The turmoil that has hit the banking sector will continue to take investors’ attention. In the US, Fed Vice Chair for Supervision Michael S. Barr will testify before Senate and House. Also, consumer income and spending, the PCE price index, and the final reading of Q4 GDP growth will be released. Elsewhere, Euro Area, Germany, France, and Spain will publish inflation rate figures. Finally, Ifo Business Climate and GfK Consumer Confidence will take the spotlight in Germany.
In the US, the banking crises will dominate the headlines. Vice Chair for Supervision Michael S. Barr will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs and U.S. House Financial Services Committee. Investors will also closely watch PCE and core PCE figures, the Federal Reserve’s preferred inflation gauge, to assess how price pressures on the economy are evolving. Other data to follow include private spending and income; the Conference Board consumer confidence; and the latest estimate for GDP growth in Q4. Due are also several housing indicators, such as the S&P/Case Shiller house price index and the FHFA housing index; pending home sales; and regional PMIS, namely the Richmond Fed, Dallas Fed, and Chicago PMI. Elsewhere in America, it will be worthwhile to follow monthly GDP growth figures for Canada, interest rate decisions from Banxico, and industrial production and PPI figures for Brazil.
In Europe, key inflation and unemployment reports will be released for the Eurozone, including those for Germany, France, Italy, and Spain. The annual inflation rate in the Euro Area is expected to slow further in March, reaching a 13-month low of 7.3% compared to 8.5% in February. At the same time, the labor market will likely remain tight, with unemployment in the region holding close to record levels of 6.6% hit in October 2022. Elsewhere, Germany’s business outlook is set to deteriorate due to concerns over the banking sector. Other data will cover Euro Area’s monetary indicators and business survey; Germany’s retail sales and Gfk consumer confidence; Switzerland’s KOF leading indicators and retail trade; and Turkey’s business morale. In the United Kingdom, the ONS will be publishing the final fourth-quarter GDP numbers, while the Bank of England’s monetary indicators and the CBI gauge of distributive trades will also be eyed.
In Asia, traders will focus on the Chinese March NBS PMI for updates on the impact of the country’s economic reopening after February’s factory activity expanded at the fastest pace in over 10 years. In Japan, the markets await retail sales; industrial production; the unemployment rate; and housing starts for February. Meanwhile, India will divulge its fourth-quarter current account balance following the historical-high deficit from the previous period. Elsewhere, South Korea will post consumer and business confidence for March, and the Bank of Thailand will deliver its monetary policy decision.
In Australia, economic releases will be headlined by retail sales data and the monthly inflation print for February. In New Zealand, the attention will fall on business confidence for March.