Week Ahead – Nov 20th
11/17/2023 6:08:55 PM
In Europe, the focus will be on flash PMI releases. A modest decline in expected in overall business activity in the Euro Area, Germany, and France with both manufacturing and services output expected to decrease, but at a slower rate. Also, Germany's Ifo Business Climate is projected to reach a five-month high in November. Other data includes final reading for Germany's Q3 GDP and producer prices, France's and Turkey's business and consumer sentiment, and Switzerland's trade balance. Sweden and Turkey will also decide on interest rates. In the United Kingdom, the Chancellor of the Exchequer will present the 2023 Autumn Statement on November 22. The economic calendar includes flash PMIs, GfK Consumer Confidence, CBI industrial trends orders, and public sector net borrowing. Similar to other European countries, the manufacturing and services sectors in the UK are expected to contract at a milder pace.
In China, the PBoC is expected to maintain its loan prime rates unchanged following the hold of its medium-term lending facilities, although markets will keep a close eye on moves from the central bank as recent greater-than-expected cash injections were met with reports of further fund provisions in the near term. In Japan, the spotlight will be on October’s inflation print as a weaker yen likely led to higher consumer prices, potentially laying more pressure on the BoJ to shift away from its ultra-loose policy. Japanese PMI data for November is also awaited. Elsewhere, Thailand will unveil its third-quarter GDP, Bank Indonesia will choose its policy rate, and Malaysia and Singapore will release the CPI for October. In the meantime, minutes from the Reserve Bank of Australia will shed further light on the reasoning behind the latest resumption of the central bank’s tightening cycle. Also, fresh PMI data for November is due.