Week Ahead – Dec 4th
12/1/2023 6:12:24 PM
Elsewhere in America, the Bank of Canada is anticipated to uphold current interest rates, given indications of inflation gradually moderating in the country, alongside signs of a loosening labor market. Key data in focus include Canada's Ivey PMI and foreign trade, Mexico's inflation data, consumer morale, and Brazil's third-quarter GDP, S&P Global Services PMI, and business morale.
In Europe, Germany holds the spotlight with anticipated trade data for October likely indicating declines in both exports and imports. Industrial production is expected to marginally rebound after four months of decline, while factory orders are projected to show no growth. In the Euro Area itself, retail sales is projected to increase in October following four months of no growth and GDP data to confirm slight contraction in Q3. France will unveil its industrial output and trade balance, and Italy will release industrial output, retail sales, and services PMI figures. Spain's agenda includes unemployment data and services PMI, while Switzerland will present CPI and unemployment figures. Turkey is scheduled to publish inflation rates and foreign trade statistics, alongside Russia's consumer prices. In the UK, a lighter economic calendar includes the Halifax House Price Index, BRC retail sales monitor, new car sales, and S&P's PMI updates.
In China, trade figures for November will shed new light on the impact of the recent economic stimulus and liquidity injections on resource demand and economic activity after PMI data was mixed for the period. Asia’s largest economy will also unveil new consumer and producer inflation prints. In Japan, all eyes will be on December’s Tankan index, followed by the current account from October. In the meantime, the RBI is expected to hold its interest rate unchanged at 6.5%, but investors will keep an eye out for the pace of the central bank’s withdrawal of accommodation and further insights on possible bond sales. Elsewhere, South Korea and the Philippines will unveil their November inflation print. In Australia, the RBI is expected to hold its interest rate unchanged after October’s inflation rate surprised on the downside. Shortly after, investors will also welcome Australia’s third quarter GDP.