Highlights
US markets are closed on Thursday for the Thanksgiving Day holiday.
Before the European markets open, Singapore will release the CPI data. Consumer inflation in October, which in August edged a tenth higher to 4.1 percent, is expected to edge another tenth higher to 4.2 percent.
The French INSEE business sentiment indicator is expected to hold steady at 98 for November.
In the French purchasing managers' index (PMI) data, slightly less severe contraction is expected for November's manufacturing PMI, seen at 43.3 versus October's final 42.8. The services sector PMI is also expected to rise a half point to 45.7 from 45.2. The key composite output index is seen at 45.0, up from 44.6.
In Germany, the manufacturing PMI has been in long and deep contraction, at 40.8 in October. No significant improvement is expected for November where the consensus is 41.0. The services PMI, at 48.2 in October, is seen little changed at 48.3. Consensus for November's composite index is 46.5, up from October's 45.9.
The Eurozone composite PMI is expected to edge higher in November to 46.7 from 46.5 in October. The manufacturing index is forecast at 43.3 versus October's 43.1. The services index is seen rising to 48.0 from 47.8.
In the UK, the services sector PMI, at 49.5 in October, held in sub-50 contraction for the third straight month and, at a consensus 49.6, is not expected to emerge in November. The manufacturing PMI, which has been in sub-50 contraction for 15 months in a row, is seen at 45.0 versus the prior month's 44.8. The composite index is expected to remain little changed at 48.8 versus October's 48.7.
At 7:30 a.m. EST (1230 GMT/1330 CET), the European Central Bank will release the minutes of its Oct. 26 meeting at which the Governing Council decided to leave its policy rate at 4.50 percent. The ECB's past interest rate hikes continue to be transmitted forcefully into financing conditions, dampening demand and thus helping push down inflation, the bank said.
New Zealand's retail sales are expected to fall 0.8 percent on quarter in the July-September period after a 1.0 percent drop in April-June.
Consumer inflation in Japan is forecast to have picked up in two of the three key measures in October as halved subsidies for electricity and natural gas utilities slowed the recent sharp drop in overall energy costs, offsetting the effects of smaller processed food markups. The core measure (excluding fresh food prices) is seen up 3.0 percent on the year after easing to 2.8 percent in September from 3.1 percent in August. The total CPI is also expected to have accelerated to 3.4 percent on year after slowing to 3.0 percent in September from 3.2 percent in August. Pent-up demand for traveling among Japanese and resumed group tours from China boosted hotel fees. Service price gains have accelerated as many firms have raised wages to secure workers.
By contrast, underlying inflation measured by the core-core CPI (excluding fresh food and energy) is forecast at 4.1 percent, down from 4.2 percent in September and a 42-year high of 4.3 percent recorded in August, July and May.
Before the European markets open, Singapore will release the CPI data. Consumer inflation in October, which in August edged a tenth higher to 4.1 percent, is expected to edge another tenth higher to 4.2 percent.
The French INSEE business sentiment indicator is expected to hold steady at 98 for November.
In the French purchasing managers' index (PMI) data, slightly less severe contraction is expected for November's manufacturing PMI, seen at 43.3 versus October's final 42.8. The services sector PMI is also expected to rise a half point to 45.7 from 45.2. The key composite output index is seen at 45.0, up from 44.6.
In Germany, the manufacturing PMI has been in long and deep contraction, at 40.8 in October. No significant improvement is expected for November where the consensus is 41.0. The services PMI, at 48.2 in October, is seen little changed at 48.3. Consensus for November's composite index is 46.5, up from October's 45.9.
The Eurozone composite PMI is expected to edge higher in November to 46.7 from 46.5 in October. The manufacturing index is forecast at 43.3 versus October's 43.1. The services index is seen rising to 48.0 from 47.8.
In the UK, the services sector PMI, at 49.5 in October, held in sub-50 contraction for the third straight month and, at a consensus 49.6, is not expected to emerge in November. The manufacturing PMI, which has been in sub-50 contraction for 15 months in a row, is seen at 45.0 versus the prior month's 44.8. The composite index is expected to remain little changed at 48.8 versus October's 48.7.
At 7:30 a.m. EST (1230 GMT/1330 CET), the European Central Bank will release the minutes of its Oct. 26 meeting at which the Governing Council decided to leave its policy rate at 4.50 percent. The ECB's past interest rate hikes continue to be transmitted forcefully into financing conditions, dampening demand and thus helping push down inflation, the bank said.
New Zealand's retail sales are expected to fall 0.8 percent on quarter in the July-September period after a 1.0 percent drop in April-June.
Consumer inflation in Japan is forecast to have picked up in two of the three key measures in October as halved subsidies for electricity and natural gas utilities slowed the recent sharp drop in overall energy costs, offsetting the effects of smaller processed food markups. The core measure (excluding fresh food prices) is seen up 3.0 percent on the year after easing to 2.8 percent in September from 3.1 percent in August. The total CPI is also expected to have accelerated to 3.4 percent on year after slowing to 3.0 percent in September from 3.2 percent in August. Pent-up demand for traveling among Japanese and resumed group tours from China boosted hotel fees. Service price gains have accelerated as many firms have raised wages to secure workers.
By contrast, underlying inflation measured by the core-core CPI (excluding fresh food and energy) is forecast at 4.1 percent, down from 4.2 percent in September and a 42-year high of 4.3 percent recorded in August, July and May.
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.
