Highlights
In France, substantial contraction is expected for January's manufacturing PMI, at a consensus 42.5 versus 42.1. Services are seen 46.0 at versus 45.7.
Germany's manufacturing PMI, at 43.3 in December, has been in long and deep contraction. No significant improvement is expected for January where the consensus is 43.7. Services, at 49.3 in December, are seen at 49.5. Consensus for January's composite is 47.8 following December's 47.4.
In the Eurozone, the composite is expected to modestly improve in January to 48.0 versus 47.6 in December. Manufacturing is likewise expected to improve to 44.8 versus December's 44.4 with January services expected at 49.0 from 48.8.
The UK services PMI in December increased a solid 2.5 points to 53.4 with January expected to hold steady. Manufacturing is seen rising to 46.8 versus December's 46.2, which was weaker than expected and down a full point from November. The composite is expected to rise to 52.4 from 52.1 in December.
In the US, January's consensus for manufacturing PMI is little changed at 47.7 versus 47.9 in December; for services, the consensus is 51.0 versus 51.4.
The Bank of Canada is widely expected to maintain its policy interest rate -- the target for overnight lending rates -- at 5.0% for a fourth straight meeting as it monitors the effects of the past rate hikes on economic growth and inflation. The bank has moved up the release of its rate announcement by 15 minutes to 0945 EST (1445 GMT).
In December, the bank's policy board said it was"still concerned" that inflation may stay above its 2 percent inflation target, keeping its hawkish tone that it"remains prepared" to hike rates if needed. Governor Tiff Macklem has repeatedly said it is too early to discuss the need for cutting interest rates.
The bank will update its medium-term economic forecasts and risk analysis in the quarterly Monetary Policy Report. Macklem and Senior Deputy Governor Carolyn Rogers will hold a news conference at 10:30 a.m. EST (1530 GMT) to discuss the rate decision and projections.
South Korea's fourth-quarter GDP is expected to rise a quarterly 0.5 percent and rise 2.1 percent on the year. These would compare respectively with growth of 0.6 and 1.4 percent in the third quarter and 0.6 and 0.9 percent in the second quarter.
Germany's manufacturing PMI, at 43.3 in December, has been in long and deep contraction. No significant improvement is expected for January where the consensus is 43.7. Services, at 49.3 in December, are seen at 49.5. Consensus for January's composite is 47.8 following December's 47.4.
In the Eurozone, the composite is expected to modestly improve in January to 48.0 versus 47.6 in December. Manufacturing is likewise expected to improve to 44.8 versus December's 44.4 with January services expected at 49.0 from 48.8.
The UK services PMI in December increased a solid 2.5 points to 53.4 with January expected to hold steady. Manufacturing is seen rising to 46.8 versus December's 46.2, which was weaker than expected and down a full point from November. The composite is expected to rise to 52.4 from 52.1 in December.
In the US, January's consensus for manufacturing PMI is little changed at 47.7 versus 47.9 in December; for services, the consensus is 51.0 versus 51.4.
The Bank of Canada is widely expected to maintain its policy interest rate -- the target for overnight lending rates -- at 5.0% for a fourth straight meeting as it monitors the effects of the past rate hikes on economic growth and inflation. The bank has moved up the release of its rate announcement by 15 minutes to 0945 EST (1445 GMT).
In December, the bank's policy board said it was"still concerned" that inflation may stay above its 2 percent inflation target, keeping its hawkish tone that it"remains prepared" to hike rates if needed. Governor Tiff Macklem has repeatedly said it is too early to discuss the need for cutting interest rates.
The bank will update its medium-term economic forecasts and risk analysis in the quarterly Monetary Policy Report. Macklem and Senior Deputy Governor Carolyn Rogers will hold a news conference at 10:30 a.m. EST (1530 GMT) to discuss the rate decision and projections.
South Korea's fourth-quarter GDP is expected to rise a quarterly 0.5 percent and rise 2.1 percent on the year. These would compare respectively with growth of 0.6 and 1.4 percent in the third quarter and 0.6 and 0.9 percent in the second quarter.
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.
