ECB page 5

Key events:      

Key events:       Australia – Retail Sales (MoM) (Dec)    Canada – GDP (MoM) (Nov) USA – CB Consumer Confidence (Jan)   New Zealand – Employment Change (QoQ) (Q4)   Central banks will be in focus this week with meetings of the U.S. Federal Reserve (Fed), European Central Bank (ECB), and Bank of England (BoE), each expected to keep raising rates.

Key events:       Australia – CPI (QoQ) (Q4) Canada – BoC Monetary Policy Report      Canada – BoC Interest Rate Decision USA – Crude Oil Inventories Canada – BOC Press Conference      The S&P 500 fluctuated around the 4,000 mark, with no major moves up or down, as investors disagreed on mixed earnings reports and mixed economic data.

Fighting global inflation, now at its highest point in decades, has become a number one priority for major central banks around the world. Monetary policy measures that include raising rates are not yet having the desired effect – but it will take time. Nevertheless, there are serious concerns that even such all-powerful institutions as the U.S. Federal Reserve are "running out of ammunition," and there are fewer and fewer opportunities to influence the situation. The problem is that to support monetary policy the Fed needs to liquidate a giant overhang of U.S.

Key events:       UK – Average Earnings Index +Bonus (Oct)   UK – Claimant Count Change (Nov) UK – BoE Gov Bailey Speaks      USA – Core CPI (MoM) (Nov)   USA – CPI (YoY) (Nov)   USA – CPI (MoM) (Nov)  

Key events:       Eurozone – ECB's Supervisory Board Member Jochnick Speaks      UK – NIESR Monthly GDP Tracker USA – Federal Budget Balance (Nov) Canada – BoC Gov Macklem Speaks     

Key events: Eurozone – ECB President Lagarde Speaks      USA – Initial Jobless Claims European markets continued their third consecutive day of declines yesterday amid concerns over weak economic data and a tighter inflation outlook, while the U.S. markets also continued their losing streak with the S&P 500 index closing lower for the 5th consecutive day.

Key events:

Key events: UK - Average Earnings Index +Bonus (Sep)   UK - Claimant Count Change (Oct)   USA - PPI (MoM) (Oct)  

Key events: Eurozone – ECB President Lagarde Speaks   U.S. stock indices were up in trading on Friday but finished the week in the red, and the drop in Nasdaq Composite became the maximum since January. Most importantly, the market was supported on Friday by the statistical data on unemployment in the USA for October, which showed that the labor market remains strong, but began to lose momentum to growth.