Highlights
German manufacturing orders are expected to increase 0.5 percent on the month in October versus a 0.2 percent rise in September. On the year, orders are expected to be down 3.4 percent following September's 4.0 percent decline.
The UK construction purchasing managers' index (PMI) is forecast at 47.0 in November, up from October's 45.6.
Eurozone retail sales volumes in October are expected to rise 0.3 percent on the month, following a 0.3 percent decline in September. Sales volumes in September were at their lowest level since April 2021.
In the US, ADP's November employment number is seen rising 123,000. This would compare with October growth in private payrolls reported by the Bureau of Labor Statistics of 99,000, much lower than 246,000 in September. ADP's number for October was 113,000.
A deficit of $64.1 billion is expected in October for total goods and services trade, which would compare with a $61.5 billion deficit in September. Advance data on the goods side of October's report showed a $3.2 billion widening in the deficit.
The second-estimate for third-quarter nonfarm productivity is expected to rise at a 4.8 percent annual rate, little changed from 4.7 percent in the first estimate. Unit labor costs, which fell 0.8 percent in the first estimate, is expected to fall 0.9 percent in the second estimate.
In Canada, October's trade surplus is forecast at C$0.8 billion, narrowing from C$2.0 billion in September, when exports rose 2.7 percent on the month, outpacing imports, up 1.0 percent.
After holding rates steady in October, the Bank of Canada is once again expected to hold policy steady in its December announcement. Governor Tiff Macklem said in a recent speech that the bank's policy interest rate at 5 percent may be restrictive enough to bring inflation back to the 2 percent target but he also warned there is no clear evidence yet that underlying inflation is on a downtrend. Headline inflation eased to 3.1 percent in October from 3.7 percent in September but the core CPI (excluding food and energy) was still up 3.4 percent on year.
Australia's trade surplus is seen widening to A$7.450 billion in October after shrinking from A$10.161 billion in August to A$6.786 billion in September, when exports slipped and imports surged.
China's trade surplus for November is expected to narrow to US$51.0 billion from October's lower-than-expected US$56.53 billion that was pulled down a 6.4 percent year-over-year fall in exports together with a 3.0 percent rise in imports. Exports in November are expected to continue to fall, down a consensus 2.7 percent.
The UK construction purchasing managers' index (PMI) is forecast at 47.0 in November, up from October's 45.6.
Eurozone retail sales volumes in October are expected to rise 0.3 percent on the month, following a 0.3 percent decline in September. Sales volumes in September were at their lowest level since April 2021.
In the US, ADP's November employment number is seen rising 123,000. This would compare with October growth in private payrolls reported by the Bureau of Labor Statistics of 99,000, much lower than 246,000 in September. ADP's number for October was 113,000.
A deficit of $64.1 billion is expected in October for total goods and services trade, which would compare with a $61.5 billion deficit in September. Advance data on the goods side of October's report showed a $3.2 billion widening in the deficit.
The second-estimate for third-quarter nonfarm productivity is expected to rise at a 4.8 percent annual rate, little changed from 4.7 percent in the first estimate. Unit labor costs, which fell 0.8 percent in the first estimate, is expected to fall 0.9 percent in the second estimate.
In Canada, October's trade surplus is forecast at C$0.8 billion, narrowing from C$2.0 billion in September, when exports rose 2.7 percent on the month, outpacing imports, up 1.0 percent.
After holding rates steady in October, the Bank of Canada is once again expected to hold policy steady in its December announcement. Governor Tiff Macklem said in a recent speech that the bank's policy interest rate at 5 percent may be restrictive enough to bring inflation back to the 2 percent target but he also warned there is no clear evidence yet that underlying inflation is on a downtrend. Headline inflation eased to 3.1 percent in October from 3.7 percent in September but the core CPI (excluding food and energy) was still up 3.4 percent on year.
Australia's trade surplus is seen widening to A$7.450 billion in October after shrinking from A$10.161 billion in August to A$6.786 billion in September, when exports slipped and imports surged.
China's trade surplus for November is expected to narrow to US$51.0 billion from October's lower-than-expected US$56.53 billion that was pulled down a 6.4 percent year-over-year fall in exports together with a 3.0 percent rise in imports. Exports in November are expected to continue to fall, down a consensus 2.7 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.
