Highlights
Germany's Ifo business climate index is expected to edge up to 85.9 in October from an above-forecast 85.7 in September, when it was little changed from 85.8 in August (revised from 85.7).
In the Eurozone, broad money growth (on a 3-month basis) is expected to extend its downward path to 1.7 percent annual contraction in September versus 0.4 percent contraction in August.
US new home sales fell sharply from 739,000 in July to a 675,000 annual rate in August, with forecasters for September calling for a slight rebound to 685,000 despite the steep surge in interest rates.
At 4:35 p.m. EDT (2035 GMT), Federal Reserve Chairman Jerome Powell will give brief introductory remarks before the 2023 Moynihan Lecture in Social Science and Public Policy event.
The Bank of Canada is expected to hold interest rates steady in Wednesday's policy announcement as the latest CPI data showed inflation eased to 3.8 percent in September after accelerating to 4.0 percent in August from 3.3 percent in July. But the bank many not be done with tightening that began in March last year as the inflation outlook remains uncertain. Last month, the bank maintained its policy interest rate at a 22-year high of 5.0 percent after two consecutive rate hikes, in the wake of weak second quarter GDP data. But Governing Council said it remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed. It is closely monitoring the evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior.
The BoC will also release the quarterly Monetary Policy Report to provide its latest growth and inflation outlook as well as risk analysis. In July, the bank raised its inflation forecast for 2023 to 3.7 percent from 3.5 percent projected in April and revised up its 2024 CPI forecast to 2.5 percent from 2.3 percent. It forecast inflation should decline gradually to the 2 percent target in the middle of 2025, which is about six months later than expected in April.
In Asia, South Korea's GDP growth in the third quarter is expected to accelerate slightly to 0.7 percent on quarter from 0.6 percent in the second quarter, and to 1.1 percent on year from 0.9 percent.
In the Eurozone, broad money growth (on a 3-month basis) is expected to extend its downward path to 1.7 percent annual contraction in September versus 0.4 percent contraction in August.
US new home sales fell sharply from 739,000 in July to a 675,000 annual rate in August, with forecasters for September calling for a slight rebound to 685,000 despite the steep surge in interest rates.
At 4:35 p.m. EDT (2035 GMT), Federal Reserve Chairman Jerome Powell will give brief introductory remarks before the 2023 Moynihan Lecture in Social Science and Public Policy event.
The Bank of Canada is expected to hold interest rates steady in Wednesday's policy announcement as the latest CPI data showed inflation eased to 3.8 percent in September after accelerating to 4.0 percent in August from 3.3 percent in July. But the bank many not be done with tightening that began in March last year as the inflation outlook remains uncertain. Last month, the bank maintained its policy interest rate at a 22-year high of 5.0 percent after two consecutive rate hikes, in the wake of weak second quarter GDP data. But Governing Council said it remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed. It is closely monitoring the evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior.
The BoC will also release the quarterly Monetary Policy Report to provide its latest growth and inflation outlook as well as risk analysis. In July, the bank raised its inflation forecast for 2023 to 3.7 percent from 3.5 percent projected in April and revised up its 2024 CPI forecast to 2.5 percent from 2.3 percent. It forecast inflation should decline gradually to the 2 percent target in the middle of 2025, which is about six months later than expected in April.
In Asia, South Korea's GDP growth in the third quarter is expected to accelerate slightly to 0.7 percent on quarter from 0.6 percent in the second quarter, and to 1.1 percent on year from 0.9 percent.
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.
