Economic calendar: US GDP draws attention

Summary:

  • Swedish retail sales
  • U.S. GDP is expected to accelerate slightly
  • Final reading of UoM on the agenda too

8:30 am GMT - Swedish retail sales - Having in mind what the Riskbank did yesterday one may suppose that any incoming macroeconomic releases from Sweden could be less important. However, without solid data there will no talks about any rate hike, therefore today’s retail sales print seems to be worthwhile. The consensus calls for 0.2% m/m for March, unchanged compared to February.

1:30 pm GMT - Gross Domestic Product (GDP):  US retail sales data released a week ago pointed to a revival in consumer spending at the end of the quarter. On top of that, the yesterday’s release concerning durable goods orders for March also turned out better than expected. Nevertheless, a government shutdown may take a bit out of growth in the past quarter. Today's release might offer more insight if the mentioned shutdown had any material impact on growth. The consensus shows 2.3%  QoQ, up from 2.2 % (annualized).

2:00 pm GMT - Michigan Consumer Sentiment for April:  It will be the final reading, hence its impact on markets should be rather benign. Let us remind that the preliminary reading produced a slight decrease compared to March. By and large, US consumption remains the best spot of the economy and this trend should continue in the months to come. Expectations suggest the final release could be barely changed. Moreover, survey-based inflation expectations will also be published.

Economic calendar: US GDP and Big Tech earnings
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