Highlights
In Italy, the sentiment index for manufacturing is seen unchanged at 96.0 in November while the index for consumer confidence is expected to edge up to 102.0 from 101.6 in October.
The Eurozone's EC economic sentiment index in November is expected to rise to 93.8 from 93.3 in October. It has extended a long, weak run.
German consumer prices are expected to drop a preliminary 0.2 percent on the month in November after being flat in October, reducing the annual inflation rate from October's final 3.8 percent to 3.5 percent.
In the US, the second estimate of third-quarter GDP, at 4.9 percent consensus growth, is expected to show no change from 4.9 percent growth in the quarter's first estimate. Personal consumption expenditures, at 4.0 percent growth in the first estimate, are also expected to be unrevised at 4.0 percent in the second estimate.
The US goods deficit (Census basis) is expected to narrow marginally by $0.1 billion to $86.7 billion in October after widening by $2.1 billion in September to $86.8 billion.
Wholesale inventories are expected to increase 0.2 percent in the advance report for October after a 0.2 percent rise (revised up from being unchanged) in September.
Ahead of the next policy meeting of the Federal Open Market Committee on Dec. 12-13, the central bank will release Beige Book show how the economy is doing based on anecdotal evidence from each of the 12 Federal Reserve districts.
Cleveland Federal Reserve Bank President Loretta Mester will give a keynote speech before the Policy Conference 2023 hosted by the Loyola University Chicago Quinlan School of Business at 1:45 p.m. EST (1845 GMT).
In South Korea, the month-over-month increase in industrial production is seen slowing to 1.0 percent in October from 1.8 percent in September.
Japan's industrial production is forecast to post a second straight rise on the month in October, up 0.5 percent, as solid export demand for automobiles and information technology goods offset slower shipments of production machinery, following an upwardly revised 0.5 percent rise in September and two months of decline. The downside risk to the median forecast is the impact of a temporary shutdown at some of Toyota Motor's domestic factories caused by an accident at a supplier's facility. The global semiconductor market appears to have hit a bottom, raising hope that demand for semiconductor-producing equipment will pick up next year.
Japanese retail sales are forecast to have risen 5.8 percent on year in October, slowing from increases of a revised 6.3 percent in September and 7.1 percent in August as the prolonged heat wave dampened demand for autumn goods. New vehicle sales accelerated while fuel prices rose at a slower pace. Retail sales are seen down 0.3 percent on the month after rising 0.4 percent (revised up from a 0.1 percent dip) in September. Overall retail sales values have been propped up by elevated prices for food and beverages.
The Bank of Korea is expected to leave its policy interest rate unchanged for the seventh straight meeting, at 3.5 percent, after raising the Base Rate by 25 basis points to the current restrictive level in January. Inflation in South Korea continued to rise to a seven-month high of 3.8 percent in October from 3.7 percent in September and 3.4 percent in August after moderating to 2.3 percent in July from 2.7 percent in June.
In China, the CFLP manufacturing PMI is expected to increase to 49.6 in November from October's 49.5, which came in 7 tenths lower than expected and lower than September. The non-manufacturing PMI, which in October fell more than a point to a lower-than-expected 51.7, is expected to ease to 51.1.
The Eurozone's EC economic sentiment index in November is expected to rise to 93.8 from 93.3 in October. It has extended a long, weak run.
German consumer prices are expected to drop a preliminary 0.2 percent on the month in November after being flat in October, reducing the annual inflation rate from October's final 3.8 percent to 3.5 percent.
In the US, the second estimate of third-quarter GDP, at 4.9 percent consensus growth, is expected to show no change from 4.9 percent growth in the quarter's first estimate. Personal consumption expenditures, at 4.0 percent growth in the first estimate, are also expected to be unrevised at 4.0 percent in the second estimate.
The US goods deficit (Census basis) is expected to narrow marginally by $0.1 billion to $86.7 billion in October after widening by $2.1 billion in September to $86.8 billion.
Wholesale inventories are expected to increase 0.2 percent in the advance report for October after a 0.2 percent rise (revised up from being unchanged) in September.
Ahead of the next policy meeting of the Federal Open Market Committee on Dec. 12-13, the central bank will release Beige Book show how the economy is doing based on anecdotal evidence from each of the 12 Federal Reserve districts.
Cleveland Federal Reserve Bank President Loretta Mester will give a keynote speech before the Policy Conference 2023 hosted by the Loyola University Chicago Quinlan School of Business at 1:45 p.m. EST (1845 GMT).
In South Korea, the month-over-month increase in industrial production is seen slowing to 1.0 percent in October from 1.8 percent in September.
Japan's industrial production is forecast to post a second straight rise on the month in October, up 0.5 percent, as solid export demand for automobiles and information technology goods offset slower shipments of production machinery, following an upwardly revised 0.5 percent rise in September and two months of decline. The downside risk to the median forecast is the impact of a temporary shutdown at some of Toyota Motor's domestic factories caused by an accident at a supplier's facility. The global semiconductor market appears to have hit a bottom, raising hope that demand for semiconductor-producing equipment will pick up next year.
Japanese retail sales are forecast to have risen 5.8 percent on year in October, slowing from increases of a revised 6.3 percent in September and 7.1 percent in August as the prolonged heat wave dampened demand for autumn goods. New vehicle sales accelerated while fuel prices rose at a slower pace. Retail sales are seen down 0.3 percent on the month after rising 0.4 percent (revised up from a 0.1 percent dip) in September. Overall retail sales values have been propped up by elevated prices for food and beverages.
The Bank of Korea is expected to leave its policy interest rate unchanged for the seventh straight meeting, at 3.5 percent, after raising the Base Rate by 25 basis points to the current restrictive level in January. Inflation in South Korea continued to rise to a seven-month high of 3.8 percent in October from 3.7 percent in September and 3.4 percent in August after moderating to 2.3 percent in July from 2.7 percent in June.
In China, the CFLP manufacturing PMI is expected to increase to 49.6 in November from October's 49.5, which came in 7 tenths lower than expected and lower than September. The non-manufacturing PMI, which in October fell more than a point to a lower-than-expected 51.7, is expected to ease to 51.1.
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.
