Highlights
In the Eurozone, money growth measured by M3 is seen accelerating to 3.4% in October, lifting the headline three-month moving average from 2.8% to 3.2%.
The regional economic sentiment is forecast to be flat at 95.6 in November from October. Industry sentiment is expected down to minus 13.5 from minus 13.0 in October and consumer confidence 1.2 points lower at minus 13.7.
German headline inflation is seen up 0.2% on the month (vs. +0.4% in October) and up 2.3% on the year (vs. +2.0%) in the initial November reading.
South Korea's industrial production is expected to fall 0.7% on the month in October following a 0.2% dip in September
Consumer inflation in Tokyo, the leading indicator of the national average, is expected to tick up in all three key readings in November. Temporary utility subsidies to cap high energy costs arising from peak time air conditioner usage were scaled back at the end of the three-month program. Processed food prices have also been pushed by lingering rice shortages across Japan.
The core reading (excluding fresh food) is forecast to post a 2.1% increase after slowing to 1.8% in October from 2.0% in September and 2.4% in August. The year-on-year rise in the total CPI is also expected to rise to 2.2% from 1.8%. The annual rate for the core-core CPI (excluding fresh food and energy) is estimated at 1.9%, up from 1.8%, as many firms have been raising wages at a much faster pace than seen in three decades amid widespread labor shortages.
Japanese payrolls are expected to post their 27th straight rise on year in October amid labor shortages in many sectors. The unemployment rate is forecast unchanged at 2.4% after improving further to an eight-month low of 2.4% in September from 2.5% in August and 2.7% in July.
In October, public pension and healthcare coverage for part-time workers was expanded to include those who work at smaller firms that have 51 to 100 people on payrolls. This might have encouraged more people to begin looking for work, thus being counted as unemployed in the labor market, but that factor alone is unlikely to have pushed up the unemployment rate.
The government continued to describe employment conditions as"showing signs of improvement."
Japan's industrial production is forecast to post a second straight rise, up 3.9% on the month in October, after rebounding an upwardly revised 1.6% in September and plunging 3.3% in August. METI's survey of producers indicated that output would rise a solid 5.1% in October, led by manufacturers of production machinery and transport equipment (Toyota had resumed output of some models after suspending it over safety check concerns), before falling 3.7% in November on expected lower production of production machinery and semiconductors. From a year earlier, factory output is expected to post its first increase in three months, up 2.1%, following a 2.6% drop (revised from -2.8%) in September.
Last month, the ministry maintained its assessment, saying industrial output is"taking one step forward and one step back." It said it will keep a close watch on how global economic growth evolves.
Japanese retail sales are forecast to remain sluggish in October as high costs for necessities are eroding the effects of wage hikes and warm weather dampened demand for autumn and winter clothing and other seasonal goods. The year-on-year increase is seen accelerating to 2.0% from a revised 0.7% in September but that would be still lower than 3.1% in August. The declines in new vehicle sales and fuel prices eased in October while department store sales continued slowing.
On the month, retail sales are expected to rise just 0.7% after plunging a revised 2.2% in September for the first drop in six months.
Last month the Ministry of Economy, Trade and Industry downgraded its assessment, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
The regional economic sentiment is forecast to be flat at 95.6 in November from October. Industry sentiment is expected down to minus 13.5 from minus 13.0 in October and consumer confidence 1.2 points lower at minus 13.7.
German headline inflation is seen up 0.2% on the month (vs. +0.4% in October) and up 2.3% on the year (vs. +2.0%) in the initial November reading.
South Korea's industrial production is expected to fall 0.7% on the month in October following a 0.2% dip in September
Consumer inflation in Tokyo, the leading indicator of the national average, is expected to tick up in all three key readings in November. Temporary utility subsidies to cap high energy costs arising from peak time air conditioner usage were scaled back at the end of the three-month program. Processed food prices have also been pushed by lingering rice shortages across Japan.
The core reading (excluding fresh food) is forecast to post a 2.1% increase after slowing to 1.8% in October from 2.0% in September and 2.4% in August. The year-on-year rise in the total CPI is also expected to rise to 2.2% from 1.8%. The annual rate for the core-core CPI (excluding fresh food and energy) is estimated at 1.9%, up from 1.8%, as many firms have been raising wages at a much faster pace than seen in three decades amid widespread labor shortages.
Japanese payrolls are expected to post their 27th straight rise on year in October amid labor shortages in many sectors. The unemployment rate is forecast unchanged at 2.4% after improving further to an eight-month low of 2.4% in September from 2.5% in August and 2.7% in July.
In October, public pension and healthcare coverage for part-time workers was expanded to include those who work at smaller firms that have 51 to 100 people on payrolls. This might have encouraged more people to begin looking for work, thus being counted as unemployed in the labor market, but that factor alone is unlikely to have pushed up the unemployment rate.
The government continued to describe employment conditions as"showing signs of improvement."
Japan's industrial production is forecast to post a second straight rise, up 3.9% on the month in October, after rebounding an upwardly revised 1.6% in September and plunging 3.3% in August. METI's survey of producers indicated that output would rise a solid 5.1% in October, led by manufacturers of production machinery and transport equipment (Toyota had resumed output of some models after suspending it over safety check concerns), before falling 3.7% in November on expected lower production of production machinery and semiconductors. From a year earlier, factory output is expected to post its first increase in three months, up 2.1%, following a 2.6% drop (revised from -2.8%) in September.
Last month, the ministry maintained its assessment, saying industrial output is"taking one step forward and one step back." It said it will keep a close watch on how global economic growth evolves.
Japanese retail sales are forecast to remain sluggish in October as high costs for necessities are eroding the effects of wage hikes and warm weather dampened demand for autumn and winter clothing and other seasonal goods. The year-on-year increase is seen accelerating to 2.0% from a revised 0.7% in September but that would be still lower than 3.1% in August. The declines in new vehicle sales and fuel prices eased in October while department store sales continued slowing.
On the month, retail sales are expected to rise just 0.7% after plunging a revised 2.2% in September for the first drop in six months.
Last month the Ministry of Economy, Trade and Industry downgraded its assessment, saying retail sales are"taking one step forward and one step back." Previously, it had said sales were"on an uptrend."
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.
