Highlights
At 7:30 a.m. EST (1330 CET/1230 GMT), the European Central Bank will release the minutes of its Dec. 13-14 meeting at which Governing Council decided to leave the policy rate at 4.50 percent after pausing in October and raising interest rates for the 10th straight meeting in September.
Despite scarcity of single-family homes, US housing starts in December are expected to fall back sharply to a 1.425 million annual rate from November's 1.56 million that was much better than expected. Building permits, at a lower-than-expected 1.46 million in November, are forecast to rise to 1.478 million.
New jobless claims for the January 13 week are expected to come in at 206,000, up from 202,000 in the prior week.
The Philadelphia Fed manufacturing index is expected to improve slightly to minus 6.7 in January from December's minus 10.5 in a report that showed deep contraction for new orders and continued contraction for unfilled orders. This report will be carefully watched given the deep plunge posted by the Empire State manufacturing index on Tuesday.
Atlanta Federal Reserve Bank President Raphael Bostic will give brief remarks on the economic outlook before the Metro Atlanta Chamber board of directors meeting at 7:30 a.m. EST (1230 GMT). He will also speak on the 2024 economic outlook before the Atlanta Business Chronicle 2024 Economic Outlook lunch at 12:05 p.m. EST (1705 GMT).
Consumer inflation in Japan is expected to continue easing in December as food and beverage markups have already peaked, energy prices remain on a downtrend amid slower global demand and utility subsidies, and the recent surge in hotel fees on base-year effects slowed slightly.
The core CPI (excluding fresh food prices), the key measure for the Bank of Japan to assess whether inflation is anchored around its 2 percent target, is forecast to have risen 2.3 percent on the year, led by easing but still high processed food prices and rising service costs amid widespread labor shortages, following a 2.5 percent rise in November. The pace of increase would be the slowest in 18 months. The year-over-year increase in the total CPI is also seen slowing to 2.6 percent from 2.8 percent in November. Underlying inflation measured by the core-core CPI (excluding fresh food and energy) is expected to have decelerated to a 10-month low of 3.7 percent from 3.8 percent in November and from a 42-year high of 4.3 percent recorded in the summer.
Despite scarcity of single-family homes, US housing starts in December are expected to fall back sharply to a 1.425 million annual rate from November's 1.56 million that was much better than expected. Building permits, at a lower-than-expected 1.46 million in November, are forecast to rise to 1.478 million.
New jobless claims for the January 13 week are expected to come in at 206,000, up from 202,000 in the prior week.
The Philadelphia Fed manufacturing index is expected to improve slightly to minus 6.7 in January from December's minus 10.5 in a report that showed deep contraction for new orders and continued contraction for unfilled orders. This report will be carefully watched given the deep plunge posted by the Empire State manufacturing index on Tuesday.
Atlanta Federal Reserve Bank President Raphael Bostic will give brief remarks on the economic outlook before the Metro Atlanta Chamber board of directors meeting at 7:30 a.m. EST (1230 GMT). He will also speak on the 2024 economic outlook before the Atlanta Business Chronicle 2024 Economic Outlook lunch at 12:05 p.m. EST (1705 GMT).
Consumer inflation in Japan is expected to continue easing in December as food and beverage markups have already peaked, energy prices remain on a downtrend amid slower global demand and utility subsidies, and the recent surge in hotel fees on base-year effects slowed slightly.
The core CPI (excluding fresh food prices), the key measure for the Bank of Japan to assess whether inflation is anchored around its 2 percent target, is forecast to have risen 2.3 percent on the year, led by easing but still high processed food prices and rising service costs amid widespread labor shortages, following a 2.5 percent rise in November. The pace of increase would be the slowest in 18 months. The year-over-year increase in the total CPI is also seen slowing to 2.6 percent from 2.8 percent in November. Underlying inflation measured by the core-core CPI (excluding fresh food and energy) is expected to have decelerated to a 10-month low of 3.7 percent from 3.8 percent in November and from a 42-year high of 4.3 percent recorded in the summer.
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.
