Highlights
Before the European and U.S. markets open, the Reserve Bank of India is expected to announce its monetary policy decision at 10 a.m. in Mumbai Friday (0430 GMT Friday/11:30 p.m. EST Thursday). Despite weak third-quarter GDP data, the RBI is widely expected to stand pat for an 11th straight meeting, leaving its policy rate unchanged at 6.50% to guide inflation within its 2% to 6% target range. Consumer inflation continued accelerating to 6.21% in October after surging to 5.49% in September from 3.65% in August.
At its last meeting on Oct. 7-9, the RBI's six-member Monetary Policy Committee voted 5 to 1 to leave the rate at 6.50%. One member called for a rate cut to 6.25%. All members voted for a change in stance from withdrawal of accommodation to 'neutral' and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.
German industrial production is expected to rebound 1.5% on the month in October after slumping 2.5% in September.
Germany's trade surplus is forecast to have widened to E18.0 billion in October from E17.0 billion in September.
The UK Halifax house price index is seen up 0.2% on the month in November, matching their October rise.
Italian retail sales are expected to climb a monthly 0.9% after a 1.2% advance in September.
In the Eurozone, no revisions are expected to the flash GDP data for the July-September quarter, which showed 0.4% quarterly growth and a 0.9% yearly rate.
In Canada, employment growth has been sluggish this year, reflecting Canada's stagnant economy. Forecasters call for jobs up 30,000 (vs. +15,000 previously), with the unemployment rate ticking up from 6.5% in October to 6.6% in November.
U.S. jobs data for November is forecast to show a 200,000 rise in nonfarm jobs, up from October's shocking 12,000 figure that reflected temporary layoffs due to strikes and hurricane effects. The question is whether part of the October weakness was genuine. If about 100,000 of expected job gains in November reflects recovery from October, it would entice Federal Reserve policymakers to consider another interest rate cut at their Dec. 17-18 meeting. The jobless rate is expected to tick up to 4.2% from 4.1%.
The University of Michigan's consumer sentiment index is expected to post another uptick to 73.0 in December from 71.8 in November and 70.8 in October.
Consumers have been feeling better as inflation has receded and the job market has held up well.
U.S. consumer credit is seen up a trend-like $10.0 billion for October after a modest $6.0 billion rise in September.
Federal Reserve Board Governor Michelle Bowman is scheduled to participate virtually in a discussion before the Missouri Bankers Association Executive Management Conference at 9:15 a.m. EST (1415 GMT).
Chicago Federal Reserve Bank President Austan Goolsbee will participate in a moderated question-and-answer session before the hybrid 38th Annual Economic Outlook Symposium hosted by the Federal Reserve Bank of Chicago at 10:30 a.m. EST (1530 GMT).
Cleveland Federal Reserve Bank President Beth Hammack will speak on the economic outlook before the City Club of Cleveland Friday Forum at noon EST (1700 GMT).
San Francisco Federal Reserve Bank President Mary Daly will participate in an"Emerging Technology and the Economy" conversation hosted by the Hoover Institution at 1 p.m. (1800 GMT).
At its last meeting on Oct. 7-9, the RBI's six-member Monetary Policy Committee voted 5 to 1 to leave the rate at 6.50%. One member called for a rate cut to 6.25%. All members voted for a change in stance from withdrawal of accommodation to 'neutral' and to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth.
German industrial production is expected to rebound 1.5% on the month in October after slumping 2.5% in September.
Germany's trade surplus is forecast to have widened to E18.0 billion in October from E17.0 billion in September.
The UK Halifax house price index is seen up 0.2% on the month in November, matching their October rise.
Italian retail sales are expected to climb a monthly 0.9% after a 1.2% advance in September.
In the Eurozone, no revisions are expected to the flash GDP data for the July-September quarter, which showed 0.4% quarterly growth and a 0.9% yearly rate.
In Canada, employment growth has been sluggish this year, reflecting Canada's stagnant economy. Forecasters call for jobs up 30,000 (vs. +15,000 previously), with the unemployment rate ticking up from 6.5% in October to 6.6% in November.
U.S. jobs data for November is forecast to show a 200,000 rise in nonfarm jobs, up from October's shocking 12,000 figure that reflected temporary layoffs due to strikes and hurricane effects. The question is whether part of the October weakness was genuine. If about 100,000 of expected job gains in November reflects recovery from October, it would entice Federal Reserve policymakers to consider another interest rate cut at their Dec. 17-18 meeting. The jobless rate is expected to tick up to 4.2% from 4.1%.
The University of Michigan's consumer sentiment index is expected to post another uptick to 73.0 in December from 71.8 in November and 70.8 in October.
Consumers have been feeling better as inflation has receded and the job market has held up well.
U.S. consumer credit is seen up a trend-like $10.0 billion for October after a modest $6.0 billion rise in September.
Federal Reserve Board Governor Michelle Bowman is scheduled to participate virtually in a discussion before the Missouri Bankers Association Executive Management Conference at 9:15 a.m. EST (1415 GMT).
Chicago Federal Reserve Bank President Austan Goolsbee will participate in a moderated question-and-answer session before the hybrid 38th Annual Economic Outlook Symposium hosted by the Federal Reserve Bank of Chicago at 10:30 a.m. EST (1530 GMT).
Cleveland Federal Reserve Bank President Beth Hammack will speak on the economic outlook before the City Club of Cleveland Friday Forum at noon EST (1700 GMT).
San Francisco Federal Reserve Bank President Mary Daly will participate in an"Emerging Technology and the Economy" conversation hosted by the Hoover Institution at 1 p.m. (1800 GMT).
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.
