Week ahead

It will be a very busy week in the US with the labor report taking the central stage followed by speeches by several Fed officials, 2nd estimate of GDP growth, ISM manufacturing PMI, CB consumer confidence, and personal income and spending. Also, attention will be given to inflation rate releases for Euro Area, Germany, France, Italy, Spain, South Korea, and Indonesia. Finally, Q3 GDP growth rates will be published for Canada, Turkey, India, Brazil, and Switzerland, and Manufacturing PMIs for China, Canada, India, South Korea, and Australia.

The upcoming week will be full of news for investors, including the US non-farm payrolls report and several speeches by Fed officials including Fed Chair Jerome Powell’s talk at the Brookings Institution. In November, the economy is seen adding 200k positions, with unemployment sticking at 3.7%. The average hourly earnings growth is seen slowing to 0.3%. On top of that, it would be interesting to follow a second estimate for third-quarter GDP, corporate profits, JOLTs Job Openings, the PCE Price Index, Personal Income & Spending, ISM Manufacturing PMI and CB consumer confidence. Also, The ongoing earnings season will also provide additional insight into corporate America with Pinduoduo, Intuit, Workday, Salesforce, Synopsys, and Dollar General reporting results. Elsewhere in America, Canada will publish its third-quarter GDP and unemployment report. Brazil will also report GDP figures for the June-September period.

In Europe, attention will turn to preliminary inflation rates for the Eurozone, Germany, Italy and Spain. Consumer prices in the Euro Area likely rose 10.4% in November, easing from a 10.6% advance in October and marking the first slowdown since June 2021. At the same time, producer prices in the region are forecast to fall for the first time since May 2020. Unemployment data for major European economies will also be in the spotlight, alongside Manufacturing PMIs. Several countries including France and Italy will update Q3 GDP figures, while Switzerland and Turkey will release preliminary readings.. Other data to follow include: Euro Area business survey, Germany domestic and international trade, and Switzerland inflation and retail sales.

In the United Kingdom, the economic calendar will be soft with only the Bank of England’s monetary indicators, CBI distributive trades, Nationwide housing prices, and final manufacturing PMI to be released. Investors will also follow an OPEC and non-OPEC countries meeting, after a report from the WSJ earlier this month suggested that an increase in oil production was under discussion.

In Asia, all eyes are on Chinese manufacturing PMI figures for November to see where factory activity stands as officials in the world’s second-largest economy mandated widespread pandemic lockdowns in important industrial hubs. In Japan, key releases include consumer confidence for November and the unemployment rate, retail sales, and industrial production for October. In India, the focus will be on Q3 GDP growth data, followed by the manufacturing PMI for November. A busy week of economic releases also includes South Korea’s November’s PMI, balance of trade, and inflation rate, Indonesia’s November CPI print and Thailand’s trade data for October.

In Australia, the monthly CPI reading is expected to show that inflation climbed to 7.4% in October. Other Aussie releases include the Ai Group Manufacturing index for November and building permits, construction, and home credit data for October. In New Zealand, investors await the business confidence indicator for November.

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