China & EU
Key events: China – Industrial Production (YoY) (Feb) UK – Spring Statement USA – Core Retail Sales (MoM) (Feb) USA – PPI (MoM) (Feb) USA – Retail Sales (MoM) (Feb) USA – Crude Oil Inventories New Zealand – GDP (QoQ) (Q4) The U.S. consumer inflation report was the most important statistical release of the week. According to data released on March 14 by the U.S. Department of Labor:
Key events: Australia – GDP (QoQ) (Q4) 0.5% UK – Manufacturing PMI (Feb) UK – BoE Gov Bailey Speaks USA – ISM Manufacturing PMI (Feb) USA – Crude Oil Inventories After a very favorable beginning of the year, with two consecutive months of gains, European markets performed surprisingly well amid a sharp rise in interest rates. In contrast, U.S. markets closed lower, giving up some of their January gains.
Key events: UK – Average Earnings Index +Bonus (Nov) UK – Claimant Count Change (Dec) Canada – Core CPI (MoM) (Dec) Since the US markets were closed yesterday due to Martin Luther King Day celebrations, European markets have pulled out modest gains, helped by a further weakening European natural gas prices, which fell to their lowest level in 16 months.
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: UK – Construction PMI (Nov) Canada – Ivey PMI (Nov) Australia – RBA Rate Statement USA – EIA Short-Term Energy Outlook U.S. stocks fell while bond yields jumped after the release of positive ISM service sector data suggesting that the most important part of the U.S. economy, where sticky inflation lives, is not close to collapse.
