Highlights
Italy's confidence in the manufacturing sector is seen improving to 88.8 in February from January's 88.3 and in the consumer sector to 97.0 from 96.4.
The European Commission's economic sentiment index in February is also expected to rise to 96.7 from January's 96.2, which remained well short of the 100 long-run average.
In the US, consensus for the second estimate of fourth-quarter GDP is no change at the first estimate's 3.3 percent. Personal consumption expenditures are also expected to be unrevised at 2.8 percent.
The US goods deficit (Census basis) is expected to deepen by $0.2 billion to $88.1 billion in January after deepening by $0.4 billion in December to $87.9 billion.
Wholesale inventories are expected to increase 0.1 percent on the month in the advance report for January that would follow a 0.4 percent rise in December.
Atlanta Federal Reserve Bank President Raphael Bostic will speak on monetary policy and the economy before the Greater North Fulton Chamber of Commerce at 12 p.m. EST (1700 GMT).
Boston Federal Reserve Bank President Susan Collins will speak and participate in a fireside chat at an event hosted by the Center for Business, Government and Society at the Dartmouth College Tuck School of Business at 12:15 p.m. EST (1715 GMT).
New York Federal Reserve Bank President John Williams will participate in a hybrid economic briefing organized by the Long Island Association at 12:45 p.m. EST (1745 GMT).
Japan's industrial production is forecast to plunge 7.0 percent on the month in January, hit by suspended vehicle output over a safety test scandal, after rebounding by a downwardly revised 1.4 percent in December and falling 0.9 percent in November. From a year earlier, factory output is expected to post a third straight drop, down 1.8 percent, after a revised 1.0 percent dip in the prior month. The powerful New Year's Day earthquake in the northwestern region of Hokuriku has also reduced electronic parts supply.
The METI's survey of producers last month indicated that output was set to plunge 10.5 percent in January before rising a modest 2.2 percent in February. The downturn is due to suspension of all domestic production by Toyota Motor group firm Daihatsu over a vehicle safety scandal from late December until mid-February, which appears to be having a widespread impact beyond the auto industry. To make matters worse, Toyota said in late January that it would suspend shipments of 10 models after its supplier Toyota Industries admitted to cheating on engine testing.
Japanese retail sales are forecast to have risen 2.0 percent on the year in January, slowing further from an upwardly revised 2.4 percent gain in December and a 5.4 percent rise in November, as automobile sales declined after recent gains on improved supply. Spending by foreign visitors have been supporting department store sales but domestic punt-up demand has cooled. On the month, retail sales are expected to partially rebound 1.2 percent after plunging 2.6 percent (revised up from 2.9 percent) in December, which prompted the METI to downgrade its view, saying retail sales are"taking one step forward and one step back." Previously, sales were"on an uptrend."
In Australia, growth in capital investment is seen slowing further to 0.4 percent on quarter in the October-December period from 0.6 percent in July-September and 3.4 percent in April-June.
Retail sales in Australia are expected to increase 1.5 percent on the month in January after slumping 2.7 percent in December and rising 1.6 percent in November.
The European Commission's economic sentiment index in February is also expected to rise to 96.7 from January's 96.2, which remained well short of the 100 long-run average.
In the US, consensus for the second estimate of fourth-quarter GDP is no change at the first estimate's 3.3 percent. Personal consumption expenditures are also expected to be unrevised at 2.8 percent.
The US goods deficit (Census basis) is expected to deepen by $0.2 billion to $88.1 billion in January after deepening by $0.4 billion in December to $87.9 billion.
Wholesale inventories are expected to increase 0.1 percent on the month in the advance report for January that would follow a 0.4 percent rise in December.
Atlanta Federal Reserve Bank President Raphael Bostic will speak on monetary policy and the economy before the Greater North Fulton Chamber of Commerce at 12 p.m. EST (1700 GMT).
Boston Federal Reserve Bank President Susan Collins will speak and participate in a fireside chat at an event hosted by the Center for Business, Government and Society at the Dartmouth College Tuck School of Business at 12:15 p.m. EST (1715 GMT).
New York Federal Reserve Bank President John Williams will participate in a hybrid economic briefing organized by the Long Island Association at 12:45 p.m. EST (1745 GMT).
Japan's industrial production is forecast to plunge 7.0 percent on the month in January, hit by suspended vehicle output over a safety test scandal, after rebounding by a downwardly revised 1.4 percent in December and falling 0.9 percent in November. From a year earlier, factory output is expected to post a third straight drop, down 1.8 percent, after a revised 1.0 percent dip in the prior month. The powerful New Year's Day earthquake in the northwestern region of Hokuriku has also reduced electronic parts supply.
The METI's survey of producers last month indicated that output was set to plunge 10.5 percent in January before rising a modest 2.2 percent in February. The downturn is due to suspension of all domestic production by Toyota Motor group firm Daihatsu over a vehicle safety scandal from late December until mid-February, which appears to be having a widespread impact beyond the auto industry. To make matters worse, Toyota said in late January that it would suspend shipments of 10 models after its supplier Toyota Industries admitted to cheating on engine testing.
Japanese retail sales are forecast to have risen 2.0 percent on the year in January, slowing further from an upwardly revised 2.4 percent gain in December and a 5.4 percent rise in November, as automobile sales declined after recent gains on improved supply. Spending by foreign visitors have been supporting department store sales but domestic punt-up demand has cooled. On the month, retail sales are expected to partially rebound 1.2 percent after plunging 2.6 percent (revised up from 2.9 percent) in December, which prompted the METI to downgrade its view, saying retail sales are"taking one step forward and one step back." Previously, sales were"on an uptrend."
In Australia, growth in capital investment is seen slowing further to 0.4 percent on quarter in the October-December period from 0.6 percent in July-September and 3.4 percent in April-June.
Retail sales in Australia are expected to increase 1.5 percent on the month in January after slumping 2.7 percent in December and rising 1.6 percent in November.
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.
