Economic calendar: US retail sales to draw attention

Summary:

  • Second reading of GDP as well as employment data from the Eurozone

  • US PPI for January and retail sales for December in the spotlight this afternoon

  • Key central bankers will speak during the day

10:00 am GMT - Second reading of GDP for Q4 and employment data from the Eurozone: The Eurozone’s economy has gone off the boil of late and today’s data should confirm this scenario. There will be the second reading of GDP growth, hence do not expect too much excitement for either the euro or European stock markets. In addition to GDP there will be also the employment data for the last quarter which ought to show solid numbers as well. In the third quarter employment in the Eurozone grew 1.3% YoY.

1:30 pm GMT - US PPI for January, retail sales for December: After the US federal government has been opened, various agencies are trying to catch up on macroeconomic releases. Headline retail sales is forecast to have grown 0.1% MoM, while no growth is expected in case of core sales (excluding auto sales). Retail sales in the control group, the data being taken into GDP calculations, is expected to have risen 0.4% MoM, down from 0.9% MoM in November. In turn, the PPI data should be less important given the fact that we already got the CPI release on Wednesday. Anyway, headline PPI is forecast to have rise 2.1% YoY, down from 2.5% YoY, whereas core PPI should show a 2.5% YoY increase after rising 2.7% in the last month of 2018.

9:30 pm GMT - Manufacturing PMI from the New Zealand’s economy, no consensus set

1:30 am GMT (Friday) - Chinese inflation data with expectations suggesting a 1.9% YoY in case of CPI and a 0.2% YoY increase when it comes to PPI

Central bankers’ speeches during the day:

  • 9:30 am GMT - BoE’s Vlieghe

  • 9:30 am GMT - Riksbank’s Ingves

  • 4:00 pm GMT - Fed’s Harker

  • 5:00 pm GMT - Norges Bank’s Olsen

  • 8:30 pm GMT - RBA’s Kent

The FTSE 100 (UK100) has already approached its important resistance. Beware of possible profit-taking. Source: xStation5
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