Highlights
For this week, US data events include retail sales during the holiday season of December and the Federal Reserve's Beige Book on regional economies on Wednesday as well as housing starts and existing home sales on Thursday against the backdrop of slowing job growth and easing mortgage rates. Ahead of its next policy announcement on Jan. 24, the Bank of Canada will release its quarterly surveys on businesses and consumers on Monday.
China's fourth-quarter GDP data on Wednesday is expected to confirm the economy is struggling to recover from the impact of the pandemic.
On Monday, the US markets are closed for the Martin Luther King Jr. Day holiday.
Before European markets open, India's wholesale price index will show producer inflation accelerated to 1.25 percent on year in December from a slight 0.26 percent rise in November, which followed seven months of decline.
In the Eurozone, industrial production is forecast to have slipped 0.3 percent on the month in November for a third straight decline after a 0.7 percent dip in October. From a year earlier, output is expected to mark a ninth consecutive fall, down 5.9 percent, following a 6.6 percent drop.
Canada's manufacturing sales likely rose 1.2 percent on the month in November, partially rebounding from a 2.8 percent slump in October.
The Bank of Canada will release the results of its quarterly Business Outlook Survey for the final quarter of 2023. In the previous poll, sentiment among companies in Canada declined for the seventh straight quarter in July-September as the widespread slowdown in demand amid high borrowing costs and elevated inflation reduced capacity pressures and weighed on corporate plans for investment and employment. It also showed firms' inflation expectations edged down but remain higher than they were before the pandemic.
Producer inflation in Japan is expected to post its first year-over-year drop in nearly three years, down 0.3 percent in December, easing for the 12th straight month after a slight 0.3 percent gain in November, as government subsidies continued to cap utility costs and prices for lumber and steel remained below year-earlier levels amid slower global demand. The corporate goods price index is forecast to be unchanged on the month after rising 0.2 percent as lower import costs for non-ferrous metals amid the appreciation of the yen were offset by higher domestic gasoline and other fuel prices due to reduced subsidies to refineries.
China's fourth-quarter GDP data on Wednesday is expected to confirm the economy is struggling to recover from the impact of the pandemic.
On Monday, the US markets are closed for the Martin Luther King Jr. Day holiday.
Before European markets open, India's wholesale price index will show producer inflation accelerated to 1.25 percent on year in December from a slight 0.26 percent rise in November, which followed seven months of decline.
In the Eurozone, industrial production is forecast to have slipped 0.3 percent on the month in November for a third straight decline after a 0.7 percent dip in October. From a year earlier, output is expected to mark a ninth consecutive fall, down 5.9 percent, following a 6.6 percent drop.
Canada's manufacturing sales likely rose 1.2 percent on the month in November, partially rebounding from a 2.8 percent slump in October.
The Bank of Canada will release the results of its quarterly Business Outlook Survey for the final quarter of 2023. In the previous poll, sentiment among companies in Canada declined for the seventh straight quarter in July-September as the widespread slowdown in demand amid high borrowing costs and elevated inflation reduced capacity pressures and weighed on corporate plans for investment and employment. It also showed firms' inflation expectations edged down but remain higher than they were before the pandemic.
Producer inflation in Japan is expected to post its first year-over-year drop in nearly three years, down 0.3 percent in December, easing for the 12th straight month after a slight 0.3 percent gain in November, as government subsidies continued to cap utility costs and prices for lumber and steel remained below year-earlier levels amid slower global demand. The corporate goods price index is forecast to be unchanged on the month after rising 0.2 percent as lower import costs for non-ferrous metals amid the appreciation of the yen were offset by higher domestic gasoline and other fuel prices due to reduced subsidies to refineries.
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.
