The NFP report didn’t cause too many waves as it was only slightly higher than anticipated and came after the ECB’s rate cut, which didn’t meet market estimates, and Yellen’s testimony that reaffirmed market expectations for a December hike. So after such a turbulent week that concluded with OPEC eliminating the production ceiling – a relic from the near past – oil prices came back down while precious metals bouncing back on a weaker USD against the Euro. On this week’s agenda: U.S. JOLTS, BOE and SNB rate decisions, Japan’s GDP for Q3, U.S. PPI, China’s CPI, Japan’s current account, U.S. consumer sentiment, GB claimant count, Australia employment report, China’s industrial production, and U.S. retail sales. So let’s breakdown the economic calendar for the week of December 7th to 11th:
(All times GMT):
Monday, December 7th
Tentative – BOJ Gov Kuroda Speaks: He is expected to speak at the Paris EUROPLACE Financial Forum, in Tokyo;
15:00 – BOE Gov Carney Speaks: He will testify before the European Parliament Committee on Economic and Monetary Affairs, in Brussels;
23:50 – Japan’s Current Account: This report will present the changes in the difference between imported and exported goods, services, and income flows. In the previous monthly report, the surplus in the current account contracted to 0.78 trillion yen;
00:50 – Japan’s GDP for Q3: This will be the final estimate for Japan’s GDP growth rate in the third quarter. The current expectations are it will show a modest gain of 0.1%. This comes after the economy contracted by 0.3% in Q2 2015;
Tentative – China’s Trade Balance: China’s trade balance surplus has expanded last month and is expected to moderately rise in the upcoming report; this update provides another indication for the economic activity in the world’s second largest economy;
Tuesday, December 8th
09:30 – Great Britain Manufacturing Production: This report will show the annual rate of GB’s manufacturing production for October; in the last report regarding September 2015 the index rose by 0.8%; this time, the estimates are for a 0.1% fall;
15:00 – U.S JOLTS Job Openings: The Bureau of Labor Statistics will publish its monthly report on the U.S number of job openings for October, excluding the farming industry; in the previous update for September, the number of jobs opening rose to 5.53 million;
15:50 – BOC Gov Poloz Speaks: He is expected to hold a press conference;
Wednesday, December 9th
02:30 – China’s CPI: According to the latest report, the CPI slipped to an annual rate of 1.3%; if the annual rate falls again, it could signal the Chinese economy is cooling down; the current expectations are for the CPI to inch up to 1.4%; it’s also worth noticing that the PPI is still negative at 5.9% — and this month the PPI is expected to remain flat;
15:30 – U.S Crude Oil Stockpiles Weekly update: The EIA (Energy Information Administration) will release its weekly report on the U.S oil and petroleum stockpiles for the week ending on December 4th;
Thursday, December 10th
02:30 – Australia Employment Update: In the recent update for October the rate of unemployment declined to 5.9%; the number of employed (seasonally adjusted) rose by 58.6K people. The weakness in China could weaken the Australian labor market, which may prompt the RBA to consider reducing rates in the near term (see here the recent report);
08:30 – SNB’s Libor rate decision: The Swiss National Bank will announce of any changes to its monetary policy; the SNB isn’t expected to make any major changes to its policy;
13:00 – BOE Rate Decision & Asset Purchase Plan: This event isn’t likely to make waves in the markets considering Bank of England isn’t expected to change its policy at this point. The main takeaway will be the vote and whether there will be a dissenter to the vote;
13:30 – U.S. Jobless Claims Weekly Report: This weekly report will refer to the changes in the initial jobless claims for the week ending on December 4th; in the last report, jobless claims rose to 269K;
15:30 – EIA U.S. Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the latest changes in natural gas production, storage, consumption and rates as of December 4th;
Friday, December 11th
13:30 – U.S. Retail Sales Report: This monthly report refer to November; in the last October update, retail sales edged up by 0.1% (month-over-month); core retail rose by 0.2%; current expectations are for a 0.3% gain in core retail sales in November;
13:30 – U.S. Producer Price Index: This report shows the inflation rate from the producers’ side; it will refer to October 2015. In recent month’s report regarding September, this index for finished goods dropped by 0.4%, m-o-m; the core PPI, by 0.3%; current estimates are for the PPI to show a flat rate;
14:55 – UoM Consumer Sentiment (preliminary): University of Michigan will release its preliminary consumer sentiment monthly report; this survey could offer information vis-à-vis the latest developments in U.S consumers’ sentiment; According to the recent report, the sentiment index increased again to 93.1;
05:30 – China’s Industrial Production: According to the recent monthly update, China industrial production edged down to an annual rate of 5.6% — lower than market expectations; the growth rate is estimated to inch up — current estimate is for a growth rate of 5.7%;
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