It’s a very big week for the US. Housing data (for November) may get a bit more attention than normal given a slight weakening of the housing market in recent months. The NY Fed and Philadelphia Fed manufacturing indices for November will help paint the picture of how US GDP growth fared in Q4. Personal income, spending and inflation data for November are also due for release on Friday, as are preliminary durable goods orders and the third (and final) estimate Q3 of GDP. But the highlight will be the Fed’s policy meeting on Wednesday along with Chairperson Powell’s press conference and updated forecast.
In the UK, Brexit has dominated headlines in recent weeks but no new developments are expected on this front this week so market’s attention may turn back to UK macro data, including the release of CPI-inflation (Wednesday) and retail sales (Thursday). The Bank of England also holds its policy meeting (which is unlikely to be eventful).
It’s a reasonably quiet week for the Eurozone although the German IFO business climate index for December is due out tomorrow.
In New Zealand there are a number of tier-1 data releases, including December business confidence, Q3 current account and GDP and November trade figures, while in Australia the RBA is due to release its policy meeting minutes while employment data always get some attention.
Finally, Chinese leader Xi Xiping is due to a give a speech tomorrow to celebrate the 40th Anniversary of China’s reforms and opening up – all the more important given the backdrop of ongoing trade negotiations between the US and China.
Monday 17th December
United States: NY Fed Empire State Manufacturing Index (December)
Tuesday 18th December
New Zealand: ANZ Business Confidence (December)
Australia: Reserve Bank of Australia policy meeting minutes
China: Xi Xiping speech to mark 40th Anniversary of China’s reforms and opening up.
Eurozone: German Ifo Business Climate Index (December)
United States: Building permits and housing starts (November)
New Zealand: Current account balance (Q3)
Wednesday 19th December
United Kingdom: CPI-inflation (November)
United States: Existing home sales (November)
United States: Federal Reserve policy meeting + press conference + revised projections
New Zealand: GDP (Q3)
New Zealand: Trade balance (November)
Thursday 20th December
Australia: Employment data (November)
United Kingdom: Retail sales (November)
United Kingdom: Bank of England policy meeting
United States: Philadelphia Fed Manufacturing Index (December)
Friday 21st December
United Kingdom: Current account and third and final reading of GDP (Q3)
United States: Durable goods orders (November, preliminary)
United States: Third and final estimate of Q3 GDP
United States: Personal income/spending and PCE price index (November)
