Events to Look Out For Next Week

Welcome to our weekly agenda, our briefing of all the key financial events globally.

With the UK’s austerity budget out of the way, focus turns to economic data. The week is packed with PMIs from Germany, Europe, UK and US, while the RBNZ Rate decision and US Durable Goods are in the spotlight.

Monday  – 21 November 2022

Producer Price Index and Core (EUR, GMT 07:00) – The October PPI gains are seen at 0.9% m/m from 2.3% m/m last month.

Tuesday – 22 November 2022

Retail Sales (CAD, GMT 13:30) – Canadian Retail Sales for September is expected to have increase to 0.2% m/m from 0.7% m/m, while core at 0.4%m/m from 0.7%m/m.
Speeches: FOMC Member Mester, BoC Senior Deputy Governor Rogers, FOMC Member George,  FOMC Member Bullard

Wednesday – 23 November 2022

Event of the Week – Interest Rate Decision & Statement (NZD, GMT 01:00) –The RBNZ is likely to move fast to regain some control over the future path of inflation and to deliver another 75bp hike to 4.25%, after lot of hakwish signals in October. New Zealand inflation still near 32 year high. The headline rates eased slightly, but at 7.2% was much higher than anticipated in the third quarter, which is re-enforcing rate hike expectations. The Reserve Bank doesn’t see inflation returning to the 1-3% bank until mid 2024 even with a record high Official Cash Rate.
Markit PMIs (EUR, GMT 09:00) – The prelim. November Composite PMIs for Europe is expected 47 from 47.3.
Markit PMIs (GBP, GMT 09:30) – The prelim. November Services PMIs for UK is expected unchanged at 48.8.
Durable Goods (USD, GMT 13:30) – Durable Goods orders are expected to rise 0.3% in October with a flat figure for transportation orders, after a 0.4% headline rise in September that included a 2.2% transportation orders increase. Durable orders ex-transportation are pegged to rise 0.5%, after a -0.5% September decrease. Defense orders are expected to grow 3.8%, following a -14.4% September drop. Boeing orders bounced to 122 planes from an already firm 96 in September, versus July’s 130 from the Farnborough Air Show and a 3-year high of 219 in June of 2021.
FOMC Minutes (USD, GMT 19:00) – The FOMC Minutes report provides the FOMC Members’ opinions regarding the US economic outlook and any views regarding future rate hikes.

Thursday – 24 November 2022

IFO Business Climate, Assessment & Expectations (EUR, GMT 09:00) – The German IFO Business Climate is forecasted to rise to 85 in November from 84.3.
Retail Sales (NZD, GMT 21:45) – The Q3 Retail Sales is anticipated to show a slight growth at 3.5% q/q from 3.4 q/q.

Friday – 25 November 2022

Gross Domestic Product (EUR, GMT 07:00) – German GDP for Q3 is expected unchanged at 0.3% q/q and headline at 1.1% y/y.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

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