values are expected to mark their first year-over-year drop in 27 months in May, down 1.7 percent, on slowing global demand for semiconductors. Import values are seen falling 10.1 percent for the second month in a row after recording their first drop in 27 months in April amid easing energy prices. The trade deficit is forecast to shrink from a year earlier but widen on the month to ¥1.4 trillion after narrowing for a third straight month in April to a revised ¥432.3 billion and hitting a record shortfall in January.
Machinery orders, the key leading indicator of business investment in equipment, is forecast to have rebounded with a 3.0 percent rise in April after two months of decline, led by solid demand from the non-manufacturing sector, as Japan is playing catchup in easing Covid restrictions and reopening the economy. Core orders are expected to fall 7.0 percent in April after unexpectedly dipping 3.5% in March and surging 9.8% in February.
Australia's employment is expected to rebound solidly to a 23,500 increase in May from April's unexpected decline of 4,300. The unemployment rate, which jumped 2 tenths in April, is expected to hold at 3.7 percent.
Among Chinese data, fixed asset investment in May is expected to rise 4.4 percent. This would compare with percent 4.7 growth in April, which was higher than expected.
Year-over-year growth in industrial production is expected to slow to 3.6 percent in May versus growth of 5.6 percent in April, which was half the rate expected.
Retail sales are expected to rise 13.8 percent on year in May, slowing from a 18.4 percent gain in April.
The global goods trade shortfall is seen little changed at £16.5 billion in April, compared to £16.36 billion in March.
GDP in the month of April is expected to rise 0.3 percent versus 0.3 percent contraction in March, which compared with expectations for a 0.1 percent increase.
In the Eurozone, industrial production in April is expected to rise 0.9 percent after falling 4.1 percent in March, a decline that was much steeper than expected. Consensus for April's year-over-year rate is 0.7 percent growth after a 1.4 percent decline.
US producer prices in May are expected to fall 0.1 percent on the month after rising 0.2 percent in April. The annual rate in May is seen at 1.6 percent versus April's plus 2.3 percent. May's ex-food ex-energy rate is seen up 0.2 percent on the month and up 2.9 percent on the year, matching April's 0.2 percent monthly rise and just below the month's 3.2 percent yearly rate.
At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee is scheduled to announce the outcome of its two-day policy meeting. Despite tight labor market conditions and slowing but still high inflation, the FOMC is expected to pause after raising the target range for the federal funds rate by 25 basis points to a range of 5.00 to 5.25 percent in May for the 10th straight rate hike.
US CPI data released Tuesday showed that the annual consumer inflation rate eased to 4.0 percent in May from 4.9 percent in April, as largely expected, but it is still above the Fed's 2 percent target over the long run. The year-over-year rise in the core CPI (excluding food and energy) slowed slightly to 5.3 percent from 5.5 percent.
Federal Reserve Chair Jerome Powell will hold a post-meeting news conference at 2:30 p.m. EDT (1830 GMT).
In New Zealand, the first-quarter GDP is forecast to show quarter-to-quarter contraction of 0.1 percent following 0.6 percent contraction in the fourth quarter. The year-over-year GDP growth, by contrast, is expected to rise to 2.6 from 2.2 percent.
Japanese export values are expected to mark their first year-over-year drop in 27 months in May, down 1.7 percent, on slowing global demand for semiconductors. Import values are seen falling 10.1 percent for the second month in a row after recording their first drop in 27 months in April amid easing energy prices. The trade deficit is forecast to shrink from a year earlier but widen on the month to ¥1.4 trillion after narrowing for a third straight month in April to a revised ¥432.3 billion and hitting a record shortfall in January.
Machinery orders, the key leading indicator of business investment in equipment, is forecast to have rebounded with a 3.0 percent rise in April after two months of decline, led by solid demand from the non-manufacturing sector, as Japan is playing catchup in easing Covid restrictions and reopening the economy. Core orders are expected to fall 7.0 percent in April after unexpectedly dipping 3.5% in March and surging 9.8% in February.
Australia's employment is expected to rebound solidly to a 23,500 increase in May from April's unexpected decline of 4,300. The unemployment rate, which jumped 2 tenths in April, is expected to hold at 3.7 percent.
Among Chinese data, fixed asset investment in May is expected to rise 4.4 percent. This would compare with percent 4.7 growth in April, which was higher than expected.
Year-over-year growth in industrial production is expected to slow to 3.6 percent in May versus growth of 5.6 percent in April, which was half the rate expected.
Retail sales are expected to rise 13.8 percent on year in May, slowing from a 18.4 percent gain in April.
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.
